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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 10-Q
______________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 1-10706
____________________________________________________________________________________
Comerica Incorporated

(Exact name of registrant as specified in its charter)
___________________________________________________________________________________
Delaware38-1998421
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Comerica Bank Tower
1717 Main Street, MC 6404
Dallas, Texas 75201
(Address of principal executive offices)
(Zip Code)
(833) 571-0486
(Registrant’s telephone number, including area code) 
_________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $5 par valueCMANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒

Accelerated filer 

☐
Non-accelerated filer 
☐

Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
$5 par value common stock: Outstanding as of April 28, 2025: 131,412,824 shares

Table of Contents
COMERICA INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS

Table of Contents
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
(in millions, except share data)March 31, 2025December 31, 2024
(unaudited)
ASSETS
Cash and due from banks$1,083 $850
Interest-bearing deposits with banks4,709 5,954
Other short-term investments379 375
Investment securities available-for-sale15,102 15,045
Commercial loans25,801 26,492
Real estate construction loans3,393 3,680
Commercial mortgage loans14,788 14,493
Lease financing734 722
International loans1,036 952
Residential mortgage loans1,916 1,929
Consumer loans2,244 2,271
Total loans49,912 50,539
Allowance for loan losses(683)(690)
Net loans49,229 49,849
Premises and equipment447 473
Accrued income and other assets6,673 6,751
Total assets$77,622 $79,297
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits$23,156 $24,425
Money market and interest-bearing checking deposits32,029 32,714
Savings deposits2,147 2,138
Customer certificates of deposit3,095 3,450
Other time deposits1,052 1,052
Foreign office time deposits26 32
Total interest-bearing deposits38,349 39,386
Total deposits61,505 63,811
Short-term borrowings1,225 —
Accrued expenses and other liabilities2,107 2,270
Medium- and long-term debt5,733 6,673
Total liabilities70,570 72,754
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
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares
1,141 1,141
Capital surplus2,198 2,218
Accumulated other comprehensive loss(2,695)(3,161)
Retained earnings12,093 12,017
Less cost of common stock in treasury - 96,945,906 shares at 3/31/2025 and 96,755,368 shares at 12/31/2024
(6,079)(6,066)
Total shareholders’ equity7,052 6,543
Total liabilities and shareholders’ equity$77,622 $79,297
See notes to consolidated financial statements (unaudited).
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries 


Three Months Ended March 31,
(in millions, except per share data)20252024
INTEREST INCOME
Interest and fees on loans$759 $808 
Interest on investment securities109 102 
Interest on short-term investments56 109 
Total interest income924 1,019 
INTEREST EXPENSE
Interest on deposits252 317 
Interest on short-term borrowings2 37 
Interest on medium- and long-term debt95 117 
Total interest expense349 471 
Net interest income575 548 
Provision for credit losses20 14 
Net interest income after provision for credit losses555 534 
NONINTEREST INCOME
Card fees59 66 
Fiduciary income52 51 
Service charges on deposit accounts46 45 
Capital markets income31 30 
Commercial lending fees16 16 
Brokerage fees14 10 
Letter of credit fees
11 10 
Bank-owned life insurance
9 10 
Risk management hedging income (loss)7 (25)
Other noninterest income9 23 
Total noninterest income254 236 
NONINTEREST EXPENSES
Salaries and benefits expense368 348 
Outside processing fee expense64 68 
Software expense48 44 
Occupancy expense46 44 
FDIC insurance expense
14 36 
Equipment expense
13 12 
Advertising expense8 8 
Other noninterest expenses23 43 
Total noninterest expenses584 603 
Income before income taxes225 167 
Provision for income taxes53 29 
NET INCOME172 138 
Less:
Income allocated to participating securities1 1 
Preferred stock dividends6 6 
Net income attributable to common shares$165 $131 
Earnings per common share:
Basic$1.26 $0.99 
Diluted1.25 0.98 
Comprehensive income (loss)638 (271)
Cash dividends declared on common stock93 94 
Cash dividends declared per common share0.71 0.71 
See notes to consolidated financial statements (unaudited).

2
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)
Comerica Incorporated and Subsidiaries
Accumulated Other Comprehensive Loss
Nonredeemable Preferred StockCommon StockTotal Shareholders' Equity
Shares OutstandingCapital SurplusRetained EarningsTreasury Stock
(in millions, except per share data)Amount
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— — — — — 138 — 138
Other comprehensive loss, net of tax— — — — (409)— — (409)
Cash dividends declared on common stock ($0.71 per share)
— — — — — (94)— (94)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Net issuance of common stock under employee stock plans— 0.6 — (49)— 4 37 (8)
Share-based compensation— — — 27 — — — 27
BALANCE AT MARCH 31, 2024$394 132.5 $1,141 $2,202 $(3,457)$11,765 $(5,995)$6,050
BALANCE AT DECEMBER 31, 2024$394 131.4 $1,141 $2,218 $(3,161)$12,017 $(6,066)$6,543
Net income— — — — — 172 — 172
Other comprehensive income, net of tax— — — — 466 — — 466
Cash dividends declared on common stock ($0.71 per share)
— — — — — (93)— (93)
Cash dividends declared on preferred stock— — — — — (6)— (6)
Purchase of common stock— (0.7)— (1)— — (49)(50)
Net issuance of common stock under employee stock plans— 0.5 — (46)— 3 36 (7)
Share-based compensation— — — 27 — — — 27
BALANCE AT MARCH 31, 2025$394 131.2 $1,141 $2,198 $(2,695)$12,093 $(6,079)$7,052
See notes to consolidated financial statements (unaudited).
(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.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Comerica Incorporated and Subsidiaries
Three Months Ended March 31,
(in millions)20252024
OPERATING ACTIVITIES
Net income$172 $138 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses20 14 
Provision (benefit) for deferred income taxes4 (7)
Depreciation and amortization25 22 
Net periodic defined benefit credit(10)(12)
Share-based compensation expense27 27 
Net (accretion) amortization of securities(10)4 
Net losses on sales of foreclosed property and other bank property2 — 
Net change in:
Accrued income receivable13 9 
Accrued expenses payable(152)(164)
Other, net182 (236)
Net cash provided by (used in) operating activities273 (205)
INVESTING ACTIVITIES
Investment securities available-for-sale:
Maturities and redemptions287 385 
Purchases— (34)
Net change in loans605 1,275 
Proceeds from sales of foreclosed property and other bank property
2 — 
Net increase in premises and equipment(7)(40)
Federal Home Loan Bank stock:
Purchases(17)— 
Redemptions41 146 
Proceeds from bank-owned life insurance settlements1 7 
Other, net1 — 
Net cash provided by investing activities913 1,739 
FINANCING ACTIVITIES
Net change in:
Deposits(2,264)(3,225)
Short-term borrowings1,225 (3,565)
Medium- and long-term debt:
Maturities and redemptions(1,000)— 
Issuances and advances
— 1,000 
Cash dividends paid on preferred stock(6)(6)
Common stock:
Repurchases(50)— 
Stock tendered for payment of withholding taxes(13)(12)
Cash dividends paid(93)(92)
Issuances under employee stock plans4 (1)
Other, net(1)— 
Net cash used in financing activities(2,198)(5,901)
Net decrease in cash and cash equivalents(1,012)(4,367)
Cash and cash equivalents at beginning of period6,804 9,502 
Cash and cash equivalents at end of period$5,792 $5,135 
Interest paid$369 $541 
Income taxes paid5 4 
See notes to consolidated financial statements (unaudited).
4

NOTE 1 - BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Organization
The accompanying unaudited consolidated financial statements were prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation were included. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. Certain items in prior periods were reclassified to conform to the current presentation. The accompanying unaudited financial statements should be read in conjunction with the consolidated financial statements and footnotes included in the Annual Report on Form 10-K of Comerica Incorporated and Subsidiaries (the Corporation) for the year ended December 31, 2024 (2024 Annual Report).
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" (ASU 2023-09). ASU 2023-09 requires additional annual disclosures including further disaggregation of information in the rate reconciliation, additional information for reconciling items meeting a quantitative threshold, further disaggregation of income taxes paid and other required disclosures. ASU 2023-09 is effective for the Corporation in the annual period beginning on January 1, 2025 and applied on a prospective basis with both early adoption and retrospective application permitted. The impact of ASU 2023-09 is not expected to be material to the Corporation's income tax disclosures.
In November 2024, the FASB issued ASU No. 2024-03 "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" (ASU 2024-03). ASU 2024-03 requires additional interim and annual disclosures that further disaggregate certain expense captions into specified categories in a separate note to the financial statements, as well as certain qualitative information describing amounts not separately disaggregated. ASU 2024-03 is effective for the Corporation in the annual period beginning on January 1, 2027 and interim periods beginning on January 1, 2028 and can be applied on either a prospective or retrospective basis, with early adoption permitted. The Corporation is evaluating the impact of ASU 2024-03 to its disclosures.
NOTE 2 – FAIR VALUE MEASUREMENTS
The Corporation utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Corporation uses present value techniques and other valuation methods to estimate the fair values of its financial instruments. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used.
Investment securities available-for-sale, derivatives, deferred compensation plans and equity securities with readily determinable fair values (primarily money market mutual funds) are recorded at fair value on a recurring basis. Additionally, from time to time, the Corporation may be required to record other assets and liabilities at fair value on a nonrecurring basis, such as impaired loans, loans held for sale, other real estate (primarily foreclosed property), nonmarketable equity securities and certain other assets and liabilities. These nonrecurring fair value adjustments typically involve write-downs of individual assets or application of lower of cost or fair value accounting.
Refer to Note 1 to the consolidated financial statements in the Corporation's 2024 Annual Report for further information about the fair value hierarchy, descriptions of the valuation methodologies and key inputs used to measure financial assets and liabilities recorded at fair value, as well as a description of the methods and significant assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis.
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.
(in millions)TotalLevel 1Level 2Level 3
March 31, 2025
Deferred compensation plan assets$86 $86 $— $— 
Equity securities46 46 — — 
Investment securities available-for-sale:
U.S. Treasury securities1,287 1,287 — — 
Residential mortgage-backed securities (a)9,022 — 9,022 — 
Commercial mortgage-backed securities (a)4,793 — 4,793 — 
Total investment securities available-for-sale15,102 1,287 13,815 — 
Derivative assets:
Interest rate contracts158 — 158 — 
Energy contracts577 — 577 — 
Foreign exchange contracts40 — 40 — 
Total derivative assets775 — 775 — 
Total assets at fair value$16,009 $1,419 $14,590 $— 
Derivative liabilities:
Interest rate contracts$249 $— $249 $— 
Energy contracts562 — 562 — 
Foreign exchange contracts36 — 36 — 
Other financial derivative liabilities8 — — 8 
Total derivative liabilities855 — 847 8 
Deferred compensation plan liabilities88 88 — — 
Total liabilities at fair value$943 $88 $847 $8 
December 31, 2024
Deferred compensation plan assets$89 $89 $— $— 
Equity securities46 46 — — 
Investment securities available-for-sale:
U.S. Treasury securities1,277 1,277 — — 
Residential mortgage-backed securities (a)9,076 — 9,076 — 
Commercial mortgage-backed securities (a)4,692 — 4,692 — 
Total investment securities available-for-sale15,045 1,277 13,768 — 
Derivative assets:
Interest rate contracts177 — 177 — 
Energy contracts416 — 416 — 
Foreign exchange contracts73 — 73 — 
Total derivative assets666 — 666 — 
Total assets at fair value$15,846 $1,412 $14,434 $— 
Derivative liabilities:
Interest rate contracts$335 $— $335 $— 
Energy contracts400 — 400 — 
Foreign exchange contracts59 — 59 — 
Other financial derivative liabilities6 — — 6 
Total derivative liabilities800 — 794 6 
Deferred compensation plan liabilities91 91 — — 
Total liabilities at fair value$891 $91 $794 $6 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
    There were no transfers of assets or liabilities recorded at fair value on a recurring basis into or out of Level 3 fair value measurements during the three-month periods ended March 31, 2025 and 2024.
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three-month periods ended March 31, 2025 and 2024.
Net Realized/Unrealized Losses (Pretax) Recorded in Earnings (a)
(in millions)Balance at Beginning of PeriodRealizedUnrealizedBalance at End of Period
Three Months Ended March 31, 2025
Derivative liabilities:
Other financial derivative liabilities$(6)$— $(2)$(8)
Three Months Ended March 31, 2024
Derivative liabilities:
Other financial derivative liabilities$(12)$— $— $(12)
(a)Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income on the Consolidated Statements of Comprehensive Income.
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis
The Corporation may be required to record certain assets and liabilities at fair value on a nonrecurring basis. These include assets that are recorded at the lower of cost or fair value, and were recognized at fair value since it was less than cost at the end of the period.
The following table presents assets recorded at fair value on a nonrecurring basis at March 31, 2025 and December 31, 2024. No liabilities were recorded at fair value on a nonrecurring basis at March 31, 2025 and December 31, 2024.
(in millions)Level 3
March 31, 2025
Loans:
Commercial$56 
Real estate construction18 
Commercial mortgage85 
Total loans159 
Loans held-for-sale221 
Other real estate15 
Total assets at fair value$395 
December 31, 2024
Loans:
Commercial$69 
Commercial mortgage86 
Residential mortgage3 
Total loans158 
Loans held-for-sale216 
Other real estate3 
Total assets at fair value$377 
Level 3 assets recorded at fair value on a nonrecurring basis at March 31, 2025 and December 31, 2024 included loans with a specific allowance and certain bank property held for sale, both measured based on the fair value of collateral. The unobservable inputs were the additional adjustments applied by management to the appraised values to reflect such factors as non-current appraisals and revisions to estimated time to sell. These adjustments are determined based on qualitative judgments made by management on a case-by-case basis and are not observable inputs, although they are used in the determination of fair value. At March 31, 2025 and December 31, 2024, loans held-for-sale classified as Level 3 represented loans held-for-sale in less liquid markets requiring significant management assumptions when determining fair value.
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on a Recurring Basis
The Corporation typically holds the majority of its financial instruments until maturity and thus does not expect to realize many of the estimated fair value amounts disclosed. The disclosures do not include estimated fair value amounts for items that are not defined as financial instruments, but which have significant value. These include such items as core deposit intangibles, the future earnings potential of significant customer relationships and the value of trust operations and other fee generating businesses. The Corporation believes the imprecision of an estimate could be significant. The disclosures also do not include a limited amount of nonmarketable equity securities (primarily indirect private equity and venture capital investments) that do not have a readily determinable fair value and whose fair values are based on net asset value.
The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s Consolidated Balance Sheets are as follows:
 Carrying
Amount		Estimated Fair Value
(in millions)TotalLevel 1Level 2Level 3
March 31, 2025
Assets
Cash and due from banks$1,083 $1,083 $1,083 $— $— 
Interest-bearing deposits with banks4,709 4,709 4,709 — — 
Other short-term investments21 21 21 — — 
Total loans, net of allowance for loan losses (a)49,229 48,739 — — 48,739 
Liabilities
Demand deposits
57,332 57,332 — 57,332 — 
Time deposits
4,173 4,204 — 4,204 — 
Total deposits61,505 61,536 — 61,536 — 
Short-term borrowings1,225 1,225 1,225 — — 
Medium- and long-term debt5,733 5,811 — 5,811 — 
Credit-related financial instruments(63)(63)— — (63)
December 31, 2024
Assets
Cash and due from banks$850 $850 $850 $— $— 
Interest-bearing deposits with banks5,954 5,954 5,954 — — 
Other short-term investments 21 21 21 — — 
Total loans, net of allowance for loan losses (a)49,849 49,436 — — 49,436 
Liabilities
Demand deposits
59,277 59,277 — 59,277 — 
Time deposits
4,534 4,555 — 4,555 — 
Total deposits63,811 63,832 — 63,832 — 
Medium- and long-term debt6,673 6,780 — 6,780 — 
Credit-related financial instruments(64)(64)— — (64)
(a)Included $159 million and $158 million of loans recorded at fair value on a nonrecurring basis at March 31, 2025 and December 31, 2024, respectively.
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
NOTE 3 - INVESTMENT SECURITIES
A summary of the Corporation’s investment securities follows:
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
March 31, 2025
Investment securities available-for-sale:
U.S. Treasury securities$1,282 $5 $— $1,287 
Residential mortgage-backed securities (a)11,109 — 2,087 9,022 
Commercial mortgage-backed securities (a)5,250 — 457 4,793 
Total investment securities available-for-sale$17,641 $5 $2,544 $15,102 
December 31, 2024
Investment securities available-for-sale:
U.S. Treasury securities$1,277 $1 $1 $1,277 
Residential mortgage-backed securities (a)11,380 — 2,304 9,076 
Commercial mortgage-backed securities (a)5,261 — 569 4,692 
Total investment securities available-for-sale$17,918 $1 $2,874 $15,045 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
A summary of the Corporation’s investment securities in an unrealized loss position as of March 31, 2025 and December 31, 2024 follows:
 Less than 12 Months12 Months or moreTotal
(in millions, except securities count)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Count
March 31, 2025
U.S. Treasury securities$98 $— $24 $— $122 $— 3 
Residential mortgage-backed securities (a)1 — 9,020 2,087 9,021 2,087 896 
Commercial mortgage-backed securities (a)— — 4,779 457 4,779 457 249 
Total temporarily impaired securities$99 $— $13,823 $2,544 $13,922 $2,544 1,148 
December 31, 2024
U.S. Treasury securities$438 $— $25 $1 $463 $1 7 
Residential mortgage-backed securities (a)— — 9,074 2,304 9,074 2,304 913 
Commercial mortgage-backed securities (a)14 — 4,678 569 4,692 569 252 
Total temporarily impaired securities$452 $— $13,777 $2,874 $14,229 $2,874 1,172 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Unrealized losses on investment securities resulted from changes in market interest rates. The Corporation’s portfolio is comprised of securities issued or guaranteed by U.S. government agencies or government-sponsored enterprises. As such, it is expected that the securities would not be settled at a price less than the amortized cost of the investments. Further, the Corporation does not intend to sell the investments, and it is not more-likely-than-not that it will be required to sell the investments before recovery of amortized costs. No allowance for credit losses was recorded on securities in an unrealized loss position at March 31, 2025 or December 31, 2024.
Interest receivable on investment securities totaled $37 million at March 31, 2025 and $38 million at December 31, 2024 and was included in accrued income and other assets on the Consolidated Balance Sheets. The investment securities portfolio included floating-rate securities with a fair value of $3 million at both March 31, 2025 and December 31, 2024.
There were no sales, calls or write-downs of investment securities available-for-sale during the three-month periods ended March 31, 2025 or March 31, 2024.
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
The following table summarizes the amortized cost and fair values of investment securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(in millions)
March 31, 2025Amortized CostFair Value
Contractual maturity
One year or less$308 $308 
After one year through five years1,298 1,287 
After five years through ten years5,101 4,655 
After ten years10,934 8,852 
Total investment securities$17,641 $15,102 
At March 31, 2025, investment securities with a carrying value of $7.7 billion were pledged where permitted or required by law. Pledges included $5.9 billion to the Federal Home Loan Bank (FHLB) as collateral for current advances and potential future borrowings as well as $1.8 billion to secure $435 million of liabilities, consisting of trust deposits, deposits of public entities and state and local government agencies as well as derivative instruments. For information on FHLB borrowings, refer to Note 8.

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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
NOTE 4 – CREDIT QUALITY AND ALLOWANCE FOR CREDIT LOSSES
The following table presents an aging analysis of the amortized cost basis of loans.
Loans Past Due and Still Accruing   
(in millions)30-59
Days		60-89 
Days		90 Days
or More		TotalNonaccrual
Loans		Current
Loans		Total 
Loans
March 31, 2025
Business loans:
Commercial$12 $2 $6 $20 $108 $25,673 $25,801 
Real estate construction:
Commercial Real Estate business line (a)— — — — 20 3,051 3,071 
Other business lines (b)— — — — — 322 322 
Total real estate construction— — — — 20 3,373 3,393 
Commercial mortgage:
Commercial Real Estate business line (a)32 20 — 52 45 6,227 6,324 
Other business lines (b)16 9 6 31 65 8,368 8,464 
Total commercial mortgage48 29 6 83 110 14,595 14,788 
Lease financing15 — — 15 1 718 734 
International— — — — — 1,036 1,036 
Total business loans75 31 12 118 239 45,395 45,752 
Retail loans:
Residential mortgage11 8 — 19 35 1,862 1,916 
Consumer:
Home equity13 2 — 15 27 1,744 1,786 
Other consumer— — — — — 458 458 
Total consumer13 2 — 15 27 2,202 2,244 
Total retail loans24 10 — 34 62 4,064 4,160 
Total loans$99 $41 $12 $152 $301 $49,459 $49,912 
December 31, 2024
Business loans:
Commercial$50 $16 $13 $79 $125 $26,288 $26,492 
Real estate construction:
Commercial Real Estate business line (a)— — — — — 3,358 3,358 
Other business lines (b)— — — — — 322 322 
Total real estate construction— — — — — 3,680 3,680 
Commercial mortgage:
Commercial Real Estate business line (a)75 8 — 83 49 5,912 6,044 
Other business lines (b)11 7 31 49 69 8,331 8,449 
Total commercial mortgage86 15 31 132 118 14,243 14,493 
Lease financing12 — — 12 1 709 722 
International— — — — — 952 952 
Total business loans148 31 44 223 244 45,872 46,339 
Retail loans:
Residential mortgage5 5 — 10 37 1,882 1,929 
Consumer:
Home equity11 3 — 14 27 1,761 1,802 
Other consumer16 — — 16 — 453 469 
Total consumer27 3 — 30 27 2,214 2,271 
Total retail loans32 8 — 40 64 4,096 4,200 
Total loans$180 $39 $44 $263 $308 $49,968 $50,539 
(a)Primarily loans to real estate developers.
(b)Primarily loans secured by owner-occupied real estate.

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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
The following table presents loans by credit quality indicator and vintage year. Credit quality indicator is based on internal risk ratings assigned to each business loan at the time of approval and subjected to subsequent reviews, generally at least annually, and to pools of retail loans with similar risk characteristics. Vintage year is the year of origination or major modification.
March 31, 2025
Vintage Year
(in millions)20252024202320222021PriorRevolversRevolvers Converted to TermTotal
Business loans:
Commercial
    Pass (a)$704 $3,040 $1,999 $1,758 $995 $1,431 $14,571 $14 $24,512 
    Criticized (b)7 83 176 173 163 78 606 3 1,289 
Total commercial711 3,123 2,175 1,931 1,158 1,509 15,177 17 25,801 
Commercial gross charge-offs— 2 — 8 1 2 4 — 17 
Real estate construction
    Pass (a)24 170 675 1,743 438 12 214 — 3,276 
    Criticized (b)— — 16 94 7 — — — 117 
Total real estate construction24 170 691 1,837 445 12 214 — 3,393 
Real estate construction gross charge-offs— — — 7 — — — — 7 
Commercial mortgage
    Pass (a)349 1,451 1,524 3,398 2,608 3,612 775 — 13,717 
    Criticized (b)— 102 179 396 110 275 9 — 1,071 
Total commercial mortgage349 1,553 1,703 3,794 2,718 3,887 784 — 14,788 
Commercial mortgage gross charge-offs— — — 7 — — — — 7 
Lease financing
    Pass (a)24 261 236 35 70 99 — — 725 
    Criticized (b)— 3 1 1 3 1 — — 9 
Total lease financing24 264 237 36 73 100 — — 734 
International
    Pass (a)238 109 110 100 54 40 368 — 1,019 
    Criticized (b)4 11 — — — — 2 — 17 
Total international242 120 110 100 54 40 370 — 1,036 
Total business loans1,350 5,230 4,916 7,698 4,448 5,548 16,545 17 45,752 
Retail loans:
Residential mortgage
    Pass (a)30 187 218 275 344 826 — — 1,880 
    Criticized (b)3 — 1 1 4 27 — — 36 
Total residential mortgage33 187 219 276 348 853 — — 1,916 
Consumer:
Home equity
    Pass (a)— — — — — 4 1,667 83 1,754 
    Criticized (b)— — — — — — 27 5 32 
Total home equity— — — — — 4 1,694 88 1,786 
Other consumer
    Pass (a)33 28 10 10 5 45 325 — 456 
    Criticized (b)— — — 2 — — — — 2 
Total other consumer33 28 10 12 5 45 325 — 458 
Other consumer gross charge-offs— — — — — 1 — — 1 
Total consumer33 28 10 12 5 49 2,019 88 2,244 
Total retail loans66 215 229 288 353 902 2,019 88 4,160 
Total loans$1,416 $5,445 $5,145 $7,986 $4,801 $6,450 $18,564 $105 $49,912 
Table continues on the following page.

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Table of Contents
Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
December 31, 2024Vintage Year
20242023202220212020PriorRevolversRevolvers Converted to TermTotal
Business loans:
Commercial
    Pass (a)$3,313 $2,129 $1,856 $1,127 $358 $1,192 $15,173 $15 $25,163 
    Criticized (b)90 160 179 185 33 59 621 2 1,329 
Total commercial3,403 2,289 2,035 1,312 391 1,251 15,794 17 26,492 
Commercial gross charge-offs1 1 9 29 9 12 10 1 72 
Real estate construction
    Pass (a)137 703 1,987 550 19 23 223 — 3,642 
    Criticized (b)— — 36 — — 2 — — 38 
Total real estate construction137 703 2,023 550 19 25 223 — 3,680 
Commercial mortgage
    Pass (a)1,423 1,574 3,339 2,576 1,301 2,414 793 — 13,420 
    Criticized (b)105 187 350 102 111 208 10 — 1,073 
Total commercial mortgage1,528 1,761 3,689 2,678 1,412 2,622 803 — 14,493 
Commercial mortgage gross charge-offs— — 11 — — 5 — — 16 
Lease financing
    Pass (a)262 226 38 80 30 80 — — 716 
    Criticized (b)3 1 1 — — 1 — — 6 
Total lease financing265 227 39 80 30 81 — — 722 
Lease financing gross charge-offs1 — 3 — — — — — 4 
International
    Pass (a)237 112 142 60 19 27 347 — 944 
    Criticized (b)7 — — — — — 1 — 8 
Total international 244 112 142 60 19 27 348 — 952 
International gross charge-offs1 — — — — — — — 1 
Total business loans5,577 5,092 7,928 4,680 1,871 4,006 17,168 17 46,339 
Retail loans:
Residential mortgage
    Pass (a)181 236 274 349 415 434 — — 1,889 
    Criticized (b)5 1 4 2 4 24 — — 40 
Total residential mortgage186 237 278 351 419 458 — — 1,929 
Consumer:
Home equity
    Pass (a)— — — — — 5 1,681 82 1,768 
    Criticized (b)— — — — — — 28 6 34 
Total home equity— — — — — 5 1,709 88 1,802 
Other consumer
    Pass (a)30 10 28 7 6 41 345 — 467 
    Criticized (b)— — 2 — — — — — 2 
Total other consumer30 10 30 7 6 41 345 — 469 
Other consumer gross charge-offs1 — — — — 1 — — 2 
Total consumer30 10 30 7 6 46 2,054 88 2,271 
Total retail loans216 247 308 358 425 504 2,054 88 4,200 
Total loans$5,793 $5,339 $8,236 $5,038 $2,296 $4,510 $19,222 $105 $50,539 
(a)Includes all loans not included in the categories of special mention, substandard or nonaccrual.
(b)Includes loans with an internal rating of special mention, substandard loans for which the accrual of interest has not been discontinued and nonaccrual loans. Special mention loans have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. Accruing substandard loans have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans are also distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies on page F-52 in the Corporation's 2024 Annual Report. These categories are generally consistent with the "special mention" and "substandard" categories as defined by regulatory authorities. A minority of nonaccrual loans are consistent with the "doubtful" category.

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Table of Contents
Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Loan interest receivable totaled $255 million and $266 million at March 31, 2025 and December 31, 2024, respectively, and was included in accrued income and other assets on the Consolidated Balance Sheets.
Allowance for Credit Losses
The following table details the changes in the allowance for credit losses.
 20252024
(in millions)Business LoansRetail LoansTotalBusiness LoansRetail LoansTotal
Three Months Ended March 31
Balance at beginning of period:
Allowance for loan losses$625 $65 $690 $620 $68 $688 
Allowance for credit losses on lending-related commitments28 7 35 31 9 40 
Allowance for credit losses653 72 725 651 77 728 
Loan charge-offs(31)(1)(32)(20)(1)(21)
Recoveries on loans previously charged-off6 — 6 6 1 7 
Net loan charge-offs(25)(1)(26)(14)— (14)
Provision for credit losses:
Provision for loan losses34 (15)19 20 (3)17 
Provision for credit losses on lending-related commitments(3)4 1 (3)— (3)
Provision for credit losses31 (11)20 17 (3)14 
Balance at end of period:
Allowance for loan losses634 49 683 626 65 691 
Allowance for credit losses on lending-related commitments25 11 36 28 9 37 
Allowance for credit losses$659 $60 $719 $654 $74 $728 
Allowance for loan losses as a percentage of total loans1.38 %1.19 %1.37 %1.34 %1.59 %1.36 %
Allowance for credit losses as a percentage of total loans1.44 1.46 1.44 1.40 1.82 1.43 

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Table of Contents
Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Nonaccrual Loans
The following table presents additional information regarding nonaccrual loans. Interest income of $1 million and $2 million was recognized on nonaccrual loans for the three-month periods ended March 31, 2025 and 2024, respectively.
(in millions)Nonaccrual Loans with No Related AllowanceNonaccrual Loans with Related AllowanceTotal Nonaccrual Loans
March 31, 2025
Business loans:
Commercial$15 $93 $108 
Real estate construction:
Commercial Real Estate business line (a)— 20 20 
Total real estate construction— 20 20 
Commercial mortgage:
Commercial Real Estate business line (a)— 45 45 
Other business lines (b)3 62 65 
Total commercial mortgage3 107 110 
Lease financing— 1 1 
Total business loans18 221 239 
Retail loans:
Residential mortgage35 — 35 
Consumer:
Home equity27 — 27 
Total retail loans62 — 62 
Total nonaccrual loans$80 $221 $301 
December 31, 2024
Business loans:
Commercial$9 $116 $125 
Commercial mortgage:
Commercial Real Estate business line (a)— 49 49 
Other business lines (b)7 62 69 
Total commercial mortgage7 111 118 
Lease financing
— 1 1 
Total business loans16 228 244 
Retail loans:
Residential mortgage37 — 37 
Consumer:
Home equity27 — 27 
Total consumer27 — 27 
Total retail loans64 — 64 
Total nonaccrual loans$80 $228 $308 
(a)Primarily loans to real estate developers.
(b)Primarily loans secured by owner-occupied real estate.


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Table of Contents
Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Foreclosed Properties
Foreclosed properties were insignificant at both March 31, 2025 and December 31, 2024. Retail loans secured by residential real estate properties in process of foreclosure included in nonaccrual loans were $3 million at March 31, 2025 and $4 million at December 31, 2024.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
As part of its loss mitigation efforts, the Corporation may modify loans to borrowers experiencing financial difficulty in a manner resulting in an interest rate reduction, other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof (collectively referred to as Financially Distressed Modifications, or FDMs).
The following table displays the amortized cost basis at March 31, 2025 and 2024 of FDMs that were restructured during the three-month periods ended March 31, 2025 and 2024 by type of modification.
(in millions)Term Extension (a)Interest Rate ReductionCombinations (b)TotalPercent of Total Class
Three Months Ended March 31, 2025
Business loans:
Commercial$44 $— $— $44 0.17 %
Commercial mortgage:
Commercial Real Estate business line (c)34 — — 34 0.54 
Other business lines (d)
10 — — 10 0.12 
Total commercial mortgage44 — — 44 0.30 
Total business loans
88 — — 88 0.19 
Retail loans:
Consumer:
Home equity— 1 — 1 0.07 
Total consumer— 1 — 1 0.06 
Total retail loans
— 1 — 1 0.03 
Total loans$88 $1 $— $89 0.18 %
Three Months Ended March 31, 2024
Business loans:
Commercial$108 $— $10 $118 0.45 %
Commercial mortgage:
Other business lines (d)
5 — — 5 0.06 
Total commercial mortgage5 — — 5 0.04 
International1 — — 1 0.13 
Total business loans114 — 10 124 0.27 
Retail loans:
Consumer:
Home equity1 1 1 3 0.12 
Total consumer1 1 1 3 0.10 
Total retail loans
1 1 1 3 0.05 
Total loans$115 $1 $11 $127 0.25 %
(a)Represents loan balances where terms were extended or payments were delayed by a more than an insignificant time period, typically more than 180 days, at or above contractual interest rates.
(b)Relates to FDMs where more than one type of modification was made. For three months ended March 31, 2024, this primarily related to modifications where the interest rate was reduced and the term was extended.
(c)Primarily loans to real estate developers.
(d)Primarily loans secured by owner-occupied real estate.

There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms had been restructured at March 31, 2025 and December 31, 2024.


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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
The following table summarizes the financial impacts of loan modifications made during the three-month periods ended March 31, 2025 and 2024.
Weighted-Average Term Extension
(in months)		Weighted-Average Interest Rate Reduction
Three Months Ended March 31, 2025
Business loans:
Commercial16.1 — %
Commercial mortgage:
Commercial Real Estate business line (a)21.0 — 
Other business lines (b)
17.4 — 
Total commercial mortgage20.1 — 
Total business loans18.1 — 
Retail loans:
Consumer:
Home equity— (3.24)
Total consumer— (3.24)
Total retail loans— (3.24)
Total loans18.1 (3.24)%
Three Months Ended March 31, 2024
Business loans:
Commercial9.8 (1.11)%
Commercial mortgage:
Other business lines (b)
12.4 — 
Total commercial mortgage12.4 — 
International12.7 — 
Total business loans10.0 (1.11)
Retail loans:
Consumer:
Home equity117.5 (3.11)
Total consumer117.5 (3.11)
Total retail loans117.5 (3.11)
Total loans11.1 (1.40)%
(a)Primarily loans to real estate developers.
(b)Primarily loans secured by owner-occupied real estate.
On an ongoing basis, the Corporation monitors the performance of modified loans related to their restructured terms. Of the loans restructured during the three-month period ended March 31, 2025, $3 million were past due, compared to all being current under modified terms at March 31, 2024. Nonperforming restructured loans are classified as nonaccrual loans and are individually evaluated for the allowance for loan losses.
For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into nonaccrual status during the reporting period. Of the loans restructured during the twelve-month period ended March 31, 2025, there were no loans that subsequently defaulted at March 31, 2025, compared to $3 million at March 31, 2024 for the twelve-month period ended March 31, 2024.

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Table of Contents
Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
NOTE 5 - GOODWILL AND INTANGIBLES
The following table summarizes the carrying value of goodwill by reporting unit at March 31, 2025 and December 31, 2024.
(in millions)March 31, 2025December 31, 2024
Commercial Bank$473 $473 
Retail Bank101 101 
Wealth Management61 61 
Total$635 $635 
The annual test of goodwill impairment is performed as of July 1 each year, or more often if events or circumstances indicate that the carrying value may not be recoverable. The annual impairment test performed at the beginning of the third quarter 2024 did not indicate impairment in any of the Corporation's reporting units as of the testing date, and the Corporation determined that it was more likely than not that the fair value of each reporting unit exceeded its carrying value. During the three months ended March 31, 2025, there were no events or circumstances that indicated an interim impairment test of goodwill or other intangibles was necessary.
Analyzing goodwill includes consideration of various factors that involve a degree of uncertainty, including the impacts of monetary policy actions, foreign developments, and unanticipated legislative or regulatory changes, among other factors that could cause the fair value of one or more of the reporting units to fall below their carrying value, resulting in a goodwill impairment charge in the future. Any impairment charge would not affect the Corporation's regulatory capital ratios, tangible equity ratio or liquidity position.
NOTE 6 –DERIVATIVES AND CREDIT-RELATED FINANCIAL INSTRUMENTS
In the normal course of business, the Corporation enters into various transactions involving derivative and credit-related financial instruments to manage exposure to fluctuations in interest rate, foreign currency and other market risks and to meet the financing needs of customers (customer-initiated derivatives). These financial instruments involve, to varying degrees, elements of market and credit risk. Market and credit risk are included in the determination of fair value.
Market risk is the potential loss that may result from movements in interest rates, foreign currency exchange rates or energy commodity prices that cause an unfavorable change in the value of a financial instrument. The Corporation manages this risk by establishing monetary exposure limits and monitoring compliance with those limits. Market risk inherent in interest rate and energy contracts entered into on behalf of customers is mitigated by taking offsetting positions, except in those circumstances when the amount, tenor and/or contract rate level results in negligible economic risk, whereby the cost of purchasing an offsetting contract is not economically justifiable. The Corporation mitigates most of the inherent market risk in foreign exchange contracts entered into on behalf of customers by taking offsetting positions and manages the remainder through individual foreign currency position limits and aggregate value-at-risk limits. Position and value-at-risk limits are established annually and monitored daily. Market risk inherent in derivative instruments held or issued for risk management purposes is typically offset by changes in the fair value of the assets or liabilities being hedged.
Credit risk is the possible loss that may occur in the event of nonperformance by the counterparty to a financial instrument. The Corporation attempts to minimize credit risk arising from customer-initiated derivatives by evaluating the creditworthiness of each customer, adhering to the same credit approval process used for traditional lending activities and obtaining collateral as deemed necessary. Derivatives with dealer counterparties are either cleared through a clearinghouse or settled directly with a single counterparty. For derivatives settled directly with dealer counterparties, the Corporation utilizes counterparty risk limits and monitoring procedures as well as master netting arrangements and bilateral collateral agreements to facilitate the management of credit risk.
Included in the fair value of derivative instruments are credit valuation adjustments reflecting counterparty credit risk. These adjustments are determined by applying a credit spread for the counterparty or the Corporation, as appropriate, to the total expected exposure of the derivative. Master netting arrangements effectively reduce credit valuation adjustments by permitting settlement of positive and negative positions and offset cash collateral held with the same counterparty on a net basis. Bilateral collateral agreements require daily exchange of cash or highly rated securities issued by the U.S. Treasury or other U.S. government entities to collateralize amounts due to either party. At March 31, 2025, counterparties with bilateral collateral agreements deposited $71 million of cash with the Corporation to secure the fair value of contracts in an unrealized gain position, and the Corporation had pledged $125 million of marketable investment securities and posted $17 million of cash as collateral for contracts in an unrealized loss position. For those counterparties not covered under bilateral collateral

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Table of Contents
Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
agreements, collateral is obtained, if deemed necessary, based on the results of management’s credit evaluation of the counterparty. Collateral varies, but may include cash, investment securities, accounts receivable, equipment or real estate.
Derivative Instruments
Derivative instruments utilized by the Corporation are negotiated over-the-counter and primarily include swaps, caps and floors, forward contracts and options, each of which may relate to interest rates, energy commodity prices or foreign currency exchange rates. Swaps are agreements in which two parties periodically exchange cash payments based on specified indices applied to a specified notional amount until a stated maturity. Caps and floors are agreements which entitle the buyer to receive cash payments based on the difference between a specified reference rate or price and an agreed strike rate or price, applied to a specified notional amount until a stated maturity. Forward contracts are over-the-counter agreements to buy or sell an asset at a specified future date and price. Options are similar to forward contracts except the purchaser has the right, but not the obligation, to buy or sell the asset during a specified period or at a specified future date.
Over-the-counter contracts are tailored to meet the needs of the counterparties involved and, therefore, contain a greater degree of credit risk and liquidity risk than exchange-traded contracts, which have standardized terms and readily available price information. The Corporation reduces exposure to market and liquidity risks from over-the-counter derivative instruments entered into for risk management purposes, and transactions entered into to mitigate the market risk associated with customer-initiated transactions, by taking offsetting positions with investment grade domestic and foreign financial institutions and subjecting counterparties to credit approvals, limits and collateral monitoring procedures similar to those used in making other extensions of credit. In addition, certain derivative contracts executed bilaterally with a dealer counterparty in the over-the-counter market are cleared through a clearinghouse, whereby the clearinghouse becomes the counterparty to the transaction.

19
Table of Contents
Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
The following table presents the composition of the Corporation’s derivative instruments held or issued for risk management purposes or in connection with customer-initiated and other activities at March 31, 2025 and December 31, 2024. The table excludes a derivative related to the Corporation's 2008 sale of its remaining ownership of Visa shares and includes accrued interest receivable and payable.
 March 31, 2025December 31, 2024
  Fair Value Fair Value
(in millions)Notional/
Contract
Amount (a)		Gross Derivative AssetsGross Derivative LiabilitiesNotional/
Contract
Amount (a)		Gross Derivative AssetsGross Derivative Liabilities
Risk management purposes
Derivatives designated as hedging instruments
Interest rate contracts:
Fair value swaps - receive fixed/pay floating$5,800 $1 $— $6,800 $— $— 
Cash flow swaps - receive fixed/pay floating
23,350 — — 23,350 — 3 
Derivatives used as economic hedges
Foreign exchange contracts:
Spot, forwards and swaps544 — 2 453 3 — 
Total risk management purposes29,694 1 2 30,603 3 3 
Customer-initiated and other activities
Interest rate contracts:
Caps and floors written1,911 — 9 1,781 — 12 
Caps and floors purchased1,911 9 — 1,781 12 — 
Swaps
19,084 148 240 19,189 165 320 
Total interest rate contracts22,906 157 249 22,751 177 332 
Energy contracts:
Caps and floors written4,021 — 266 3,460 — 201 
Caps and floors purchased4,021 267 — 3,460 202 — 
Swaps6,872 310 296 6,338 214 199 
Total energy contracts14,914 577 562 13,258 416 400 
Foreign exchange contracts:
Spot, forwards, options and swaps2,673 40 34 3,117 70 59 
Total customer-initiated and other activities40,493 774 845 39,126 663 791 
Total gross derivatives$70,187 775 847 $69,729 666 794 
Amounts offset in the Consolidated Balance Sheets:
Netting adjustment - Offsetting derivative assets/liabilities
(357)(357)(330)(330)
Netting adjustment - Cash collateral received/posted
(54)(17)(80)— 
Net derivatives included in the Consolidated Balance Sheets (b)
364 473 256 464 
Amounts not offset in the Consolidated Balance Sheets:
Marketable securities pledged under bilateral collateral agreements
(66)(124)(143)(2)
Net derivatives after deducting amounts not offset in the Consolidated Balance Sheets
$298 $349 $113 $462 
(a)Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Balance Sheets.
(b)Net derivative assets are included in accrued income and other assets and net derivative liabilities are included in accrued expenses and other liabilities on the Consolidated Balance Sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $4 million and $1 million at March 31, 2025 and December 31, 2024.

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Table of Contents
Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Risk Management
The Corporation's derivative instruments used for managing interest rate risk include cash flow hedging strategies that convert variable-rate loans to fixed rates and fair value hedging strategies that convert fixed-rate medium- and long-term debt to variable rates. Interest and fees on loans included net expense from cash flow swaps of $78 million and $170 million for the three-month periods ended March 31, 2025 and 2024, respectively.
The following table details the effects of fair value hedging on the Consolidated Statements of Comprehensive Income.
Interest on Medium- and Long-Term Debt
 Three Months Ended March 31,
(in millions)20252024
Total interest on medium- and long-term debt (a)$95 $117 
Fair value hedging relationships:
Interest rate contracts:
Hedged items81 81 
Derivatives designated as hedging instruments14 36 
(a) Includes the effects of hedging.
    The following tables summarize the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps, the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements, and for fair value swaps, the carrying amount of the related hedged items, as of March 31, 2025 and December 31, 2024.
Cash flow swaps - receive fixed/pay floating rate on variable-rate loans
March 31, 2025December 31, 2024
Weighted average:
Time to maturity (in years)
2.9 3.1 
Receive rate
2.55 %2.55 %
Pay rate (a)
4.35 4.55 
(a)Variable rates paid on receive fixed swaps designated as cash flow hedges were based on Secured Overnight Financing Rate (SOFR) rates in effect at March 31, 2025 and December 31, 2024.

Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt
(dollar amounts in millions)March 31, 2025December 31, 2024
Carrying value of hedged items (a)$5,733 $6,673 
Weighted average:
Time to maturity (in years)
2.8 2.6 
Receive rate (b)
4.42 %3.77 %
Pay rate (b)
4.70 4.80 
(a)Included $(62) million and $(122) million of cumulative hedging adjustments at March 31, 2025 and December 31, 2024, respectively, which included a hedging adjustment on a discontinued hedging relationship of $2 million at both March 31, 2025 and December 31, 2024.
(b)Floating rates paid on receive fixed swaps designated as fair value hedges are based on SOFR rates in effect at March 31, 2025 and December 31, 2024.

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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Re-designated Interest Rate Swaps and Price Alignment Income
On November 15, 2023, the Bloomberg Index Services Limited (Bloomberg) announced that it would discontinue publishing the Bloomberg Short-Term Bank Yield Index (BSBY) on November 15, 2024; accordingly, the Corporation was required to “de-designate” $7.0 billion of interest rate swaps used in cash flow hedges of certain BSBY-indexed loans and reclassify amounts recognized in accumulated other comprehensive income into earnings. A total of $130 million in net losses were included in noninterest income as a result of the de-designations, consisting of $39 million during the first quarter of 2024 and $91 million during the fourth quarter of 2023. For each de-designated swap, settlement of interest payments and changes in fair value were recorded as risk management hedging losses within noninterest income instead of net interest income until re-designation. All impacted swaps were re-designated as of April 1, 2024.
Amounts in accumulated other comprehensive income related to cash flows that continued to be probable of occurring were amortized out of accumulated other comprehensive income and into earnings, which resulted in a pre-tax loss of $52 million recorded in interest and fees on loans for the three months ended March 31, 2024, with no comparable loss recorded for the three months ended March 31, 2025. Additionally, the fair value of swaps at re-designation date were accreted back into accumulated other comprehensive income, resulting in benefits of $28 million for the three months ended March 31, 2025 and $41 million for the three months ended March 31, 2024.
BSBY cessation and the related de-designation and re-designation of interest rate swaps led to a net increase in accumulated other comprehensive income of $21 million for the three months ended March 31, 2025, compared to $27 million for the three months ended March 31, 2024.
For more information on accumulated net losses on cash flow hedges, refer to Note 9.
Risk management hedging income (loss) also includes price alignment income, which is income received on payments made to a central clearing party for centrally cleared derivatives. Positions are settled daily based on derivative fair values and the party receiving net settlement amounts pays price alignment, based on an earning rate, to the party making settlement payments. Price alignment income totaled $8 million and $13 million for the three-month periods ended March 31, 2025 and 2024, respectively.
Customer-Initiated and Other
The Corporation enters into derivative transactions at the request of customers and generally takes offsetting positions with dealer counterparties to help mitigate the inherent market risk. Income primarily results from the spread between the customer derivative and the offsetting dealer position.
For customer-initiated foreign exchange contracts where offsetting positions have not been taken, the Corporation manages the remaining inherent market risk through individual foreign currency position limits and aggregate value-at-risk limits. These limits are established annually and monitored at least monthly.

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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Fair values of customer-initiated and other derivative instruments represent the net unrealized gains or losses on such contracts and are recorded on the Consolidated Balance Sheets. Changes in fair value are recognized on the Consolidated Statements of Comprehensive Income. The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions included in capital markets income, were as follows:
Three Months Ended March 31,
(in millions)20252024
Interest rate contracts$4 $5 
Energy contracts3 3 
Foreign exchange contracts11 11 
Total$18 $19 
Credit-Related Financial Instruments
The Corporation issues off-balance sheet financial instruments in connection with commercial and consumer lending activities. The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table.
(in millions)March 31, 2025December 31, 2024
Unused commitments to extend credit:
Commercial and other$24,525 $24,342 
Bankcard, revolving credit and home equity loan commitments3,981 4,055 
Total unused commitments to extend credit$28,506 $28,397 
Standby letters of credit$4,181 $4,138 
Commercial letters of credit15 12 
The Corporation maintains an allowance to cover current expected credit losses inherent in lending-related commitments, including unused commitments to extend credit, letters of credit and financial guarantees. The allowance for credit losses on lending-related commitments, included in accrued expenses and other liabilities on the Consolidated Balance Sheets, was $36 million and $35 million at March 31, 2025 and December 31, 2024, respectively.
Unused Commitments to Extend Credit
Commitments to extend credit are legally binding agreements to lend to a customer, provided there is no violation of any condition established in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments expire without being drawn upon, the total contractual amount of commitments does not necessarily represent future cash requirements of the Corporation. Commercial and other unused commitments are primarily variable rate commitments. The allowance for credit losses on lending-related commitments included $32 million at March 31, 2025 and $30 million at December 31, 2024 for expected credit losses inherent in the Corporation’s unused commitments to extend credit.
Standby and Commercial Letters of Credit
Standby letters of credit represent conditional obligations of the Corporation which guarantee the performance of a customer to a third party. Standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Commercial letters of credit are issued to finance foreign or domestic trade transactions. These contracts expire in decreasing amounts through the year. The Corporation may enter into participation arrangements with third parties that effectively reduce the maximum amount of future payments which may be required under standby and commercial letters of credit. These risk participations covered $220 million and $223 million at March 31, 2025 and December 31, 2024, respectively, of standby and commercial letters of credit outstanding, which totaled $4.2 billion at both March 31, 2025 and December 31, 2024.
The carrying value of the Corporation’s standby and commercial letters of credit, included in accrued expenses and other liabilities on the Consolidated Balance Sheets, totaled $31 million at March 31, 2025, including $27 million in deferred fees and $4 million in the allowance for credit losses on lending-related commitments. At December 31, 2024, the comparable amounts were $34 million, $29 million and $5 million, respectively.
The following table presents a summary of criticized standby and commercial letters of credit at March 31, 2025 and December 31, 2024. The Corporation's criticized list is consistent with the Special Mention, Substandard and Doubtful

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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines.
(dollar amounts in millions)March 31, 2025December 31, 2024
Total criticized standby and commercial letters of credit$64 $37 
As a percentage of total outstanding standby and commercial letters of credit1.5 %0.9 %
Other Credit-Related Financial Instruments
The Corporation enters into credit risk participation agreements, under which the Corporation assumes credit exposure associated with a borrower’s performance related to certain interest rate derivative contracts. The Corporation is not a party to the interest rate derivative contracts and only enters into these credit risk participation agreements in instances in which the Corporation is also a party to the related loan participation agreements for such borrowers. The Corporation manages its credit risk on the credit risk participation agreements by monitoring the creditworthiness of the borrowers, which is based on the normal credit review process as if the Corporation had entered into the derivative instruments directly with the borrower. The notional amount of such credit risk participation agreements reflects the pro-rata share of the derivative instrument, consistent with its share of the related participated loan. The total notional amount of the credit risk participation agreements was approximately $1.0 billion and $1.1 billion at March 31, 2025 and December 31, 2024, respectively, and the fair value was insignificant at both March 31, 2025 and December 31, 2024. The maximum estimated exposure to these agreements, as measured by projecting a maximum value of the guaranteed derivative instruments, assuming 100 percent default by all obligors on the maximum values, was $5 million and $1 million at March 31, 2025 and December 31, 2024, respectively. In the event of default, the lead bank has the ability to liquidate the assets of the borrower, in which case the lead bank would be required to return a percentage of the recouped assets to the participating banks. As of March 31, 2025, the weighted average remaining maturity of outstanding credit risk participation agreements was 4.6 years.
In 2008, the Corporation sold its remaining ownership of Visa Class B shares and entered into a derivative contract. Under the terms of the derivative contract, the Corporation will compensate the counterparty primarily for dilutive adjustments made to the conversion factor of the Visa Class B shares to Class A shares based on the ultimate outcome of litigation involving Visa. Conversely, the Corporation will be compensated by the counterparty for any increase in the conversion factor from anti-dilutive adjustments. The fair value of the derivative liability, included in accrued expenses and other liabilities on the Consolidated Balance Sheets, was $8 million and $6 million at March 31, 2025 and December 31, 2024, respectively.
NOTE 7 - VARIABLE INTEREST ENTITIES (VIEs)
The Corporation evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Corporation is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration.
The Corporation holds ownership interests in funds in the form of limited partnerships or limited liability companies (LLCs) investing in affordable housing projects that qualify for the low-income housing tax credit (LIHTC). The Corporation also directly invests in limited partnerships and LLCs which invest in community development projects, which generate similar tax credits to investors (other tax credit entities). As an investor, the Corporation obtains income tax credits and deductions from the operating losses of these tax credit entities. These tax credit entities meet the definition of a VIE; however, the Corporation is not the primary beneficiary of the entities, as the general partner or the managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities.
The Corporation accounts for its interests in LIHTC entities and other tax credit entities that meet certain criteria using the proportional amortization method. Ownership interests in tax credit entities that do not qualify for the proportional amortization method are accounted for under either the cost or equity method. Exposure to loss as a result of the Corporation's involvement in entities using the proportional amortization method and other tax credit entities at March 31, 2025 was limited to $557 million and $1 million, respectively.
Investment balances, including all legally binding commitments to fund future investments that are accounted for using the proportional amortization method, are included in accrued income and other assets on the Consolidated Balance Sheets. A liability is recognized in accrued expenses and other liabilities on the Consolidated Balance Sheets for all legally binding unfunded commitments to fund tax credit entities that are accounted for using the proportional amortization method ($221 million at March 31, 2025). Amortization and other write-downs of tax credit investments for which the proportional amortization method is applied are presented on a net basis as a component of the provision for income taxes on the Consolidated Statements of Comprehensive Income, while amortization and write-downs of other tax credit investments are

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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
recorded in other noninterest income. The income tax credits and deductions are recorded as a reduction of income tax expense and a reduction of federal income taxes payable. The cash flows related to the total income tax benefits are presented in the "net income," "benefit for deferred income taxes" and "other, net" line items within the operating activities section of the Consolidated Statements of Cash Flows.
The Corporation provided no financial or other support that was not contractually required to any of the above VIEs during the three months ended March 31, 2025 and 2024.
The following table summarizes the impact of these tax credit investments under the proportional amortization method on the Corporation’s Consolidated Statements of Comprehensive Income.
Three Months Ended March 31,
(in millions)20252024
Other noninterest income:
Amortization of other tax credit investments$— $1 
Provision for income taxes:
Amortization of investments
$22 $19 
Tax credits
(19)(17)
Other income tax benefits related to tax credit entities
(7)(5)
Total provision for income taxes$(4)$(3)
For further information on the Corporation’s consolidation policy, see Note 1 to the consolidated financial statements in the Corporation's 2024 Annual Report.
NOTE 8 - MEDIUM- AND LONG-TERM DEBT
Medium- and long-term debt is summarized as follows:
(in millions)March 31, 2025December 31, 2024
Parent company
Subordinated notes:
3.80% subordinated notes due 2026
$245 $243 
Medium- and long-term notes:
4.00% notes due 2029
528 519 
5.982% notes due 2030
999 984 
Total medium- and long-term notes1,527 1,503 
Total parent company1,772 1,746 
Subsidiaries
Subordinated notes:
4.00% subordinated notes due 2025
347 345 
7.875% subordinated notes due 2026
157 157 
5.332% subordinated notes due 2033
463 451 
Total subordinated notes967 953 
FHLB advances:
5.07% advance due March 2025
— 1,000 
4.79% advance due 2026
999 997 
4.49% advance due 2027
999 992 
4.49% advance due 2028
996 985 
Total FHLB advances
2,994 3,974 
Total subsidiaries3,961 4,927 
Total medium- and long-term debt$5,733 $6,673 
Fixed interest rates have been swapped to a variable rate and designated in a hedging relationship for all notes outstanding at both March 31, 2025 and December 31, 2024. Accordingly, carrying value has been adjusted to reflect the change in fair value of the debt as a result of changes in the benchmark rate. Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital.
Comerica Bank (the Bank), a wholly-owned subsidiary of Comerica, Incorporated, is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. Borrowing

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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
capacity is contingent on the amount of collateral available to be pledged to the FHLB. At March 31, 2025, FHLB borrowings were $3.4 billion, with remaining capacity for future borrowing of $13.4 billion, secured by real estate-related loans totaling $22.1 billion and investment securities totaling $5.9 billion.
Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $10 million at both March 31, 2025 and December 31, 2024, respectively.

NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive income (loss) for the three months ended March 31, 2025 and 2024, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss).
Three Months Ended March 31,
(in millions)20252024
Accumulated net unrealized losses on investment securities:
Balance at beginning of period, net of tax$(2,197)$(2,043)
Net unrealized holding gains (losses) arising during the period334 (268)
Less: Provision (benefit) for income taxes80 (69)
Change in net unrealized losses on investment securities, net of tax254 (199)
Balance at end of period, net of tax$(1,943)$(2,242)
Accumulated net losses on cash flow hedges:
Balance at beginning of period, net of tax$(596)$(605)
Net cash flow hedge gains (losses) arising during the period200 (451)
Less: Provision (benefit) for income taxes48 (109)
Change in net cash flow hedge losses arising during the period, net of tax152 (342)
Less:
Net cash flow losses included in interest and fees on loans(106)(159)
Net accretion (amortization) of unrealized losses related to de-designated derivatives included in interest and fees on loans
28 (12)
Less: Benefit for income taxes(19)(41)
Reclassification adjustment for net cash flow hedge losses included in net income, net of tax(59)(130)
Change in net cash flow hedge losses, net of tax211 (212)
Balance at end of period, net of tax (a)$(385)$(817)
Accumulated defined benefit pension and other postretirement plans adjustment:
Balance at beginning of period, net of tax $(368)$(400)
Amounts recognized in other noninterest expenses:
Amortization of actuarial net loss 7 7 
Amortization of prior service credit(5)(5)
Total amounts recognized in other noninterest expenses 2 2 
Less: Provision for income taxes1 — 
Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax 1 2 
Change in defined benefit pension and other postretirement plans adjustment, net of tax 1 2 
Balance at end of period, net of tax $(367)$(398)
Total accumulated other comprehensive loss at end of period, net of tax$(2,695)$(3,457)
(a)The Corporation expects to reclassify $166 million of losses, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months if interest yield curves and notional amounts remain at March 31, 2025 levels.

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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
NOTE 10 - NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are presented in the following table.
Three Months Ended March 31,
(in millions, except per share data)20252024
Basic and diluted
Net income$172 $138 
Less:
Income allocated to participating securities1 1 
Preferred stock dividends6 6 
Net income attributable to common shares$165 $131 
Basic average common shares132 132 
Basic net income per common share$1.26 $0.99 
Basic average common shares132 132 
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards1 1 
Diluted average common shares133 133 
Diluted net income per common share$1.25 $0.98 
The following average shares related to outstanding options to purchase shares of common stock that were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period.
Three Months Ended March 31,
(average outstanding options in thousands)20252024
Average outstanding options1,252 1,785 
Range of exercise prices
 $63.15 - $95.25
$53.96 - $95.25
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
NOTE 11 - EMPLOYEE BENEFIT PLANS
Net periodic defined benefit cost (credit) is comprised of service cost and other components of net benefit cost (credit). Service cost is included in salaries and benefits expense and other components of net benefit cost (credit) are included in other noninterest expenses on the Consolidated Statements of Comprehensive Income. For further information on the Corporation's employee benefit plans, refer to Note 17 to the consolidated financial statements in the Corporation's 2024 Annual Report.
The components of net periodic benefit cost (credit) for the Corporation's qualified pension plan, non-qualified pension plan and postretirement benefit plan are as follows.
Qualified Defined Benefit Pension PlanThree Months Ended March 31,
(in millions)20252024
Service cost$9 $8 
Other components of net benefit credit:
Interest cost21 21 
Expected return on plan assets(44)(45)
Amortization of prior service credit(4)(3)
Amortization of net loss 6 6 
Total other components of net benefit credit(21)(21)
Net periodic defined benefit credit$(12)$(13)
Non-Qualified Defined Benefit Pension PlanThree Months Ended March 31,
(in millions)20252024
Service cost$1 $1 
Other components of net benefit cost:
Interest cost2 2 
Amortization of prior service credit(1)(2)
Amortization of net loss1 1 
Total other components of net benefit cost2 1 
Net periodic defined benefit cost$3 $2 
Postretirement Benefit PlanThree Months Ended March 31,
(in millions)20252024
Other components of net benefit credit:
Expected return on plan assets$(1)$(1)
Net periodic defined benefit credit$(1)$(1)

NOTE 12 - INCOME TAXES AND TAX-RELATED ITEMS
Unrecognized tax benefits were $8 million at both March 31, 2025 and December 31, 2024. The Corporation anticipates a change of $2 million in net unrecognized tax benefits within the next twelve months. Included in accrued expenses and other liabilities on the Consolidated Balance Sheets was a liability of $1 million for tax-related interest and penalties at both March 31, 2025 and December 31, 2024.
Net deferred tax assets were $882 million at March 31, 2025, compared to $1.0 billion at December 31, 2024. The decrease of approximately $152 million in net deferred tax assets resulted primarily from decreases to deferred tax assets related to hedging gains and losses, net unrealized losses on investment securities available-for-sale and an increase in deferred tax liabilities related to defined benefit plans. Included in deferred tax assets were $2 million of state net operating loss (NOL) carryforwards and $9 million of federal foreign tax carryforwards at both March 31, 2025 and December 31, 2024. State NOL carryforwards expire between 2025 and 2044 and federal foreign tax credit carryforwards expire between 2029 and 2035. The Corporation believes that it is more likely than not that the benefit from federal foreign tax credits and certain state NOL carryforwards will not be realized and, accordingly, maintains a federal valuation allowance of $9 million and a state valuation allowance of $2 million at both March 31, 2025 and December 31, 2024. The determination regarding valuation allowance was based on evidence of loss carryback capacity, projected future reversals of existing taxable temporary differences to absorb the deferred tax assets and assumptions made regarding future events.
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
In the ordinary course of business, the Corporation enters into certain transactions that have tax consequences. From time to time, the Internal Revenue Service (IRS) or other tax jurisdictions may review and/or challenge specific interpretive tax positions taken by the Corporation with respect to those transactions. The Corporation believes its tax returns were filed based upon applicable statutes, regulations and case law in effect at the time of the transactions. The IRS or other tax jurisdictions, an administrative authority or a court, if presented with the transactions, could disagree with the Corporation’s interpretation of the tax law.
Based on current knowledge and probability assessment of various potential outcomes, the Corporation believes that current tax reserves are adequate, and the amount of any potential incremental liability arising is not expected to have a material adverse effect on the Corporation’s consolidated financial condition or results of operations. Probabilities and outcomes are reviewed as events unfold, and adjustments to the reserves are made when necessary.
NOTE 13 - CONTINGENT LIABILITIES
Legal Proceedings and Regulatory Matters
The Corporation is subject to various pending or threatened legal proceedings arising out of the normal course of business or operations. Use of the term "Corporation" in this note should not be read to infer that Comerica, Incorporated or any of its subsidiaries that is not named in any legal or regulatory proceeding undertakes any responsibility or liability for any other affiliate that is actually named in any legal or regulatory proceeding. The Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interests of the Corporation and its shareholders. Settlement may result from the Corporation's determination that it may be more prudent financially to settle, rather than litigate, and should not be regarded as an admission of liability.
Further, from time to time, the Corporation is also subject to examinations, inquiries and investigations by regulatory authorities in areas including, but not limited to, compliance, risk management and consumer protection, which could lead to administrative or legal proceedings or settlements. Remedies in resulting proceedings or settlements may include fines, penalties, restitution or alterations in the Corporation's business practices and may result in increased operating expenses or decreased revenues. For example, the Consumer Financial Protection Bureau (CFPB) launched an investigation into Comerica Bank as Financial Agent under the Bureau of Fiscal Service's Direct Express® program. In response to the CFPB's interpretation of certain statutes in connection with its investigation, Comerica Bank filed litigation against the CFPB in November 2024. The CFPB filed a separate suit against Comerica Bank in December 2024 premised upon its interpretation of certain statutes in connection with its investigation. On April 11, 2025, the CFPB and Comerica Bank filed notices of dismissal without prejudice of each lawsuit, meaning the parties retain their respective rights.
On at least a quarterly basis, the Corporation assesses its potential liabilities and contingencies in connection with outstanding legal proceedings and regulatory matters utilizing the latest information available. On a case-by-case basis, accruals are established for those legal claims and regulatory matters for which it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. The actual costs of resolving these claims and regulatory matters may be substantially higher or lower than the amounts accrued. Based on current knowledge, and after consultation with legal counsel, management believes current accruals are adequate, and the amount of any incremental liability arising from these matters is not expected to have a material adverse effect on the Corporation’s consolidated financial condition, results of operations or cash flows.
For matters where a loss is not probable, the Corporation has not established an accrual. The Corporation believes the estimate of the aggregate range of reasonably possible losses, in excess of established accruals, for all legal proceedings and regulatory matters in which it is involved is from zero to approximately $165 million at March 31, 2025. This estimated aggregate range of reasonably possible losses is based upon currently available information for those legal proceedings and regulatory matters in which the Corporation is involved, taking into account the Corporation’s best estimate of such losses for those legal proceedings and regulatory matters for which such estimate can be made. For certain legal proceedings and regulatory matters, the Corporation does not believe that an estimate can currently be made. The Corporation’s estimate involves significant judgment, given the varying stages of the legal proceedings and regulatory matters (including the fact that many are currently in preliminary stages), the existence in certain legal proceedings of multiple defendants (including the Corporation) whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the legal proceedings and regulatory matters (including issues regarding class certification and the scope of many of the claims) and the attendant uncertainty of the various potential outcomes of such legal proceedings and regulatory matters. Accordingly, the Corporation’s estimate will change from time to time, and actual losses may be more or less than the current estimate.
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
In the event of unexpected future developments, it is possible the ultimate resolution of these matters, if unfavorable, may be material to the Corporation's consolidated financial condition, results of operations or cash flows. For information regarding income tax contingencies, refer to Note 12.
NOTE 14 - STRATEGIC LINES OF BUSINESS
The Corporation has strategically aligned its operations into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. These business segments are differentiated based on the type of customer and the related products and services provided. In addition to the three major business segments, the Finance and Other categories include items not directly associated with the business segments. Business segment results are produced by the Corporation’s internal management accounting system. This system measures financial results based on the internal business unit structure of the Corporation. The performance of the business segments is not comparable with the Corporation's consolidated results and is not necessarily comparable with similar information for any other financial institution. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The management accounting system assigns balance sheet and income statement items to each business segment using certain methodologies, which are regularly reviewed and refined. From time to time, the Corporation may make reclassifications among the segments to more appropriately 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. For comparability purposes, amounts in all periods are based on business unit structure and methodologies in effect at March 31, 2025.
For the Commercial Bank, Retail Bank and Wealth Management segments, the Corporation's chief operating decision maker, the Chief Executive Officer, uses both segment net interest income and segment net income (loss) to allocate resources predominantly in the annual budget and forecasting process, which includes allocations of employees, property, financial and/or capital resources. The chief operating decision maker considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to each segment. Additionally, segment net interest income is used to evaluate product pricing and lending terms for customer loans, while segment net income (loss) helps evaluate the performance for each segment and compensation of certain employees.
The following discussion provides information about the activities of each business segment. A discussion of the financial results and the factors impacting performance can be found in "Business Segments" in the "Strategic Lines of Business" section of the financial review.
The Commercial Bank meets the needs of small and middle market businesses, multinational corporations and governmental entities by offering various products and services including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance and letters of credit.
The Retail Bank includes a full range of personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. This business segment offers a variety of consumer products, including deposit accounts, installment loans, credit cards, home equity lines of credit and residential mortgage loans. In addition, this business segment offers products and services to small businesses who are serviced through a team of dedicated small business bankers and our branch network.
Wealth Management provides products and services to affluent, high-net worth and ultra-high-net-worth individuals and families, business owners and executives, and institutional clients, including comprehensive financial planning, trust and fiduciary services, investment management and advisory, brokerage, private banking and business transition planning services.
The Finance category includes the Corporation’s securities portfolio and asset and liability management activities. Finance is responsible for managing the Corporation’s funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage the Corporation’s exposure to liquidity, interest rate risk and foreign exchange risk.
The Other category includes tax benefits not assigned to specific business segments, charges of an unusual or infrequent nature that are not reflective of the normal operations of the business segments and miscellaneous other expenses of a corporate nature.
For further information on the methodologies which form the basis for these results refer to Note 22 to the consolidated financial statements in the Corporation's 2024 Annual Report.
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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
Business segment financial results were as follows:
(dollar amounts in millions)Commercial
Bank		Retail
Bank		Wealth ManagementFinanceOtherTotal
Three Months Ended March 31, 2025
Earnings summary:
Net interest income (expense)$472 $254 $48$(240)$41 $575 
Provision (benefit) for credit losses
31 (5)(6)— — 20 
Noninterest income135 26 7123 (1)254 
Salaries and benefits expense
81 51 3517 184 368 
Outside processing fee expense
46 2 101 5 64 
Occupancy expense
6 25 31 11 46 
Allocated corporate expense
119 80 35(20)(214)— 
All other noninterest expenses (a)
15 22 142 53 106 
Total noninterest expenses
267 180 971 39 584 
Provision (benefit) for income taxes71 26 7(52)1 53 
Net income (loss)$238 $79 $21$(166)$— $172 
Net charge-offs$26 $— $— $— $— $26
Selected average balances:
Assets $44,960 $3,053 $5,170$17,433 $6,942 $77,558
Loans 42,850 2,380 4,984— — 50,214
Deposits32,750 23,638 3,6201,633 258 61,899
Three Months Ended March 31, 2024
Earnings summary:
Net interest income (expense)$477 $200 $47$(217)$41 $548 
Provision (benefit) for credit losses
16 (1)1— (2)14 
Noninterest income148 28 65(11)6 236 
Salaries and benefits expense
79 51 3614 168 348 
Outside processing fee expense
49 3 111 4 68 
Occupancy expense
6 24 31 10 44 
Allocated corporate expense
104 77 31(18)(194)— 
All other noninterest expenses (a)
37 27 154 60 143 
Noninterest expenses275 182 962 48 603 
Provision (benefit) for income taxes56 8 2(41)4 29 
Net income (loss)$278 $39 $13$(189)$(3)$138 
Net charge-offs$14 $— $— $— $— $14
Selected average balances:
Assets$46,485 $3,026 $5,443$19,057 $9,606 $83,617
Loans43,911 2,297 5,152— 12 51,372
Deposits32,212 24,384 3,9004,539 275 65,310
(a)All other noninterest expenses for each reportable business segment includes:
i.Commercial Bank - Primarily FDIC insurance expense and gains on real estate and other assets.
ii.Retail Bank - Primarily equipment expense and FDIC insurance expense.
iii.Wealth Management - Primarily litigation-related expense and software expense.


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Notes to Consolidated Financial Statements (unaudited)
Comerica Incorporated and Subsidiaries
NOTE 15 - REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue from contracts with customers comprises the noninterest income earned by the Corporation in exchange for services provided to customers. The following table presents the composition of revenue from contracts with customers, segregated from other sources of noninterest income, by business segment.
Commercial
Bank		Retail
Bank		Wealth ManagementFinance & OtherTotal
(in millions)
Three Months Ended March 31, 2025
Revenue from contracts with customers:
Card fees$50 $8 $1 $— $59 
Fiduciary income— — 52 — 52 
Service charges on deposit accounts31 13 2 — 46 
Commercial loan servicing fees (a)2 — — — 2 
Capital markets income (b)6 — — — 6 
Brokerage fees— — 14 — 14 
Other noninterest income (b)— 2 2 — 4 
Total revenue from contracts with customers89 23 71 — 183 
Other sources of noninterest income 46 3 — 22 71 
Total noninterest income$135 $26 $71 $22 $254 
Three Months Ended March 31, 2024
Revenue from contracts with customers:
Card fees$55 $10 $1 $— $66 
Fiduciary income— — 51 — 51 
Service charges on deposit accounts31 13 1 — 45 
Commercial loan servicing fees (a) 2 — — — 2 
Capital markets income (b) 4 — — — 4 
Brokerage fees— — 10 — 10 
Other noninterest income (b) 5 3 1 — 9 
Total revenue from contracts with customers97 26 64 — 187 
Other sources of noninterest income51 2 1 (5)49 
Total noninterest income$148 $28 $65 $(5)$236 
(a)Included in commercial lending fees on the Consolidated Statements of Comprehensive Income.
(b)Excludes derivative, warrant and other miscellaneous income.
Revenue from contracts with customers did not generate significant contract assets and liabilities for the periods presented.
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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS
This report includes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. In addition, the Corporation may make other written and oral communications from time to time that contain such statements. All statements regarding the Corporation's expected financial position, strategies and growth prospects and general economic conditions expected to exist in the future are forward-looking statements. The words, "anticipates," "believes," "contemplates," "feels," "expects," "estimates," "enhances," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "opportunity," "initiative," "outcome," "continue," "remain," "maintain," "on track," "trend," "objective," "looks forward," "projects," "models," and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to the Corporation or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of the Corporation's management based on information known to the Corporation's management as of the date of this report and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of the Corporation's management for future or past operations, products or services and forecasts of the Corporation'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 the Corporation'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, the Corporation'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 the Corporation's customers); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing); liquidity risks (the Corporation's ability to maintain adequate sources of funding and liquidity; reductions in the Corporation'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 the Corporation’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 the Corporation's reputation; the Corporation'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 the Corporation's markets; the implementation of the Corporation'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, including as a result of changes in trade policies; 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 the Corporation's accounting policies, processes and management estimates; the volatility of the Corporation's stock price; and that an investment in the Corporation's equity securities is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC)). The Corporation cautions that the foregoing list of factors is not all-inclusive. For a discussion of factors that may cause actual results to differ from expectations, please refer to the Corporation's filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 16 of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as of the date they are made. The Corporation 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 report or in any documents, the Corporation claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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RESULTS OF OPERATIONS
In accordance with Item 303(c) of Regulation S-K, the Corporation is providing a comparison of the quarter ended March 31, 2025 against the preceding sequential quarter. The Corporation believes providing a sequential discussion of its results of operations provides more relevant information for investors and stakeholders to understand and analyze the business. Balance sheet items are discussed in terms of average balances unless otherwise noted.
Three Months Ended March 31, 2025 Compared to Three Months Ended December 31, 2024
Three Months Ended
(dollar amounts in millions, except per share data)March 31, 2025December 31, 2024
Net interest income$575 $575 
Provision for credit losses20 21 
Noninterest income254 250 
Noninterest expenses584 587 
Income before income taxes225 217 
Provision for income taxes53 47 
Net income $172 $170 
Diluted earnings per common share$1.25 $1.22 
Net income for the three months ended March 31, 2025 was $172 million, an increase of $2 million compared to $170 million for the three months ended December 31, 2024, driven by an increase in noninterest income, which reflected a fourth quarter 2024 loss related to repositioning the Corporation's securities portfolio that did not reoccur in the first quarter of 2025, and a decrease in noninterest expenses. Provision for income taxes increased $6 million, which included a reduction in favorable discrete items and higher pre-tax income. Net income per diluted common share for the three months ended March 31, 2025 was $1.25 compared to net income per diluted common share of $1.22 for the three months ended December 31, 2024, an increase of $0.03 per diluted common share.


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Analysis of Net Interest Income
Three Months Ended
March 31, 2025December 31, 2024
(dollar amounts in millions)Average
Balance		InterestAverage
Rate		Average
Balance		InterestAverage
Rate
Commercial loans (a)$26,112 $368 5.72 %$26,198 $372 5.65 %
Real estate construction loans3,479 64 7.47 3,765 75 7.89 
Commercial mortgage loans14,731 240 6.60 14,728 257 6.95 
Lease financing727 10 5.69 752 11 5.90 
International loans1,004 16 6.67 988 18 7.26 
Residential mortgage loans1,920 20 4.09 1,921 17 3.62 
Consumer loans2,241 41 7.37 2,265 45 7.80 
Total loans (b)50,214 759 6.13 50,617 795 6.25 
Mortgage-backed securities (c)13,702 95 2.33 14,075 96 2.30 
U.S. Treasury securities (d)1,281 14 4.21 1,319 4 1.32 
Total investment securities 14,983 109 2.46 15,394 100 2.22 
Interest-bearing deposits with banks (e)4,806 53 4.36 5,695 68 4.71 
Other short-term investments375 3 3.37 366 4 3.73 
Total earning assets70,378 924 5.11 72,072 967 5.15 
Cash and due from banks733 630 
Allowance for loan losses(690)(687)
Accrued income and other assets7,137 7,219 
Total assets$77,558 $79,234 
Money market and interest-bearing checking deposits (f)$31,912 213 2.70 $32,045 238 2.95 
Savings deposits2,140 1 0.16 2,142 1 0.16 
Customer certificates of deposit3,282 24 2.93 3,542 28 3.21 
Other time deposits1,052 14 5.35 1,371 19 5.35 
Foreign office time deposits33 — 3.78 25 — 4.14 
Total interest-bearing deposits38,419 252 2.65 39,125 286 2.91 
Federal funds purchased184 2 4.41 5 — 4.68 
Other short-term borrowings4 — 4.61 37 1 4.77 
Medium- and long-term debt6,488 95 5.83 6,698 105 6.28 
Total interest-bearing sources45,095 349 3.12 45,865 392 3.40 
Noninterest-bearing deposits23,480 24,222 
Accrued expenses and other liabilities2,222 2,408 
Shareholders’ equity6,761 6,739 
Total liabilities and shareholders’ equity$77,558 $79,234 
Net interest income/rate spread$575 1.99 $575 1.75 
Impact of net noninterest-bearing sources of funds 1.19 1.31 
Net interest margin (as a percentage of average earning assets)  3.18 %  3.06 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $78 million and $115 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
(b)Nonaccrual loans are included in average balances reported and in the calculation of average rates.
(c)Average balances included $2.7 billion of unrealized losses for both the three months ended March 31, 2025 and December 31, 2024, respectively; yields calculated gross of these unrealized losses.
(d)Average balances included $1 million of unrealized gains and $22 million of unrealized losses for the three months ended March 31, 2025 and December 31, 2024, respectively; yields calculated gross of these unrealized gains and losses.
(e)Average balances excluded $2 million and $10 million of collateral posted and netted against derivative liability positions for the three months ended March 31, 2025 and December 31, 2024, respectively; yields calculated gross of derivative netting amounts.
(f)Average balances excluded $70 million and $76 million of collateral received and netted against derivative asset positions for the three months ended March 31, 2025 and December 31, 2024, respectively; rates calculated gross of derivative netting amounts.

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Rate/Volume Analysis
Three Months Ended
March 31, 2025/December 31, 2024
(in millions)
(Decrease) Increase Due to Rate (a)
(Decrease) Increase Due to Volume (a)Net (Decrease) Increase
Interest income:
Loans $(29)$(7)$(36)
Investment securities11 (2)9 
Interest-bearing deposits with banks(6)(9)(15)
Other short-term investments— (1)(1)
Total interest income(24)(19)(43)
Interest expense:
Interest-bearing deposits(26)(8)(34)
Short-term borrowings— 1 1 
Medium- and long-term debt(8)(2)(10)
Total interest expense(34)(9)(43)
Net interest income$10 $(10)$— 
(a)Impact of additional days, other portfolio dynamics and interest rate swaps reflected as part of rate impact, rate/volume variances are allocated to variances due to volume.
Net interest income was $575 million for both the three months ended March 31, 2025 and December 31, 2024, while net interest margin increased 12 basis points to 3.18 percent for the same period, due to the net impact of lower rates and a decline in interest-bearing deposits, partially offset by an $894 million decrease in deposits held with the Federal Reserve Bank (FRB), lower nonaccrual interest and a $403 million decline in loans. Net interest income was also impacted by two fewer days in the first quarter.
For further discussion of the effects of market rates on net interest income, refer to the "Market and Liquidity Risk" section of this financial review.
Provision for Credit Losses
The provision for credit losses, which includes the provision for loan losses and the provision for credit losses on lending-related commitments, was $20 million for the three months ended March 31, 2025, compared to $21 million for the three months ended December 31, 2024. The allowance for credit losses decreased $6 million to $719 million at March 31, 2025, compared to $725 million at December 31, 2024, reflecting the impact of changes in loan portfolio composition and relatively stable macroeconomic variables, as well as a rise in economic uncertainty. As a percentage of total loans, the allowance for credit losses was 1.44% at both March 31, 2025 and December 31, 2024.
Net loan charge-offs were $26 million for the three months ended March 31, 2025, an increase of $10 million from $16 million for the three months ended December 31, 2024, reflecting increases in Commercial Real Estate, Entertainment and Corporate Banking, partially offset by a decline in general Middle Market charge-offs. The provision for credit losses on lending-related commitments was $1 million for both the three months ended March 31, 2025 and December 31, 2024.
An analysis of the allowance for credit losses and a summary of nonperforming assets are presented under the "Credit Risk" subheading in the "Risk Management" section of this financial review.

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Table of Contents
Noninterest Income
Three Months Ended
(in millions)March 31, 2025December 31, 2024
Card fees$59 $62 
Fiduciary income52 54 
Service charges on deposit accounts46 47 
Capital markets income 31 36 
Commercial lending fees 16 18 
Brokerage fees14 14 
Letter of credit fees
11 10 
Bank-owned life insurance9 11 
Risk management hedging income
7 9 
Net losses on debt securities
— (19)
Other noninterest income (a)9 8 
Total noninterest income$254 $250 
(a)The table below provides further details on certain categories included in other noninterest income.
Noninterest income increased $4 million to $254 million for the three months ended March 31, 2025, compared to $250 million for the three months ended December 31, 2024, which included the impact of a $19 million loss related to repositioning the Corporation's securities portfolio in the fourth quarter of 2024, partially offset by decreases in capital markets income and card fees, as well as smaller decreases in other categories. Other noninterest income is detailed in the table below.
Three Months Ended
(in millions)March 31, 2025December 31, 2024
FHLB and FRB stock dividends$3 $4 
Deferred compensation asset returns (a)(2)— 
All other noninterest income
8 4 
Other noninterest income$9 $8 
(a)Compensation deferred by the Corporation's officers and directors is invested based on investment selections of the officers and directors. Income earned on these assets is reported in other noninterest income and the corresponding change in deferred compensation plan liabilities is reported in salaries and benefits expense.

Noninterest Expenses
Three Months Ended
(in millions)March 31, 2025December 31, 2024
Salaries and benefits expense$368 $346 
Outside processing fee expense64 68 
Software expense48 46 
Occupancy expense46 47 
FDIC insurance expense
14 10 
Equipment expense
13 14 
Advertising expense8 11 
Other noninterest expenses 23 45 
Total noninterest expenses$584 $587 
Noninterest expenses decreased $3 million to $584 million for the three months ended March 31, 2025, compared to $587 million for the three months ended December 31, 2024, primarily due to decreases in litigation-related expenses, charitable contributions, consulting expenses, outside processing fee expense and advertising expense, partially offset by increases in salaries and benefits expense and FDIC insurance expense, as well as a reduction in gains on the sale of real estate and other assets. Salaries and benefits expense was impacted by primarily seasonal items, which included increases in annual stock-based compensation, payroll taxes and 401(k) expense, partially offset by decreases in incentive compensation and staff insurance, as well as an increase in temporary labor.

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Table of Contents
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Three Months Ended March 31,
(dollar amounts in millions, except per share data)20252024
Net interest income$575 $548 
Provision for credit losses20 14 
Noninterest income254 236 
Noninterest expenses584 603 
Income before income taxes225 167 
Provision for income taxes53 29 
Net income $172 $138 
Diluted earnings per common share$1.25 $0.98 
Net income increased $34 million to $172 million for the three months ended March 31, 2025, compared to $138 million for the three months ended March 31, 2024, driven by an increase in net interest income, a decline in noninterest expenses and higher noninterest income (which included the impact of $39 million of losses related to BSBY cessation in the first quarter of 2024). The increase in net interest income was primarily due to the net impact of lower rates (including the impact of BSBY cessation), as well as declines in FHLB advances and brokered deposits, partially offset by decreases in deposits held with the FRB, loans and investment securities. Net income per diluted common share increased $0.27 to $1.25 for the three months ended March 31, 2025, compared to $0.98 for the three months ended March 31, 2024.


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Table of Contents
Analysis of Net Interest Income
Three Months Ended
March 31, 2025March 31, 2024
(dollar amounts in millions)Average
Balance		InterestAverage
Rate		Average
Balance		InterestAverage
Rate
Commercial loans (a)$26,112 $368 5.72 %$26,451 $348 5.30 %
Real estate construction loans3,479 64 7.47 5,174 108 8.37 
Commercial mortgage loans14,731 240 6.60 13,642 253 7.46 
Lease financing
727 10 5.69 810 12 6.11 
International loans1,004 16 6.67 1,141 22 7.80 
Residential mortgage loans1,920 20 4.09 1,882 18 3.74 
Consumer loans2,241 41 7.37 2,272 47 8.32 
Total loans (b)
50,214 759 6.13 51,372 808 6.33 
Mortgage-backed securities (c)
13,702 95 2.33 14,782 101 2.28 
U.S. Treasury securities (d)
1,281 14 4.21 1,546 1 0.28 
Total investment securities14,983 109 2.46 16,328 102 2.12 
Interest-bearing deposits with banks (e)
4,806 53 4.36 7,726 105 5.47 
Other short-term investments375 3 3.37 381 4 4.01 
Total earning assets70,378 924 5.11 75,807 1,019 5.20 
Cash and due from banks733 938 
Allowance for loan losses(690)(688)
Accrued income and other assets7,137 7,560 
Total assets$77,558 $83,617 
Money market and interest-bearing checking deposits (f)
$31,912 213 2.70 $28,700 228 3.18 
Savings deposits2,140 1 0.16 2,352 1 0.23 
Customer certificates of deposit3,282 24 2.93 3,868 36 3.76 
Other time deposits1,052 14 5.35 3,964 52 5.28 
Foreign office time deposits33 — 3.78 18 — 4.35 
Total interest-bearing deposits38,419 252 2.65 38,902 317 3.28 
Federal funds purchased184 2 4.41 26 — 5.39 
Other short-term borrowings4 — 4.61 2,555 37 5.65 
Medium- and long-term debt6,488 95 5.83 6,903 117 6.77 
Total interest-bearing sources45,095 349 3.12 48,386 471 3.90 
Noninterest-bearing deposits23,480 26,408 
Accrued expenses and other liabilities2,222 2,746 
Shareholders’ equity6,761 6,077 
Total liabilities and shareholders’ equity$77,558 $83,617 
Net interest income/rate spread$575 1.99 $548 1.30 
Impact of net noninterest-bearing sources of funds 1.19 1.50 
Net interest margin (as a percentage of average earning assets)  3.18 %  2.80 %
(a)Interest income on commercial loans included net expense from cash flow swaps of $78 million and $170 million for the three months ended March 31, 2025 and 2024, respectively.
(b)Nonaccrual loans are included in average balances reported and in the calculation of average rates.
(c)Average balances included $2.7 billion and $2.9 billion of unrealized losses for the three months ended March 31, 2025 and 2024, respectively; yields calculated gross of these unrealized losses.
(d)Average balances included $1 million of unrealized gains and $71 million of unrealized losses for the three months ended March 31, 2025 and 2024, respectively; yields calculated gross of these unrealized gains and losses.
(e)Average balances excluded $2 million and included $2 million of collateral posted and netted against derivative liability positions for the three months ended March 31, 2025 and 2024, respectively; yields calculated gross of derivative netting amounts.
(f)Average balances excluded $70 million and $130 million of collateral received and netted against derivative asset positions for the three months ended March 31, 2025 and 2024, respectively; rates calculated gross of derivative netting amounts.

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Rate/Volume Analysis
Three Months Ended
March 31, 2025/March 31, 2024
(in millions)
(Decrease) Increase Due to Rate (a)
Decrease Due to Volume (a)Net (Decrease) Increase
Interest income:
Loans $(28)$(21)$(49)
Investment securities16 (9)7 
Interest-bearing deposits with banks(20)(32)(52)
Other short-term investments(1)— (1)
Total interest income(33)(62)(95)
Interest expense:
Interest-bearing deposits(39)(26)(65)
Short-term borrowings(7)(28)(35)
Medium- and long-term debt(17)(5)(22)
Total interest expense(63)(59)(122)
Net interest income$30 $(3)$27 
(a)Impact of additional days, other portfolio dynamics and interest rate swaps reflected as part of rate impact, rate/volume variances are allocated to variances due to volume.
Net interest income for the three months ended March 31, 2025 increased $27 million compared to the three months ended March 31, 2024, and net interest margin increased 38 basis points for the same period, driven by lower rates, a $2.6 billion decrease in short-term FHLB advances and a $2.9 billion decline in higher-cost brokered deposits, partially offset by decreases of $2.9 billion in deposits held with the FRB, $1.2 billion in loans and $1.3 billion in investment securities. For further discussion of the effects of market rates on net interest income, refer to the "Market and Liquidity Risk" section of this financial review.
Provision for Credit Losses
The provision for credit losses increased $6 million to $20 million for the three months ended March 31, 2025, compared to $14 million for the three months ended March 31, 2024, reflecting the impact of changes in the Corporation's portfolio composition, a decline in the Corporation's loan portfolio and relatively stable macroeconomic variables, as well as a rise in economic uncertainty. Net loan charge-offs were $26 million for the three months ended March 31, 2025, an increase of $12 million compared to $14 million for the three months ended March 31, 2024, mostly driven by Commercial Real Estate net charge-offs. An analysis of the allowance for credit losses and nonperforming assets is presented under the "Credit Risk" subheading in the "Risk Management" section of this financial review.
Noninterest Income
Three Months Ended March 31,
(in millions)20252024
Card fees$59 $66 
Fiduciary income
52 51 
Service charges on deposit accounts46 45 
Capital markets income31 30 
Commercial lending fees16 16 
Brokerage fees
14 10 
Letter of credit fees
11 10 
Bank-owned life insurance9 10 
Risk management hedging income (loss)
7 (25)
Other noninterest income (a)
9 23 
Total noninterest income$254 $236 
(a)The table below provides further details on certain categories included in other noninterest income.

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Noninterest income increased $18 million to $254 million for the three months ended March 31, 2025, compared to $236 million for the three months ended March 31, 2024, driven by an increase in risk management hedging income, which included the impact of $39 million of losses related to BSBY cessation in the first quarter of 2024, partially offset by lower price alignment income received for centrally-cleared derivative positions. An increase in brokerage fees for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was offset by declines in card fees (mostly related to government card interchange fees) and other noninterest income, as other noninterest income for the 2024 period included a $5 million negotiated vendor payment.
The following table presents certain categories included in other noninterest income on the Consolidated Statements of Comprehensive Income.
Three Months Ended March 31,
(in millions)20252024
FHLB and FRB stock dividends$3 $5 
Deferred compensation asset returns (a)(2)6 
All other noninterest income8 12 
Other noninterest income$9 $23 
    
(a)Compensation deferred by the Corporation's officers and directors is invested based on investment selections of the officers and directors. Income earned on these assets is reported in other noninterest income and the corresponding change in deferred compensation plan liabilities is reported in salaries and benefits expense.
Noninterest Expenses
Three Months Ended March 31,
(in millions)20252024
Salaries and benefits expense$368 $348 
Outside processing fee expense64 68 
Software expense48 44 
Occupancy expense46 44 
FDIC insurance expense14 36 
Equipment expense13 12 
Advertising expense8 8 
Other noninterest expenses23 43 
Total noninterest expenses$584 $603 
Noninterest expenses decreased $19 million to $584 million for the three months ended March 31, 2025, compared to $603 million for the three months ended March 31, 2024, due to decreases in FDIC insurance expense (special assessment and changes in balance sheet composition), consulting fees and operational losses, as well as an increase in gains on the sale of real estate and other assets, partially offset by increases in salaries and benefits expense and litigation-related expenses. The increase in salaries and benefits expense reflected the impact of annual merit-based salary increases and staff additions, as well as higher severance costs and temporary labor, partially offset by a decline in deferred compensation expense (mostly offset in other noninterest income).

STRATEGIC LINES OF BUSINESS
The Corporation has strategically aligned its operations into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. These business segments are differentiated based on the type of customer and the related products and services provided. In addition to the three major business segments, the Finance and Other categories include items not directly associated with the business segments. The performance of the business segments is not comparable with the Corporation's consolidated results and is not necessarily comparable with similar information for any other financial institution. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. Note 14 to the consolidated financial statements describes the business activities of each business segment and presents financial results of the business segments for the three-month periods ended March 31, 2025 and 2024.
The Corporation's management accounting system assigns balance sheet and income statement items to each segment using certain methodologies, which are regularly reviewed and refined. These methodologies may be modified as the management accounting system is enhanced and changes occur in the Corporation's organizational structure and/or product lines. Note 22 to the consolidated financial statements in the Corporation's 2024 Annual Report describes the Corporation's segment reporting methodology.
Net interest income for each segment reflects the interest income generated by earning assets less interest expense on interest-bearing liabilities plus the net impact from associated internal funds transfer pricing (FTP) funding credits and charges.

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The FTP methodology allocates credits to each business segment for deposits and other funds provided as well as charges for loans and other assets being funded. FTP crediting rates on deposits and other funds provided reflect the long-term value of deposits and other funding sources based on the behavioral characteristics of deposit types and corresponding liquidity that is provided. FTP charge rates for funding loans and other assets reflect a matched cost of funds based on the pricing and duration characteristics of the assets. As a result of applying matched funding, interest revenue for each segment resulting from loans and other assets is generally not impacted by changes in interest rates. Therefore, net interest income for each segment primarily reflects the volume of loans and other earning assets at the spread over the matched cost of funds, as well as the volume of deposits at the associated FTP crediting rates. Generally, in periods of rising interest rates, FTP charge rates for funding loans and FTP crediting rates on deposits will increase, with FTP crediting rates for deposits typically repricing at a slower pace than FTP charge rates for funding loans. Conversely, in periods of declining interest rates, FTP charge rates for funding loans and FTP crediting rates on deposits will decrease, with FTP crediting rates for deposits typically repricing at a slower pace than FTP charge rates for funding loans.
Business Segments
The following sections present a summary of the performance of each of the Corporation's business segments for the three months ended March 31, 2025 compared to the same period in the prior year.
Commercial Bank
Three Months Ended March 31,Percent
Change
(dollar amounts in millions)20252024Change
Earnings summary:
Net interest income$472 $477 $(5)(1) %
Provision for credit losses31 16 15 97 
Noninterest income135 148 (13)(8)
Noninterest expenses 267 275 (8)(3)
Provision for income taxes71 56 15 27 
Net income$238 $278 $(40)(14) %
Net charge-offs$26 $14 $12 89 
Selected average balances:
Loans $42,850 $43,911 $(1,061)(2) %
Deposits 32,750 32,212 538 2 
Average loans for the three months ended March 31, 2025 decreased $1.1 billion from the three months ended March 31, 2024, which included decreases in National Dealer Services, Corporate Banking, Equity Fund Services and general Middle Market, partially offset by an increase in Environmental Services. Average deposits increased $538 million for the same period, which included increases in Commercial Real Estate, Equity Fund Services and general Middle Market, partially offset by a decrease in Technology and Life Sciences.
The Commercial Bank's net income was $238 million for the three months ended March 31, 2025, a decrease of $40 million from the three months ended March 31, 2024. Net interest income decreased $5 million due to lower income on loans, partially offset by lower allocated net FTP charges. The provision for credit losses increased $15 million, reflecting increases in Commercial Real Estate and Business Banking, partially offset by a decrease in Corporate Banking. Net charge-offs increased $12 million to $26 million, driven by Commercial Real Estate, Entertainment and Corporate Banking, partially offset by an improvement in general Middle Market. Noninterest income decreased $13 million, primarily due to lower card fees and capital markets income, as well as a $5 million negotiated vendor payment received in the 2024 period. Noninterest expenses decreased $8 million, primarily reflecting decreases in outside processing fee expense and FDIC insurance expense (related to special assessment), as well as an increase in gains on the sale of real estate and other assets, partially offset by higher allocated corporate expenses.

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Retail Bank
Three Months Ended March 31,Percent
Change
(dollar amounts in millions)20252024Change
Earnings summary:
Net interest income$254 $200 $54 27 %
Provision for credit losses(5)(1)(4)n/m
Noninterest income26 28 (2)(10)
Noninterest expenses180 182 (2)(1)
Provision for income taxes26 8 18 n/m
Net income$79 $39 $40 99 %
Selected average balances:
Loans $2,380 $2,297 $83 4 %
Deposits23,638 24,384 (746)(3)
n/m - not meaningful
Average loans for the three months ended March 31, 2025 increased $83 million from the three months ended March 31, 2024, while average deposits decreased $746 million for the same period. The Retail Bank's net income was $79 million for the three months ended March 31, 2025, an increase of $40 million from the three months ended March 31, 2024. Net interest income increased $54 million, primarily due to lower interest expense and higher FTP crediting rates on deposits. Noninterest income and noninterest expenses were relatively stable.
Wealth Management
Three Months Ended March 31,Percent
Change
(dollar amounts in millions)20252024Change
Earnings summary:
Net interest income$48 $47 $1 3 %
Provision for credit losses(6)1 (7)n/m
Noninterest income71 65 6 9 
Noninterest expenses
97 96 1 — 
Provision for income taxes7 2 5 n/m
Net income$21 $13 $8 75 %
Selected average balances:
Loans $4,984 $5,152 $(168)(3)%
Deposits3,620 3,900 (280)(7)
n/m - not meaningful
Average loans for the three months ended March 31, 2025 decreased $168 million from the three months ended March 31, 2024, while average deposits decreased $280 million for the same period. Wealth Management's net income was $21 million for the three months ended March 31, 2025, an increase of $8 million from the three months ended March 31, 2024. Net interest income and noninterest expenses were relatively stable, while noninterest income increased $6 million, primarily driven by higher investment fees.

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Finance & Other
Three Months Ended March 31,Percent
Change
(dollar amounts in millions)20252024Change
Earnings summary:
Net interest expense$(199)$(176)$(23)13 %
Provision for credit losses—(2)2n/m
Noninterest income22(5)27n/m
Noninterest expenses4050(10)(20)
Benefit for income taxes(51)(37)(14)36 
Net loss$(166)$(192)$26(13)%
Selected average balances:
Loans$—$12$(12)n/m
Deposits 1,8914,814(2,923)(61)%
n/m - not meaningful
Average deposits for the three months ended March 31, 2025, which primarily consisted of centrally-managed brokered time deposits fully insured by the FDIC, decreased $2.9 billion from the three months ended March 31, 2024. Net loss for the Finance and Other category was $166 million for the three months ended March 31, 2025, a decrease of $26 million from the three months ended March 31, 2024. Net interest expense increased $23 million, reflecting the impact of interest rate swaps (which are centrally managed) as well as increased balances from higher-cost funding sources. Noninterest income increased $27 million, primarily due to higher risk management hedging income (impact of BSBY cessation in the 2024 period), partially offset by a decrease in investment fees. Noninterest expenses decreased $10 million, reflecting decreases in consulting fees and allocated corporate expenses, partially offset by higher salaries and benefits expense.
The following table lists the Corporation's banking centers by geographic market.
March 31,
20252024
Michigan158176
Texas114116
California8892
Other Markets20 24 
Total380 408 
FINANCIAL CONDITION
First Quarter 2025 Compared to Fourth Quarter 2024
Period-End Balances
Total assets decreased $1.7 billion to $77.6 billion at March 31, 2025, compared to $79.3 billion at December 31, 2024, reflecting a $1.2 billion decrease in interest-bearing deposits with banks (primarily with the FRB) and a $627 million decrease in total loans, which included decreases of $438 million in Equity Fund Services and $185 million in National Dealer Services.
Total liabilities decreased $2.2 billion to $70.6 billion at March 31, 2025, compared to $72.8 billion at December 31, 2024, reflecting decreases of $1.3 billion in noninterest-bearing deposits ($1.1 billion of which was related to timing of disbursements within the Direct Express government card program), $1.0 billion in interest-bearing deposits and $940 million in medium- and long-term debt, partially offset by an increase of $1.2 billion in short-term borrowings (federal funds purchased and FHLB advances). For additional information regarding deposits, refer to "Deposit Concentrations and Uninsured Deposits" under the "Market Risk" subheading in the "Risk Management" section of this financial review. Total shareholders' equity increased $509 million, primarily reflecting a decrease in accumulated unrealized losses on investment securities available-for-sale and cash flow hedges.

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Average Balances
Total assets decreased $1.7 billion to $77.6 billion for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, driven by decreases of $889 million in interest-bearing deposits with banks, $411 million in investment securities and $403 million in total loans. The following table provides information about the change in the Corporation's average loan portfolio by loan type.
Three Months EndedPercent
Change
(dollar amounts in millions)March 31, 2025December 31, 2024Change
Commercial loans $26,112 $26,198 $(86)— %
Real estate construction loans3,479 3,765 (286)(8)
Commercial mortgage loans14,731 14,728 3 — 
Lease financing727 752 (25)(3)
International loans1,004 988 16 2 
Residential mortgage loans1,920 1,921 (1)— 
Consumer loans2,241 2,265 (24)(1)
Total loans$50,214 $50,617 $(403)(1)%
By line of business, the $403 million decrease in loans was primarily driven by decreases of $333 million in National Dealer Services and $248 million in Commercial Real Estate.
Total liabilities decreased $1.7 billion to $70.8 billion for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, primarily reflecting decreases of $742 million in noninterest-bearing deposits, $706 million in interest-bearing deposits and $210 million in medium- and long-term debt, partially offset by an increase of $146 million in short-term borrowings. The following table provides information about the change in the Corporation's average deposits and borrowed funds by type:
Three Months EndedPercent
Change
(dollar amounts in millions)March 31, 2025December 31, 2024Change
Noninterest-bearing deposits$23,480 $24,222 $(742)(3)%
Money market and interest-bearing checking deposits31,912 32,045 (133)— 
Savings deposits2,140 2,142 (2)— 
Customer certificates of deposit3,282 3,542 (260)(7)
Other time deposits1,052 1,371 (319)(23)
Foreign office time deposits33 25 8 32 
Total deposits$61,899 $63,347 $(1,448)(2)%
Short-term borrowings188 42 146 n/m
Medium- and long-term debt6,488 6,698 (210)(3)
Total borrowed funds$6,676 $6,740 $(64)(1)%
n/m - not meaningful
Other time deposits, which consisted of brokered deposits, decreased $319 million from the three months ended December 31, 2024 , while decreases of $326 million in Retail Banking, $313 million in general Middle Market, $262 million in Wealth Management, $245 million in Technology and Life Sciences, $144 million in Corporate Banking and $128 million in Business Banking, as well as smaller increases in other business lines, were partially offset by increases of $117 million in Equity Fund Services and $104 million in Entertainment.
Short-term borrowings increased $146 million to $188 million for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, reflecting an increase in federal funds purchased, while medium- and long-term debt decreased $210 million to $6.5 billion, driven by the repayment of $1.0 billion in fixed-rate FHLB advances in March 2025.

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Capital
The following table presents a summary of changes in total shareholders' equity for the three months ended March 31, 2025.
(in millions)  
Balance at January 1, 2025
$6,543 
Net income172 
Cash dividends declared on common stock(93)
Cash dividends declared on preferred stock(6)
Purchase of common stock(50)
Other comprehensive income, net of tax:
Investment securities$254 
Cash flow hedges211 
Defined benefit and other postretirement plans1 
Total other comprehensive income, net of tax466 
Net issuance of common stock under employee stock plans(7)
Share-based compensation27 
Balance at March 31, 2025 $7,052 
The following table summarizes the Corporation's repurchase activity during the three months ended March 31, 2025.
(shares in thousands)Total Number of Shares Purchased as 
Part of Publicly Announced Repurchase Plans or Programs		Remaining Share
Repurchase
Authorization (a)		Total Number
of Shares
Purchased (b)		Average Price
Paid Per 
Share
January 1 - 31, 2025— 13,498 2 $61.75 
February 1 - 28, 2025747 12,751 753 65.83 
March 1 - 31, 2025— 12,751 — — 
Total first quarter 2025747 12,751 755 $65.82 
(a)Maximum number of shares of common stock that may be repurchased under the publicly announced plans or programs.
(b)Consists of approximately 8,000 shares of common stock purchased related to deferred compensation plans during the three months ended March 31, 2025 and is not considered part of the Corporation's repurchase program.
On January 22, 2025, the Corporation announced that it intended to repurchase $50 million of common stock during the first quarter of 2025, and on February 3, 2025, the Corporation entered into an Accelerated Share Repurchase transaction (ASR) to repurchase $50 million shares of common stock, which was completed in the first quarter of 2025. A total of 747.3 thousand shares were repurchased under the ASR during the first quarter of 2025.
Since the inception of the share repurchase program in 2010, a total of 107.2 million shares of common stock have been authorized for repurchase. There is no expiration date for the share repurchase program, which may be effectuated through open market repurchases, privately negotiated transactions, structured repurchase agreements with third parties and/or otherwise, including utilizing Rule 10b5-1 plans. The repurchased shares may be held as treasury stock or retired. The timing and actual amount of additional share repurchases are subject to various factors, including the Corporation's earnings generation, capital needs to fund future loan growth and market conditions.
The Corporation has a long-term Common Equity Tier 1 (CET1) capital ratio target of approximately 10 percent with capital deployment. At March 31, 2025, the Corporation's estimated CET1 capital ratio was 12.05 percent, up from 11.89 percent at December 31, 2024.
The following table presents the minimum ratios required.
Common equity tier 1 capital to risk-weighted assets4.5 %
Tier 1 capital to risk-weighted assets6.0 
Total capital to risk-weighted assets8.0 
Capital conservation buffer (a)2.5 
Tier 1 capital to adjusted average assets (leverage ratio)4.0 
(a)In addition to the minimum risk-based capital requirements, the Corporation is required to maintain a minimum capital conservation buffer, in the form of common equity, in order to avoid restrictions on capital distributions and discretionary bonuses.

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The Corporation's capital ratios exceeded minimum regulatory requirements as follows:
March 31, 2025December 31, 2024
(dollar amounts in millions)Capital/AssetsRatioCapital/AssetsRatio
Common equity tier 1 (a), (b)$8,712 12.05 %$8,667 11.89 %
Tier 1 risk-based (a), (b)9,106 12.60 9,061 12.43 
Total risk-based (a) 10,402 14.39 10,363 14.21 
Leverage (a) 9,106 11.36 9,061 11.08 
Common shareholders' equity 6,658 8.58 6,149 7.75 
Tangible common equity (b)6,017 7.82 5,508 7.00 
Risk-weighted assets (a)72,283 72,903 
(a)    March 31, 2025 capital, risk-weighted assets and ratios are estimated.
(b)    See Supplemental Financial Data section for reconciliations of non-GAAP financial measures and regulatory ratios.

Common shareholders’ equity at March 31, 2025 included $2.7 billion in accumulated other comprehensive losses, with approximately $2.2 billion of those losses relating to balances recorded in total assets, comprised of valuation adjustments to available-for-sale securities and pension assets, as well as related deferred tax assets. These amounts impacted the common shareholders’ equity ratio at March 31, 2025 by 314 basis points; the impact on the tangible common equity ratio using the same calculation method was 319 basis points. Average common shareholders' equity and return on average common shareholders' equity for the three months ended March 31, 2025 was $6.4 billion and 10.60 percent, respectively, compared to $6.3 billion and 10.27 percent, respectively, for the three months ended December 31, 2024.
Basel III Endgame Framework
On July 27, 2023, the federal banking agencies issued a notice of proposed rulemaking, commonly referred to as Basel III Endgame (the Capital Proposal) that would significantly increase the capital requirements applicable to large banking organizations with total assets of $100 billion or more. The Capital Proposal would align the regulatory capital calculation and the calculation of risk-weighted assets across large banking organizations subject to the Capital Proposal and require Category III and IV banking organizations to include most components of accumulated other comprehensive income (AOCI), including net unrealized gains and losses on available-for-sale securities, in their regulatory capital ratios. If adopted as proposed, the Capital Proposal would include a three-year transition period beginning July 1, 2025. However, the finalization of the Capital Proposal, including its requirements and implementation date, is uncertain, and the Corporation will continue to monitor developments related to the Capital Proposal.
As of March 31, 2025, the Corporation had total assets of $77.6 billion. While the Capital Proposal would not apply to the Corporation as it is currently proposed, if the Corporation becomes subject to the requirements of the Capital Proposal in the future or becomes subject to any other new laws or regulations related to capital and liquidity, such requirements could limit the Corporation’s ability to pay dividends or make share repurchases or require the Corporation to reduce business levels or to raise capital, which would have a material adverse effect on the Corporation’s financial condition and results of operations. If subject to the Capital Proposal, the estimated impact related to proposed inclusion of most components of AOCI would be an approximate 310 basis point decrease to CET1 as of March 31, 2025.
RISK MANAGEMENT
The following updated information should be read in conjunction with the "Risk Management" section on pages F-19 through F-35 in the Corporation's 2024 Annual Report.
Credit Risk
Allowance for Credit Losses
The allowance for credit losses includes both the allowance for loan losses and the allowance for credit losses on lending-related commitments. The following table presents metrics of the allowance for credit losses and nonperforming loans.
March 31, 2025December 31, 2024
Allowance for credit losses as a percentage of total loans1.44 %1.44 %
Allowance for credit losses as a multiple of total nonperforming loans2.4x2.4x
Stable credit metrics and relatively benign economic data, offset by increased levels of uncertainty incorporated into the estimate, contributed to an unchanged allowance for credit losses to total loans ratio as of March 31, 2025, compared to December 31, 2024. Lower loan balances in conjunction with the factors above resulted in a $6 million decrease in the allowance for credit losses to $719 million at March 31, 2025 from $725 million at December 31, 2024.
Portfolio credit metrics continued to remain below historical levels as of March 31, 2025, with some metrics improving marginally while others evidenced slight deterioration from December 31, 2024 to March 31, 2025. Criticized loan balances

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and criticized loans as a percentage of total loans increased by 2 percent and 20 basis points, respectively, while nonperforming assets decreased by 1 basis point as a percentage of total loans over that period. Net charge-offs for first quarter 2025 totaled 21 basis points as a percentage of average loans, an increase from net charge-offs for fourth quarter 2024 totaling 13 basis points as a percentage of average loans, but remained near the bottom of the range of historical levels. These trends evidenced a resiliency in the Corporation's portfolio, even as elevated interest rates and persistent inflation continued to pressure customer profitability.
Economic forecasts as of March 31, 2025 were relatively unchanged compared to the December 31, 2024 vintages, reflecting benign economic data at quarter-end and improving conditions over the forecast period. A favorable one-quarter forward shift across the forecast timeframe resulted in relatively improved Gross Domestic Product (GDP) growth, unemployment trends and bond spreads across the reasonable and supportable period as of March 31, 2025 compared to December 31, 2024.
The allowance for credit losses incorporates risks not captured in the underlying model, primarily forecast risk. In management's view, forecast risk at March 31, 2025 was higher than at December 31, 2024, as evidenced by a higher level of stress in the downward economic scenarios. Uncertainties considered by management have broad implications for the overall economy and include the impacts of potential tariffs, persistent inflation and the fiscal deficit, amongst other risks.
The economic forecasts informing the current expected credit loss (CECL) model reflected increased uncertainty amid rapid changes in domestic and foreign economic policies. The impact of potential tariffs and changes to federal government operations were still unclear, creating challenges to economic forecasting. The FRB was assumed to gradually lower interest rates as they remain vigilant toward inflation. Consumer spending growth was seen moderating amid slower, albeit continued, growth of the real economy. Inflation was anticipated to gradually moderate as a modest margin of slack capacity opens in the labor market. Energy prices were projected to level off despite continued crosswinds from the Russia-Ukraine and Middle East wars, with U.S. crude production holding near a record high. Residential real estate property prices were expected to rise at more moderate rates, while commercial real estate prices faced headwinds, both of which reflected the long and variable lags through which the FRB's tighter monetary policy prior to the beginning of rate cuts in the third quarter of 2024 affected the real economy.
Downside risks to growth from trade conflicts, cost-of-living pressures on household finances and less expansionary fiscal policy were projected to collectively contribute to slower growth in 2025 and 2026. Reduced demand for office space and subdued economic activity in the central business districts of major metro areas are also expected to persist as drags on the broader economy. The FRB's gradual rate cuts driven by a softening labor market and expectations of disinflation would aim to contain the risk of recession.
These factors shaped the 2-year reasonable and supportable forecasts used by the Corporation in its CECL estimate at March 31, 2025. The U.S. economy was projected to grow at a below-trend rate through 2025 and 2026, before gradually normalizing to its trend growth rate. The unemployment rate was expected to hold below 5 percent, while interest rate forecasts reflected market expectations and guidance from the FRB available during the first quarter of 2025. The following table summarizes select variables representative of the economic forecasts used to develop the CECL estimate at March 31, 2025.
Economic VariableBase Forecast
Real GDP growth
Growth improves unevenly through the forecast period to 2.1 percent by the end of 2026.
Unemployment rate
Expected to hold at approximately 4.2 percent throughout the forecast period.
Spread of Corporate BBB bond to 10-year Treasury bond
Spread widens to 2.2 percent by second quarter 2026 and maintains such levels for the remainder of the forecast period.
Oil Prices
Prices generally hover between $70 and $72 per barrel over the forecast period.
Due to the high level of uncertainty regarding assumptions used as inputs to the forecast, the Corporation evaluated a range of economic scenarios, including more benign and more severe economic forecasts. In a more severe scenario, real GDP was projected to contract through fourth quarter 2025, subsequently recovering to growth of 2.2 percent by the end of the forecast period. In this scenario, oil prices fell to $46 per barrel by second quarter 2026, followed by an increase to $56 per barrel by first quarter 2027, while the unemployment rate remained elevated through the forecast period. Selecting the more severe forecast would result in an increase in the quantitative calculation of the allowance for credit losses of approximately $302 million as of March 31, 2025. However, factoring in model overlays and qualitative adjustments could result in a materially different estimate under a more severe scenario. The Corporation monitors evolving economic conditions for impacts to its allowance for credit losses.

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Allowance for Loan Losses
The allowance for loan losses represents management’s estimates of current expected credit losses in the Corporation’s loan portfolio. The allowance for loan losses, which totaled $683 million at March 31, 2025, decreased $7 million from $690 million at December 31, 2024.
Collective loss estimates are determined by applying reserve factors, designed to estimate current expected credit losses, to amortized cost balances over the remaining contractual life of the collectively evaluated portfolio. Loans with similar risk characteristics are aggregated into homogeneous pools. The allowance for loan losses also includes qualitative adjustments to bring the allowance to the level management believes is appropriate based on factors that have not otherwise been fully accounted for, including adjustments for foresight risk, input imprecisions and model imprecision. Credit losses for loans that no longer share risk characteristics with the loan pools are estimated on an individual basis. Individual credit loss estimates are typically performed for nonaccrual loans and are based on one of several methods, including the estimated fair value of the underlying collateral, observable market value of similar debt or the present value of expected cash flows.    
Allowance for Credit Losses on Lending-Related Commitments
The allowance for credit losses on lending-related commitments estimates current expected credit losses on collective pools of letters of credit and unused commitments to extend credit based on reserve factors, determined in a manner similar to business loans, multiplied by a probability of draw estimate based on historical experience and credit risk, applied to commitment amounts. The allowance for credit losses on lending-related commitments totaled $36 million and $35 million at March 31, 2025 and December 31, 2024, respectively.
For additional information regarding the allowance for credit losses, refer to the "Critical Accounting Estimates" section and pages F-49 through F-50 in Note 1 to the consolidated financial statements of the Corporation's 2024 Annual Report.
Nonperforming Assets
Nonperforming assets include loans on nonaccrual status and foreclosed assets. The following table presents a summary of nonperforming assets and past due loans.
(dollar amounts in millions)March 31, 2025December 31, 2024
Total nonperforming loans and nonperforming assets$301 $308 
Nonperforming loans as a percentage of total loans0.60 %0.61 %
Nonperforming assets as a percentage of total loans and foreclosed property0.60 0.61 
Loans past due 90 days or more and still accruing$12 $44 
Nonperforming assets decreased $7 million to $301 million at March 31, 2025 from $308 million at December 31, 2024, which included decreases of $5 million in nonaccrual business loans and $2 million in nonaccrual retail loans. Nonperforming loans were 0.60 percent of total loans at March 31, 2025, compared to 0.61 percent at December 31, 2024. For further information regarding the composition of nonperforming loans, refer to Note 4 to the consolidated financial statements.
The following table presents a summary of changes in nonaccrual loans.
Three Months Ended
(in millions)March 31, 2025December 31, 2024
Balance at beginning of period$308 $250 
Loans transferred to nonaccrual (a)43 97 
Nonaccrual loan gross charge-offs(32)(23)
Loans transferred to accrual status (a)— (5)
Nonaccrual loans sold(1)(1)
Payments/other (b)(17)(10)
Balance at end of period$301 $308 
(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.
There were five borrowers with a balance greater than $2 million, totaling $43 million, transferred to nonaccrual status in first quarter 2025, compared to 11 borrowers totaling $97 million in fourth quarter 2024. For further information about the composition of loans transferred to nonaccrual during first quarter 2025, refer to the nonaccrual information by industry category table below.

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The following table presents the composition of nonaccrual loans by balance and the related number of borrowers at March 31, 2025 and December 31, 2024.
March 31, 2025December 31, 2024
(dollar amounts in millions)Number of
Borrowers		BalanceNumber of
Borrowers		Balance
Under $2 million487 $70 490 $68 
$2 million - $5 million16 54 18 64 
$5 million - $10 million4 26 5 33 
$10 million - $25 million7 120 6 112 
Greater than $25 million1 31 1 31 
Total 515 $301 520 $308 
The following table presents a summary of nonaccrual loans at March 31, 2025 as well as loans transferred to nonaccrual and net loan charge-offs (recoveries) for the three months ended March 31, 2025, based on North American Industry Classification System (NAICS) categories.
(dollar amounts in millions)March 31, 2025Three Months Ended March 31, 2025
Nonaccrual LoansLoans Transferred to
Nonaccrual (a)		Net Loan Charge-Offs (Recoveries)
Industry Category
Real Estate & Home Builders$84 28 %$28 66 %$11 
Health Care & Social Assistance45 15 — — 2 
Residential Mortgage35 12 — — — 
Information & Communication23 8 — — 6 
Manufacturing22 6 9 20 6 
Retail Trade18 6 — — 2 
Services15 5 3 8 (1)
Utilities13 5 — — — 
Arts, Entertainment & Recreation5 2 — — — 
Wholesale Trade5 2 — — (1)
Management of Companies and Enterprises4 1 — — — 
Other (b)32 10 3 6 1 
Total$301 100 %$43 100 %$26
(a)Based on an analysis of nonaccrual loans with book balances greater than $2 million.
(b)Other category includes other industry categories with smaller impacts, as well as consumer, excluding residential mortgage and certain personal purpose nonaccrual loans and net charge-offs.
Loans past due 90 days or more and still accruing interest generally represent loans that are well-collateralized and in the process of collection. Loans past due 90 days or more was $12 million at March 31, 2025, compared to $44 million at December 31, 2024. Loans past due 30-89 days decreased $79 million to $140 million at March 31, 2025, compared to $219 million at December 31, 2024. Loans past due 30 days or more and still accruing interest as a percentage of total loans were 0.31 percent and 0.52 percent at March 31, 2025 and December 31, 2024, respectively. An aging analysis of loans included in Note 4 to the consolidated financial statements provides further information about the balances comprising past due loans.
The following table presents a summary of total criticized loans.
(dollar amounts in millions)March 31, 2025December 31, 2024
Total criticized loans$2,573 $2,530 
As a percentage of total loans5.2 %5.0 %
The Corporation's criticized list is consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities. Criticized loans on nonaccrual status are individually subjected to quarterly credit quality reviews, and the Corporation may establish specific allowances for such loans. A table of loans by credit quality indicator included in Note 4 to the consolidated financial statements provides further information about the balances comprising total criticized loans. Criticized loans increased $43 million during the three months ended March 31, 2025.
Concentrations of Credit Risk
Concentrations of credit risk may exist when a number of borrowers are engaged in similar activities, or activities in the same geographic region, and have similar economic characteristics that would cause them to be similarly impacted by changes in economic or other conditions. The Corporation has concentrations of credit risk with the commercial real estate and

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automotive industries. All other industry concentrations, as defined by management, individually represented less than 10 percent of total loans at March 31, 2025.

Commercial Real Estate Lending
At March 31, 2025, the Corporation's commercial real estate portfolio represented 36 percent of total loans. The following table summarizes the Corporation's commercial real estate loan portfolio by loan category.
March 31, 2025December 31, 2024
(in millions)Commercial Real Estate business line (a)Other (b)TotalCommercial Real Estate business line (a)Other (b)Total
Real estate construction loans$3,071 $322 $3,393 $3,358 $322 $3,680 
Commercial mortgage loans6,324 8,464 14,788 6,044 8,449 14,493 
Total commercial real estate$9,395 $8,786 $18,181 $9,402 $8,771 $18,173 
(a)Primarily loans to real estate developers.
(b)Primarily loans secured by owner-occupied real estate.
The Corporation limits risk inherent in its commercial real estate lending activities by monitoring borrowers directly involved in the commercial real estate markets and adhering to conservative policies on loan-to-value ratios for such loans, which are based on third-party appraisals that are performed at the time of origination in accordance with regulatory requirements as well as generally at the time of renewal. Per Interagency guidelines, the Corporation may also require an updated appraisal or valuation when economic, financial or market conditions may have resulted in deterioration of the prior appraisal's property value conclusions. Commercial real estate loans, consisting of real estate construction and commercial mortgage loans, totaled $18.2 billion at March 31, 2025. Commercial real estate loans made to borrowers in the Commercial Real Estate business line, which includes loans to real estate developers, totaled $9.4 billion, or 52 percent of total commercial real estate loans, a decrease of $7 million compared to December 31, 2024.
The Commercial Real Estate business line at March 31, 2025 was predominantly secured by multi-family and industrial properties, comprising 50% and 28% of the Corporation's portfolio, respectively, with only 4% secured by office properties. Commercial real estate loans in other business lines totaled $8.8 billion, or 48 percent of total commercial real estate loans, at March 31, 2025, an increase of $15 million compared to December 31, 2024. These loans consisted primarily of owner-occupied commercial mortgages, which bear credit characteristics similar to non-commercial real estate business loans. Generally, loans previously reported as real estate construction are classified as commercial mortgage loans upon receipt of a certificate of occupancy.
The real estate construction loan portfolio primarily contains loans made to long-tenured customers with satisfactory completion experience. Criticized real estate construction loans in the Commercial Real Estate business line totaled $117 million at March 31, 2025 compared to $36 million at December 31, 2024. In other business lines, there were no criticized real estate construction loans at March 31, 2025 compared to $2 million at December 31, 2024. Real estate construction loan net charge-offs for the three months ended March 31, 2025 totaled $7 million, compared to no net charge-offs for the three month periods ended December 31, 2024 and March 31, 2024.
Commercial mortgage loans are loans where the primary collateral is a lien on any real property and are primarily loans secured by owner-occupied real estate. Real property is generally considered primary collateral if the value of that collateral represents more than 50 percent of the commitment at loan approval. Loans in the commercial mortgage portfolio generally mature within three to five years. Criticized commercial mortgage loans in the Commercial Real Estate business line totaled $402 million and $379 million at March 31, 2025 and December 31, 2024, respectively. In other business lines, $669 million and $694 million of commercial mortgage loans were criticized at March 31, 2025 and December 31, 2024, respectively. Commercial mortgage net charge-offs were $6 million for the three months ended March 31, 2025, compared to $1 million of net recoveries for the three months ended December 31, 2024 and no net charge-offs for the three months ended March 31, 2024.

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Automotive Lending - Dealer
The following table presents a summary of automotive dealership loans.
March 31, 2025December 31, 2024
(in millions)Loans
Outstanding		Percent of
Total Loans		Loans
Outstanding		Percent of
Total Loans
Dealer:
Floor plan$2,190 $2,279 
Other 3,138 3,234 
Total dealer$5,328 10.7 %$5,513 10.9 %
Substantially all dealer loans are in the National Dealer Services business line and primarily include floor plan financing and other loans to automotive dealerships. Floor plan loans, included in commercial loans in the Consolidated Balance Sheets, totaled $2.2 billion at March 31, 2025, a decrease of $89 million compared to $2.3 billion at December 31, 2024. At March 31, 2025 and December 31, 2024, other loans to automotive dealers in the National Dealer Service business line totaled $3.1 billion and $3.2 billion, respectively, including $1.8 billion of owner-occupied commercial real estate mortgage loans for both March 31, 2025 and December 31, 2024.
There were no nonaccrual dealer loans at both March 31, 2025 and December 31, 2024. Additionally, there were no net charge-offs of dealer loans during the three months ended March 31, 2025, December 31, 2024, or March 31, 2024.
Automotive Lending - Production
The following table presents a summary of loans to borrowers involved with automotive production.
March 31, 2025December 31, 2024
(in millions)Loans
Outstanding		Percent of
Total Loans		Loans
Outstanding		Percent of
Total Loans
Production:
Domestic$485 $499 
Foreign251 265 
Total production$736 1.5 %$764 1.5 %
Loans to borrowers involved with automotive production, primarily Tier 1 and Tier 2 suppliers, totaled $736 million at March 31, 2025 and $764 million at December 31, 2024. These borrowers have faced, and could face in the future, financial difficulties due to disruptions in auto production, issues with supply chains and logistics operations and impacts resulting from labor union strikes. As such, management continues to monitor this portfolio.
There were no nonaccrual loans to borrowers involved with automotive production at both March 31, 2025 and December 31, 2024. There were no automotive production loan net charge-offs during the three months ended March 31, 2025, December 31, 2024 or March 31, 2024.
Residential Real Estate Lending
At March 31, 2025, residential real estate loans represented 7 percent of total loans. The following table summarizes the Corporation's residential mortgage and home equity loan portfolios by geographic market.
March 31, 2025December 31, 2024
(dollar amounts in millions)Residential
Mortgage
Loans		% of
Total		Home
Equity
Loans		% of
Total		Residential
Mortgage
Loans		% of
Total		Home
Equity
Loans		% of
Total
Geographic market:
Michigan$599 31 %$410 23 %$576 30 %$420 23 %
California865 45 928 52 889 46 931 52 
Texas266 14 365 20 273 14 365 20 
Other Markets186 10 83 5 191 10 86 5 
Total$1,916 100 %$1,786 100 %$1,929 100 %$1,802 100 %
Residential real estate loans, which consist of traditional residential mortgages and home equity loans and lines of credit, totaled $3.7 billion at March 31, 2025. The residential real estate portfolio is principally located within the Corporation's primary geographic markets. Substantially all residential real estate loans past due 90 days or more are placed on nonaccrual status, and substantially all junior lien home equity loans that are current or less than 90 days past due are placed on nonaccrual

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status if full collection of the senior position is in doubt. At no later than 180 days past due, such loans are charged off to current appraised values less costs to sell.
Residential mortgages totaled $1.9 billion at March 31, 2025, and were primarily large, variable-rate mortgages originated and retained for certain private banking relationship customers. Of the $1.9 billion of residential mortgage loans outstanding, $35 million were on nonaccrual status at March 31, 2025, a decrease of $2 million compared to December 31, 2024. The home equity portfolio totaled $1.8 billion at March 31, 2025, of which 95 percent was outstanding under primarily variable-rate, interest-only home equity lines of credit and 5 percent were in amortizing status. Of the $1.8 billion of home equity loans outstanding, $27 million were on nonaccrual status at March 31, 2025. A majority of the home equity portfolio was secured by junior liens at March 31, 2025. 
Energy Lending
The Corporation has a portfolio of Energy loans that are included entirely in commercial loans in the Consolidated Balance Sheets. Customers in the Corporation's Energy business line are engaged in exploration and production (E&P) and midstream. E&P generally includes such activities as searching for potential oil and gas fields, drilling exploratory wells and operating active wells. Commitments to E&P borrowers are generally subject to semi-annual borrowing base re-determinations based on a variety of factors including updated prices (reflecting market and competitive conditions), energy reserve levels and the impact of hedging. The midstream sector is generally involved in the transportation, storage and marketing of crude and/or refined oil and gas products. Approximately 94% of loans in the Energy business line are Shared National Credits (SNC), which are facilities greater than or equal to $100 million shared by three or more federally supervised institutions, reflecting the Corporation's focus on larger middle market companies that have financing needs that generally exceed internal individual borrower credit risk limits. The Corporation seeks to develop full relationships with SNC borrowers.
The following table summarizes information about loans in the Corporation's Energy business line.
March 31, 2025December 31, 2024
(dollar amounts in millions)OutstandingsNonaccrualCriticized (a)OutstandingsNonaccrualCriticized (a)
Exploration and production (E&P)$1,098 81 %$— $— $1,188 80 %$— $— 
Midstream266 19 — — 298 20 — — 
Total Energy business line$1,364 100 %$— $— $1,486 100 %$— $— 
(a)    Includes nonaccrual loans.
Loans in the Energy business line totaled $1.4 billion, or less than 3 percent of total loans, at March 31, 2025, a decrease of $122 million compared to December 31, 2024. Total exposure, including unused commitments to extend credit and letters of credit, was $3.4 billion at March 31, 2025 (a utilization rate of 38 percent) and $3.3 billion at December 31, 2024 (a utilization rate of 42 percent). There were no nonaccrual or criticized Energy loans at both March 31, 2025 and December 31, 2024. There were no Energy net charge-offs for the three month periods ended March 31, 2025 and March 31, 2024, compared to net recoveries of $1 million for the three months ended December 31, 2024.
Leveraged Loans
Certain loans in the Corporation's commercial portfolio are considered leveraged transactions. These loans are typically used for mergers, acquisitions, business recapitalizations, refinancing and equity buyouts. To help mitigate the risk associated with these loans, the Corporation focuses on middle market companies with highly capable management teams, strong sponsors and solid track records of financial performance. Industries prone to cyclical downturns and acquisitions with a high degree of integration risk are generally avoided. Other considerations include the sufficiency of collateral, the level of balance sheet leverage and the adequacy of financial covenants. During the underwriting process, cash flows are stress-tested to evaluate the borrowers' abilities to handle economic downturns and an increase in interest rates.
The FDIC defines higher-risk commercial and industrial (HR C&I) loans for assessment purposes as loans generally with leverage of four times total debt to earnings before interest, taxes and depreciation (EBITDA) as well as three times senior debt to EBITDA, excluding certain collateralized loans.
The following tables summarize information about HR C&I loans, which represented 6 percent of total loans at both March 31, 2025 and December 31, 2024.
(in millions)March 31, 2025December 31, 2024
Outstandings$2,861 $2,836 
Criticized289 300 
There were $2 million in net charge-offs of leveraged loans during the three months ended March 31, 2025, compared to no net charge-offs for the three months ended December 31, 2024 and $6 million for the three months ended March 31, 2024.

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Market and Liquidity Risk
Market risk represents the risk of loss due to adverse movement in prices, including interest rates, foreign exchange rates, commodity prices and equity prices. Liquidity risk represents the risk that the Corporation does not have sufficient access to funds to maintain its normal operations at all times or does not have the ability to raise or borrow funds at a reasonable cost at all times.
The Asset Liability Management Committee (ALCO) of the Corporation establishes and monitors compliance with the policies and risk limits pertaining to market and liquidity risk management activities. ALCO meets regularly to discuss and review market and liquidity risk management strategies and consists of executive and senior management from various areas of the Corporation, including treasury, finance, economics, lending, deposit gathering and risk management. Corporate Treasury helps mitigate market and liquidity risk under the direction of ALCO through the actions it takes to manage the Corporation's market, liquidity and capital positions.
The Corporation performs monthly liquidity stress testing to evaluate its ability to meet funding needs in hypothetical stressed environments. Such environments cover a series of scenarios, including both idiosyncratic and market-wide in nature, which vary in terms of duration and severity. The Corporation's evaluation as of March 31, 2025 projected that sufficient sources of liquidity were available under each series of events.
In addition to assessing liquidity risk on a consolidated basis, Corporate Treasury also monitors the parent company's liquidity and has established liquidity coverage requirements for meeting expected obligations without the support of additional dividends from subsidiaries. ALCO's policy on liquidity risk management requires the parent company to maintain sufficient liquidity to meet expected cash obligations, such as debt service, dividend payments and normal operating expenses, over a period of no less than 12 months. The Corporation had liquid assets of $1.3 billion on an unconsolidated basis at March 31, 2025.
Corporate Treasury and the Risk Division support ALCO in measuring, monitoring and managing interest rate risk as well as all other market risks. Key activities encompass: (i) providing information and analyses of the Corporation's balance sheet structure and measurement of interest rate and all other market risks; (ii) monitoring and reporting of the Corporation's positions relative to established policy limits and guidelines; (iii) developing and presenting analyses and strategies to adjust risk positions; (iv) reviewing and presenting policies and authorizations for approval; and (v) monitoring of industry trends and analytical tools to be used in the management of interest rate and all other market and liquidity risks.
Interest Rate Risk    
Net interest income is the primary source of revenue for the Corporation. Interest rate risk arises in the normal course of business due to differences in the repricing and cash flow characteristics of assets and liabilities, primarily through the Corporation's core business activities of extending loans and acquiring deposits. The Corporation's balance sheet is predominantly characterized by floating-rate loans funded by core deposits. Including the impact of interest rate swaps converting floating-rate loans to fixed, the Corporation's loan composition at March 31, 2025 was 57 percent fixed-rate, 33 percent overnight to 30-day rate, 7 percent 90-day and greater rates and 3 percent prime rate. The composition of the loan portfolio creates sensitivity to interest rate movements due to the imbalance between the faster repricing of the floating-rate loan portfolio versus deposit products. In addition, the growth and/or contraction in the Corporation's loans and deposits may lead to changes in sensitivity to interest rate movements in the absence of mitigating actions. Examples of such actions are purchasing fixed-rate investment securities, which provide liquidity and act to mitigate the inherent interest rate sensitivity, as well as hedging with interest rate swaps and options. Other mitigating factors include interest rate floors on a portion of the loan portfolio.
The Corporation actively manages its exposure to interest rate risk with the principal objective of optimizing net interest income and the economic value of equity while operating within acceptable limits established for interest rate risk and maintaining adequate levels of funding and liquidity.
Since no single measurement system satisfies all management objectives, a combination of techniques is used to manage interest rate risk. These techniques examine the impact of interest rate risk on net interest income and the economic value of equity under a variety of alternative scenarios, including changes in the level, slope and shape of the yield curve utilizing multiple simulation analyses. Simulation analyses produce only estimates of net interest income as the assumptions used are inherently uncertain. Actual results may differ from simulated results due to many factors, including, but not limited to, the timing, magnitude and frequency of changes in interest rates, market conditions, regulatory impacts and management strategies.
Sensitivity of Net Interest Income to Changes in Interest Rates
The analysis of the impact of changes in interest rates on net interest income under various interest rate scenarios is management's principal risk management technique. Management models a base-case net interest income under an unchanged

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interest rate environment using a static balance sheet and generates sensitivity scenarios by changing certain model assumptions. Each scenario includes assumptions such as loan growth, investment security prepayment levels, depositor behavior and overall balance sheet mix and growth which are in line with historical patterns. Additionally, the analysis assumes that all loan hedges qualify for hedge accounting. Changes in actual economic activity may result in a materially different interest rate environment as well as a balance sheet structure that is different from the changes management included in its simulation analysis. Model assumptions in the sensitivity scenarios at March 31, 2025 included for the rising rate scenarios, a modest increase in loan balances and a moderate decrease in deposit balances, and for the declining rate scenarios, a modest decrease in loan balances and a moderate increase in deposit balances. In addition, both scenarios assumed loan spreads held at current levels, an incremental interest-bearing deposit beta of approximately 47%, deposit mix shifts based on historical observations, partial reinvestment of securities portfolio cash flows and no additions to interest rate swaps.
The average balance of the securities portfolio included in the analysis was $15.0 billion for the three months ended March 31, 2025 with an average yield of 2.46% and effective duration of 5.7 years.
The table below details components of the Corporation's variable-rate loan swap portfolio at March 31, 2025.
Variable-Rate Loan Swaps
(dollar amounts in millions)Notional AmountWeighted Average YieldYears to Maturity
Swaps under contract at March 31, 2025 (a)
$23,350 2.55 %2.9 
(a)Years to maturity calculated from a starting date of March 31, 2025.
The analysis also includes interest rate swaps that convert $5.8 billion of fixed-rate medium- and long-term debt and FHLB advances to variable rates through fair value hedges. Additionally, included in this analysis are $15.3 billion of loans that were subject to an average interest rate floor of 52 basis points at March 31, 2025. This base-case net interest income is then compared against interest rate scenarios in which short-term rates rise or decline 100 or 200 basis points (with a floor of zero percent) in a linear, non-parallel fashion from the base case over 12 months, resulting in an average change of 50 or 100 basis points over the period.
The table below, as of March 31, 2025 and December 31, 2024, displays the estimated impact on net interest income during the next 12 months by relating the base case scenario results to those from the rising and declining rate scenarios described above.
Estimated Annual Change
March 31, 2025December 31, 2024
(dollar amounts in millions)Amount%Amount%
Change in Interest Rates:Change in Interest Rates:
Rising 100 basis points$(36)(2) %
Rising 100 basis points
$(26)(1) %
(50 basis points on average)(50 basis points on average)
Declining 100 basis points19 1 Declining 100 basis points12 1 
(50 basis points on average)(50 basis points on average)
Rising 200 basis points
(88)(4)
Rising 200 basis points
(67)(3)
(100 basis points on average)
(100 basis points on average)
Declining 200 basis points
26 1 
Declining 200 basis points
12 1 
(100 basis points on average)
(100 basis points on average)
Sensitivity to both rising and declining interest rates increased slightly from December 31, 2024 to March 31, 2025 due to changes in balance sheet mix dynamics.
At March 31, 2025, additional sensitivity scenarios applied the rising and declining 100 basis point scenario assumptions with a 60% incremental deposit beta relative to the base case scenario to assess the impact of the Corporation's deposit beta assumptions. In these rising and declining scenarios, net interest income decreased by $67 million and increased by $41 million, respectively, due to a more rapid repricing pace compared to the standard model assumptions.
Sensitivity of Economic Value of Equity to Changes in Interest Rates
In addition to the simulation analysis on net interest income, an economic value of equity analysis provides an alternative view of the interest rate risk position. The economic value of equity is the difference between the estimate of the economic value of the Corporation's financial assets, liabilities and off-balance sheet instruments, derived through discounting cash flows based on actual rates at the end of the period, and the estimated economic value after applying the estimated impact of rate movements. The Corporation primarily monitors the percentage change on the base-case economic value of equity. The economic value of equity analysis is based on an immediate parallel 100 or 200 basis point shock with a floor of zero percent.

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The table below, as of March 31, 2025 and December 31, 2024, displays the estimated impact on the economic value of equity from the interest rate scenario described above.
March 31, 2025December 31, 2024
(dollar amounts in millions)Amount%Amount%
Change in Interest Rates:Change in Interest Rates:
Rising 100 basis points$(479)(4) %Rising 100 basis points$(503)(4) %
Declining 100 basis points578 4 Declining 100 basis points598 5 
Rising 200 basis points
(1,025)(8)
Rising 200 basis points
(1,066)(9)
Declining 200 basis points
1,032 8 
Declining 200 basis points
1,097 9 
The sensitivity of the economic value of equity to rising and declining rates decreased modestly from December 31, 2024 to March 31, 2025 due to a declining notional amount of cash flow swaps and a smaller securities portfolio.
BSBY Cessation
The Bloomberg Index Services Limited (Bloomberg) discontinued publishing BSBY on November 15, 2024. As a result, the Corporation was required to “de-designate” $7.0 billion of interest rate swaps used in cash flow hedges of certain BSBY-indexed loans and reclassify amounts recognized in accumulated other comprehensive income into earnings. For each de-designated swap, settlement of interest payments and changes in fair value were recorded as risk management hedging losses within other noninterest income instead of net interest income until re-designation. All impacted swaps were re-designated as of April 1, 2024.
BSBY cessation positively impacted interest income on commercial loans by $28 million for the three months ended March 31, 2025, compared to $16 million for the three months ended December 31, 2024. Refer to Note 6 to the consolidated financial statements for further discussion of re-designated interest rate hedges.
The Corporation has substantially completed its BSBY transition efforts and effectively all BSBY-based contracts have transitioned to other reference rates. Any BSBY-based contract that did not transition to SOFR or other indices in 2024 are expected to either not reprice prior to maturing in 2025 or convert to SOFR or another index at their next repricing date.
Sources of Liquidity
The Corporation maintains a liquidity position that it believes will adequately satisfy its financial obligations while taking into account potential commitment draws and deposit run-off that may occur in the normal course of business. The majority of the Corporation's balance sheet is funded by customer deposits. Cash flows from loan repayments, increases in deposit accounts (including brokered deposits), activity in the securities portfolio and wholesale funding channels serve as the Corporation's primary liquidity sources.
The Corporation satisfies incremental liquidity needs with either liquid assets or external funding sources. Available liquidity includes cash, FHLB advances and FRB borrowing through the discount window, as well as the market value of unencumbered investment securities, which, if needed, could be utilized as collateral for FHLB advances and FRB borrowings. The Corporation has pledged a portion of its investment securities portfolio to access wholesale funding as needed.
The Bank is a member of the FHLB of Dallas, Texas, which provides short- and long-term funding to its members through advances collateralized by real estate-related loans, certain government agency-backed securities and other eligible assets. Actual borrowing capacity is contingent on the amount of collateral pledged to the FHLB and the fair value of pledged assets, as well as applicable FHLB haircuts.
At March 31, 2025, the Bank had pledged real estate-related loans totaling $22.1 billion and investment securities totaling $5.9 billion to the FHLB, which provided for up to $16.8 billion of collateralized borrowing with the FHLB.
The FRB provides liquidity through its discount window, where banks may borrow funds based on the discounted fair value of pledged assets. At March 31, 2025, the Bank pledged $20.6 billion of loans to the FRB, which provided for up to $17.1 billion of collateralized borrowing through the discount window.

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The table below details the Corporation's sources of available liquidity at March 31, 2025.
(dollar amounts in millions)Total CapacityBorrowings OutstandingAvailable Liquidity
Cash on deposit with FRB (a)$4,549 
Unencumbered investment securities (b)
7,441 
Secured borrowing facilities:
FHLB$16,752 $3,400 13,352 
FRB
17,108 — 17,108 
Total available liquidity$42,450 
(a)Included in interest-bearing deposits with banks on the Consolidated Balance Sheet.
(b)Market value of available-for-sale investment securities that the Corporation can pledge or sell without third-party consent.
The Corporation may also use brokered deposits and external debt as additional sources of funding, and maintains a shelf registration statement with the Securities and Exchange Commission through which it may issue securities. The ability of the Corporation and the Bank to raise unsecured funding at competitive rates is impacted by rating agencies' views of the credit quality, liquidity, capital, earnings and other relevant factors related to the Corporation and the Bank. As of March 31, 2025, the three major rating agencies had assigned the following ratings to long-term senior unsecured obligations of the Corporation and the Bank, as well as long-term deposits at the Bank. A security rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.
Debt RatingsDeposit Ratings
Comerica IncorporatedComerica BankComerica Bank
March 31, 2025RatingRatingOutlookRating
Moody’s Investors ServiceBaa2Baa2StableA2
Fitch Ratings A-A-NegativeA
Standard and Poor’sBBBBBB+Stablenot rated
Deposit Concentrations and Uninsured Deposits
The Corporation's uninsured deposits are well-diversified between geographies, industries and customers. At March 31, 2025, the Retail Bank and general Middle Market segments, both highly diversified and granular, accounted for 39 percent and 28 percent of the total deposit base, respectively. Corporate Banking and Technology and Life Sciences comprised 6 percent and 4 percent each of total deposits, respectively, which were the largest deposit concentrations of the more specialized business lines.
Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes.
March 31, 2025December 31, 2024
(Dollar amount in millions)
AmountPercentage of total depositsAmountPercentage of total deposits
Total uninsured deposits, as calculated per regulatory guidelines$32,291 53 %$33,387 52 %
Less: affiliate deposits(3,844)(3,876)
Total uninsured deposits, excluding affiliate deposits$28,447 46 %$29,511 46 %
Time deposits otherwise uninsured, which consist of foreign office time deposits, totaled $26 million at March 31, 2025 and all mature in three months or less. Collateralized deposits, consisting of trust deposits as well as deposits of public entities and state and local government agencies, totaled $285 million at March 31, 2025, compared to $348 million at December 31, 2024.
Direct Express Debit MasterCard Program
In July 2024, the Bank received preliminary notification that, following the contract expiration on January 2, 2025, it was not selected to continue serving as financial agent supporting the Direct Express Program; however, the Treasury elected to extend the contract term for up to three years past January 2, 2025 to facilitate an orderly transition. While the length of the transition is currently unknown, the Corporation believes it may take some time given the scale and complexity of the program as well as its own transition experience.

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For the three months ended March 31, 2025, average deposits related to the Direct Express program were $3.6 billion, all of which were noninterest-bearing. Card fee income related to the Direct Express program was $28 million for the three months ended March 31, 2025. Noninterest expenses related to the Direct Express program for the three months ended March 31, 2025 were $28 million, consisting primarily of outside processing fee expense. The Corporation cannot currently predict the impact that the loss of this contract and the related deposits could have on its financial statements as it will be subject to many factors, including, but not limited to, the timing, costs and extent of securing any necessary alternative sources of funding. However, such impact could be material.



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CRITICAL ACCOUNTING ESTIMATES
The Corporation’s consolidated financial statements are prepared based on the application of accounting policies, the most significant of which are described in Note 1 to the consolidated financial statements included in the Corporation's 2024 Annual Report. These policies require numerous estimates and strategic or economic assumptions, which may prove inaccurate or subject to variations. Changes in underlying factors, assumptions or estimates could have a material impact on the Corporation’s future financial condition and results of operations. At December 31, 2024, the most critical of these estimates related to the allowance for credit losses, fair value measurement, pension plan accounting and income taxes. These estimates were reviewed with the Audit Committee of the Corporation’s Board of Directors and are discussed more fully on pages F-36 through F-39 in the Corporation's 2024 Annual Report. As of the date of this report, there have been no significant changes to the Corporation's critical accounting estimates as disclosed in the Corporation's 2024 Annual Report.

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SUPPLEMENTAL FINANCIAL DATA
The Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and our performance trends. CET1 capital ratio removes preferred stock from the Tier 1 capital ratio as defined by and calculated in conformity with bank regulations. Tangible common equity is used by the Corporation to measure the quality of capital and the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders' equity per share of common stock.
The following table provides a reconciliation of non-GAAP financial measures and regulatory ratios used in this financial review with financial measures defined by GAAP.
(dollar amounts in millions, except per share data)March 31, 2025December 31, 2024
Common Equity Tier 1 Capital (a):
Tier 1 capital$9,106 $9,061 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 
Common equity tier 1 capital$8,712 $8,667 
Risk-weighted assets$72,283 $72,903 
Tier 1 capital ratio12.60  %12.43  %
Common equity tier 1 capital ratio12.05 11.89 
Tangible Common Equity Ratio:
Total shareholders' equity$7,052 $6,543 
Less:
Fixed-rate reset non-cumulative perpetual preferred stock394 394 
Common shareholders' equity$6,658 $6,149 
Less:
Goodwill635 635 
Other intangible assets6 6 
Tangible common equity$6,017 $5,508 
Total assets$77,622 $79,297 
Less:
Goodwill635 635 
Other intangible assets6 6 
Tangible assets$76,981 $78,656 
Common equity ratio8.58  %7.75  %
Tangible common equity ratio7.82 7.00 
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$6,658 $6,149 
Tangible common equity6,017 5,508 
Shares of common stock outstanding (in millions)131 131 
Common shareholders' equity per share of common stock$50.73 $46.79 
Tangible common equity per share of common stock45.85 41.91 
(a)March 31, 2025 ratios are estimated.
Total uninsured deposits as calculated per regulatory guidance and reported on schedule RC-O of the 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. The Corporation believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk.
(dollar amounts in millions)March 31, 2025December 31, 2024
Uninsured Deposits:
Total uninsured deposits, as calculated per regulatory guidelines$32,291 $33,387 
Less: affiliate deposits(3,844)(3,876)
Total uninsured deposits, excluding affiliate deposits$28,447 $29,511 

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ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
Quantitative and qualitative disclosures for the current period can be found in the "Market and Liquidity Risk" section of "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."

ITEM 4. Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures. The Corporation maintains a set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) that are designed to ensure that information required to be disclosed by the Corporation in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to the Corporation's management, including the Corporation's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management has evaluated, with the participation of the Corporation's Chief Executive Officer and Chief Financial Officer, the effectiveness of the Corporation's disclosure controls and procedures as of the end of the period covered by this quarterly report (the Evaluation Date). Based on the evaluation, the Corporation's Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, the Corporation's disclosure controls and procedures are effective.
(b)Changes in Internal Control Over Financial Reporting. During the period to which this report relates, there have not been any changes in the Corporation's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or that are reasonably likely to materially affect, such controls.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
For information regarding the Corporation's legal proceedings, see "Part I. Item 1. Note 13 – Contingent Liabilities," which is incorporated herein by reference.

ITEM 1A. Risk Factors
There has been no material change in the Corporation's risk factors as previously disclosed in response to Part I, Item 1A. of the Corporation's 2024 Annual Report. Such risk factors are incorporated herein by reference.    

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
For information regarding the Corporation's purchase of equity securities, see "Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations – Capital," which is incorporated herein by reference.

ITEM 5. Other Information
No director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Corporation adopted, modified, or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the quarter ended March 31, 2025.

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ITEM 6. Exhibits
Exhibit No.Description
3.1
3.2
3.3
3.4
A
4[In accordance with Regulation S-K Item No. 601(b)(4)(iii), the Corporation is not filing copies of instruments defining the rights of holders of long-term debt because none of those instruments authorizes debt in excess of 10% of the total assets of the registrant and its subsidiaries on a consolidated basis. The Corporation hereby agrees to furnish a copy of any such instrument to the SEC upon request.]
10.1†
A†
B†
C†
D†
31.1
31.2
32*
101
Financial statements from Quarterly Report on Form 10-Q of the Corporation for the quarter ended March 31, 2025, formatted in Inline XBRL: (i) the Consolidated Balance Sheets (unaudited), (ii) the Consolidated Statements of Comprehensive Income (unaudited), (iii) the Consolidated Statements of Changes in Shareholders' Equity (unaudited), (iv) the Consolidated Statements of Cash Flows (unaudited) and (v) the Notes to Consolidated Financial Statements (unaudited).
104
The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL (included in Exhibit 101).

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*The certification attached as Exhibit 32 is not deemed “filed” with the SEC and is not to be incorporated by reference into any filing of the Corporation under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.
†Management contract or compensatory plan or arrangement.

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
COMERICA INCORPORATED
(Registrant)
/s/ Mauricio A. Ortiz
Mauricio A. Ortiz
Executive Vice President,
Chief Accounting Officer,
Controller and
Duly Authorized Officer
Date: April 30, 2025

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