8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

---------------

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2020

COMERICA INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware	1-10706	38-1998421
------------	------------	------------
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

Comerica Bank Tower

1717 Main Street, MC 6404

Dallas, Texas 75201

--------------------------------------------------------------------

(Address of principal executive offices) (zip code)

(214) 462-6831

------------------------------------------------------------------------

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $5 par value	CMA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

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.   ☐

ITEMS 2.02 and 7.01  RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND REGULATION FD DISCLOSURE

Comerica Incorporated (“Comerica”) today released its earnings for the quarter ended June 30, 2020. A copy of the press release and the presentation slides which will be discussed on Comerica's webcast earnings call are filed herewith as Exhibits 99.1 and 99.2, respectively.

The information in this report (including Exhibits 99.1 and 99.2 hereto) is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

        (d) Exhibits

99.1 Press Release dated July 21, 2020

99.2 Earnings Presentation Slides

104 The cover page from Comerica's Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

        COMERICA INCORPORATED

        By:  /s/ John D. Buchanan

        Name: John D. Buchanan

        Title: Executive Vice President - Chief Legal Officer

July 21, 2020

EX-99.1

Dallas, TX/July 21, 2020

SECOND QUARTER 2020 NET INCOME OF $113 MILLION, OR $0.80 PER SHARE

Loan and Deposit Growth Drove Average Balances to Record Highs

Including $2.6 Billion in Paycheck Protection Program Loans

Credit Quality Remained Solid with Net Charge-offs of 37 basis points

Excluding Energy, Net Charge-offs of 4 basis points

Allowance for Credit Losses Increased to 1.99% of Total Loans

"Today we reported earnings of 80 cents per share," said Curt C. Farmer, Comerica Chairman, President and Chief Executive Officer. "The highlight of the quarter was significant loan and deposit growth, which drove average balances to record highs and partly offset the impact of lower interest rates on net interest income. Overall, credit quality remained solid; however, with the unprecedented, rapid decline in the economy and high level of uncertainty, we prudently increased our credit reserves. Capital levels continued to be strong and we remain focused on maintaining an attractive dividend yield for our shareholders, as our book value per share grew to $53.28.

“We have quickly adapted to the COVID-19 pandemic and are continuing to make adjustments as the crisis evolves. The health and safety of our employees and our customers remains our top priority. Across the bank, our colleagues have continued to ensure that our customers are well taken care of, working tirelessly to provide sound financial advice, credit expertise and payment flexibility where needed. Particularly, I am proud of the tremendous dedication our colleagues have displayed in supporting the Paycheck Protection Program. Through our long history, Comerica has successfully managed through many challenging times. Helping our customers and communities endure stressful situations and achieve long-term success is at the heart of Comerica’s relationship banking strategy.”

(dollar amounts in millions, except per share data)	2nd Qtr '20			1st Qtr '20			2nd Qtr '19
FINANCIAL RESULTS
Net interest income	$	471		$	513		$	603
Provision for credit losses	138			411			44
Noninterest income	247			237			250
Noninterest expenses	440			425			424
Pre-tax income (loss)	140			(86)			385
Provision (benefit) for income taxes	27			(21)			87
Net income (loss)	$	113		$	(65)		$	298
Diluted earnings (losses) per common share	$	0.80		$	(0.46)		$	1.94
Average loans	53,498			49,604			50,963
Average deposits	64,282			56,768			54,995
Net interest margin	2.50		%	3.06		%	3.66		%
Common equity Tier 1 capital ratio (a)	9.97			9.52			10.18
Tier 1 capital ratio (a)	10.56			9.52			10.18
Common equity ratio	8.78			9.70			10.10
Common shareholders' equity per share of common stock	$	53.28		$	53.24		$	48.89
Tangible common equity per share of common stock (b)	48.69			48.65			44.61

(a)Estimated for June 30, 2020; reflects deferral of CECL model impact as calculated per regulatory guidance.

(b)See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.

Committed to Supporting Customers, Colleagues and Communities

Significant amount of time, effort and resources spent during second quarter 2020 to support stakeholders impacted by the COVID-19 pandemic, including assistance provided through Paycheck Protection Program (PPP) loans.

•Funded $3.9 billion in loans under the PPP, granted payment deferrals for $4.5 billion in loans, primarily commercial, through June 30, 2020, which included $57 million of loans on their second deferral, and waived overdraft, late payment, ATM and other customer fees.

•Supported our colleagues through additional compensation and benefits to those most impacted by the pandemic, as well as awarded bonuses for extraordinary service in support of the PPP process.

•Together with the Comerica Charitable Foundation, pledged $8 million to support business needs and community service organizations that care for and provide critical services to our communities, including a $1 million commitment to the National Business League to help Black-owned small businesses.

Second Quarter 2020 Compared to First Quarter 2020 Overview

Balance sheet items discussed in terms of average balances.

Loans increased $3.9 billion, or 8 percent, to $53.5 billion.

•Reflected a $1.2 billion increase in Mortgage Banker Finance due to seasonality and elevated refinancing activity, as well as growth of $767 million in Corporate Banking, $737 million in general Middle Market, $567 million in Business Banking and $449 million in Commercial Real Estate, partially offset by a $535 million decrease in National Dealer Services.

◦Average PPP loans totaled $2.6 billion, driving the growth in general Middle Market and Business Banking.

•The average yield on loans decreased 93 basis points to 3.26 percent, mostly reflecting the impact of lower interest rates, as the average one-month LIBOR declined by 105 basis points.

Deposits increased $7.5 billion, or 13 percent, to $64.3 billion.

•Growth in nearly every business line, including an increase of $5.9 billion in noninterest-bearing deposits, as customers conserved cash in response to uncertainty, including funds from government stimulus programs such as PPP and consumer economic impact payments.

•The average cost of interest-bearing deposits decreased 50 basis points to 26 basis points, reflecting prudent management of relationship pricing in a lower rate environment.

Net interest income decreased $42 million to $471 million.

•The benefit from higher average loan balances was more than offset by the net impact of lower interest rates.

Provision for credit losses decreased $273 million to $138 million.

•The allowance for credit losses increased $88 million to $1.1 billion, or 1.99 percent of total loans, reflecting the expected impact of the COVID-19 pandemic. Excluding PPP loans, allowance for credit losses totaled 2.15 percent of total loans.

•Net credit-related charge-offs totaled $50 million, or 0.37 percent of average loans.

Noninterest income increased $10 million to $247 million.

•Reflected increases of $9 million in card fees, $8 million in securities trading income and $5 million in deferred compensation asset returns (offset in noninterest expenses), as well as smaller increases in other categories, partially offset by decreases of $7 million in service charges on deposit accounts, $3 million in bank-owned life insurance and $2 million each in fiduciary income and brokerage fees.

◦The increase in card fees was primarily driven by interchange revenue from stimulus payments under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), partially offset by a decrease in merchant and commercial card volumes due to the impact of social distancing restrictions.

Noninterest expenses increased $15 million to $440 million.

•Reflected increases of $7 million in salaries and benefits expense, $5 million in outside processing fee expense and $2 million in software expense.

◦The increase in salaries and benefits expense primarily reflected annual merit increases and the payment of COVID-19-related stipends and hazard pay for colleagues who could not work remotely, as well as a $5 million increase in deferred compensation expense (offset in noninterest income), partially offset by a seasonal decrease in payroll taxes.

2

Provision for income taxes increased $48 million to $27 million.

Capital position remained solid with a common equity Tier 1 capital ratio of 9.97 percent and a Tier 1 capital ratio of 10.56 percent.

•On May 26, 2020, issued $400 million of 5.625% non-cumulative perpetual preferred stock.

•Returned a total of $98 million to shareholders through dividends.

•Average diluted shares outstanding declined by 1.1 million due to the repurchase of 3.2 million shares of common stock in the first quarter prior to the Corporation's suspension of its repurchase program.

Second Quarter 2020 Compared to Second Quarter 2019 Overview

Balance sheet items discussed in terms of average balances.

Loans increased $2.5 billion, or 5 percent.

•Reflected increases in Mortgage Banker Finance, Commercial Real Estate and Corporate Banking, as well as the addition of $2.6 billion in PPP loans that led to an increase in Business Banking, partially offset by a decrease in National Dealer Services.

•Loan yields declined 174 basis points, consistent with the lower interest rate environment.

Deposits increased $9.3 billion, or 17 percent.

•Included $6.3 billion, or 24 percent, increase in noninterest-bearing deposits.

•Interest-bearing deposit costs declined 68 basis points to 26 basis points, with prudent management of relationship pricing in a lower rate environment.

Net interest income decreased $132 million.

•Reflected the impact of lower short-term rates, partially offset by higher loan volumes.

Provision for credit losses, calculated using the CECL model effective first quarter 2020, increased $94 million.

•Reflected the expected impact of the COVID-19 pandemic, including the economic impacts of social distancing, and sustained pressures on Energy.

Noninterest income decreased $3 million.

•Increases in securities trading income, customer derivative income and card fees were more than offset by decreases in service charges on deposit accounts, commercial lending fees (primarily syndication fees) and smaller decreases in other categories.

Noninterest expenses increased $16 million.

•Reflected increases in salaries and benefits expense as well as software expense, which included an $8 million reclassification from outside processing fee expense due to a change in accounting classification effective first quarter 2020.

3

Net Interest Income

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

(dollar amounts in millions)	2nd Qtr '20			1st Qtr '20			2nd Qtr '19
Net interest income	$	471		$	513		$	603
Net interest margin	2.50		%	3.06		%	3.66		%
Selected balances:
Total earning assets	$	75,989		$	67,496		$	65,890
Total loans	53,498			49,604			50,963
Total investment securities	12,642			12,331			12,091
Federal Reserve Bank deposits	9,483			5,147			2,479
Total deposits	64,282			56,768			54,995
Total noninterest-bearing deposits	32,686			26,761			26,398
Short-term borrowings	882			157			927
Medium- and long-term debt	7,206			7,324			6,712

Net interest income decreased $42 million, and net interest margin decreased 56 basis points, compared to first quarter 2020.

•Interest income on loans decreased $83 million and reduced net interest margin by 60 basis points, primarily due to the impact of lower short-term rates (-$105 million, -57 basis points) as well as lower nonaccrual interest (-$2 million, -1 basis point), which were partially offset by higher loan balances (+$15 million, -7 basis points), fees (+$7 million, +4 basis points) and other portfolio dynamics (+$2 million, +1 basis point).

•Interest income on short-term investments decreased $15 million and reduced net interest margin by 26 basis points, reflecting lower rates (-$16 million, -9 basis points), partially offset by an increase in lower-yielding deposits with the Federal Reserve Bank (+$1 million, -17 basis points).

•Interest expense on deposits decreased $36 million and improved net interest margin by 19 basis points, due to lower pay rates on deposits.

•Interest expense on debt decreased $20 million and increased net interest margin by 11 basis points, primarily due to lower rates.

The net impact of lower rates, including the change to deposit rates, to the second quarter of 2020 net interest income was a reduction of $67 million and 37 basis points to the net interest margin.

4

Credit Quality

"Overall, our portfolio performed well in the second quarter, with net charge-offs of 37 basis points and only 4 basis points excluding Energy loans," said Farmer. "Nonperforming assets remained low at 53 basis points, a modest increase over the first quarter. The economy improved through the quarter, including a rise in employment, higher energy prices, and consumer spending has started to come back. However, the economic outlook continues to be uncertain with the unprecedented impacts of the COVID-19 pandemic. Therefore, we prudently increased our credit reserves to 2.15 percent of average loans, excluding PPP loans, and our reserve to nonperforming loans is strong at 3.9 times. The allocation of reserves to Energy loans remains above 10 percent. We continue to work closely with our customers, carefully reviewing current and projected financial performance, providing assistance as warranted, and adjusting risk ratings as appropriate, which is reflected in the increase in criticized loans."

(dollar amounts in millions)	2nd Qtr '20			1st Qtr '20			2nd Qtr '19
Credit-related charge-offs	$	57		$	89		$	44
Recoveries	7			5			11
Net credit-related charge-offs	50			84			33
Net credit-related charge-offs/Average total loans	0.37		%	0.68		%	0.26		%
Provision for credit losses	$	138		$	411		$	44
Nonperforming loans	271			239			230
Nonperforming assets (NPAs)	282			250			233
NPAs/Total loans and foreclosed property	0.53		%	0.47		%	0.45		%
Loans past due 90 days or more and still accruing	$	41		$	64		$	17
Allowance for loan losses	1,007			916			657
Allowance for credit losses on lending-related commitments (a)	59			62			31
Total allowance for credit losses	1,066			978			688
Allowance for loan losses/Period-end total loans	1.88		%	1.71		%	1.27		%
Allowance for loan losses/Period-end total loans excluding PPP loans	2.03			n/a			n/a
Allowance for credit losses/Period-end total loans	1.99			1.83			1.33
Allowance for credit losses/Period-end total loans excluding PPP loans	2.15			n/a			n/a
Allowance for credit losses/Nonperforming loans	3.9x			4.1x			3.0x

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

n/a - not applicable

•The allowance for credit losses increased $88 million to $1.1 billion, or 1.99 percent of total loans, reflecting the expected impact of the COVID-19 pandemic, including the economic impacts of social distancing, and sustained pressures on Energy. Excluding PPP loans, which are guaranteed by the Small Business Administration, allowance for credit losses totaled 2.15 percent of total loans.

◦Energy loans totaled $2.1 billion, or 4 percent of total loans at June 30, 2020. The allocation of reserves for Energy loans remained over 10 percent.

•Criticized loans increased $922 million to $3.4 billion, or 6 percent of total loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.

◦Criticized Energy loans increased $348 million to $841 million, or 25 percent of total criticized loans; 40 percent of Energy loans are criticized.

◦General Middle Market criticized loans increased $519 million; 14 percent of general Middle Market loans are criticized.

•Net charge-offs were $50 million, or 0.37 percent of average loans.

◦Energy net charge-offs were $45 million compared to $67 million in first quarter 2020. Excluding Energy, net charge-offs totaled $5 million, or 0.04 percent of average loans.

5

•Nonperforming assets increased $32 million to $282 million. Nonperforming assets as a percentage of total loans and foreclosed property increased to 0.53 percent compared to 0.47 percent in first quarter 2020.

◦Nonperforming Energy loans increased $37 million to $102 million.

Outlook for Third Quarter 2020 Compared to Second Quarter 2020

Based on management expectations for recessionary conditions:

•Decline in average loans reflects lending to small businesses with a full quarter benefit of PPP, more than offset by decreases in Mortgage Banker Finance, Large Corporate and National Dealer Services.

•Average deposits relatively stable as customers utilize economic stimulus proceeds.

•Decrease in net interest income resulting from a $10 million to $15 million net impact of lower interest rates (assumes 1-month LIBOR of 17 basis points and deposit cost of 20 basis points) and lower loan balances, offset by lower wholesale debt and one additional day.

•Provision for credit losses reflective of economic environment, including the effects resulting from the duration and severity of the COVID-19 pandemic.

•Decline in noninterest income due to reduced card fees related to transaction activity and lower market-based investment banking and derivative fees, partially offset by higher service charges on deposit accounts due to increased activity. Higher securities trading income and deferred compensation levels in second quarter 2020 not expected to repeat.

•Increase in noninterest expenses, reflecting technology and occupancy projects, as well as higher charitable contributions and seasonal impacts of marketing and staff insurance expenses, mostly offset by continued expense discipline and reduction in COVID-19-related costs.

•Capital reflects declaration of first preferred stock dividend and a focus on supporting customers' financing needs, as well as maintaining an attractive common dividend.

6

Business Segments

Comerica's operations are strategically aligned into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. Comerica also provides market segment results for three primary geographic markets: Michigan, California and Texas. In addition to the three primary geographic markets, Other Markets is also reported as a market segment. Other Markets includes Florida, Arizona, the International Finance division and businesses that have a significant presence outside of the three primary geographic markets. For a summary of business segment and geographic market quarterly results, see the Business Segment Financial Results and Market Segment Financial Results tables included later in this report. From time to time, Comerica may make reclassifications among the segments to reflect management's current view of the segments, and methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. The financial results provided are based on the internal business unit and geographic market structures of Comerica and methodologies in effect at June 30, 2020. A discussion of business segment and geographic market year-to-date results will be included in Comerica's Second Quarter 2020 Form 10-Q.

Conference Call and Webcast

Comerica will host a conference call to review second quarter 2020 financial results at 7 a.m. CT Tuesday, July 21, 2020. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (Event ID No. 3854013). The call and supplemental financial information can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. A replay of the Webcast can be accessed via Comerica's “Investor Relations” page at www.comerica.com.

Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three major business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.

This press release contains both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

7

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on track,” “trend,” “objective,” “looks forward,” “projects,” “models” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (unfavorable developments concerning credit quality; declines or other changes in the businesses or industries of Comerica's customers, in particular the energy industry; and changes in customer behavior); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from LIBOR towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); financial reporting risks (changes in accounting standards and the critical nature of Comerica's accounting policies); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (changes in general economic, political or industry conditions; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; impacts from the COVID-19 global pandemic; and the volatility of Comerica’s stock price). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2019 and "Item 1A. Risk Factors" beginning on page 60 of Comerica's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Media Contacts:	Investor Contacts:
Wendy Bridges	Darlene P. Persons
(214) 462-4443	(214) 462-6831
Louis H. Mora	Amanda Perkins
(214) 462-6669	(214) 462-6731

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(in millions, except per share data)	2020			2020			2019			2020			2019
PER COMMON SHARE AND COMMON STOCK DATA
Diluted earnings (losses) per common share	$	0.80		$	(0.46)		$	1.94		$	0.34		$	4.06
Cash dividends declared	0.68			0.68			0.67			1.36			1.34
Average diluted shares (in thousands)	139,453			140,554			153,189			140,529			156,351
PERFORMANCE RATIOS
Return on average common shareholders' equity	6.09		%	(3.49)		%	16.41		%	1.30		%	17.43		%
Return on average assets	0.55			(0.35)			1.68			0.12			1.82
Efficiency ratio (a)	61.14			56.57			49.65			58.80			50.23
CAPITAL
Common equity tier 1 capital (b), (c)	$	6,698		$	6,654		$	7,060
Tier 1 capital (b), (c)	7,093			6,654			7,060
Risk-weighted assets (b)	67,156			69,874			69,371
Common equity tier 1 capital ratio (b), (c)	9.97		%	9.52		%	10.18		%
Tier 1 capital ratio (b), (c)	10.56			9.52			10.18
Total capital ratio (b)	12.93			11.85			12.17
Leverage ratio (b)	8.76			9.12			9.90
Common shareholders' equity per share of common stock	$	53.28		$	53.24		$	48.89
Tangible common equity per share of common stock (c)	48.69			48.65			44.61
Common equity ratio	8.78		%	9.70		%	10.10		%
Tangible common equity ratio (c)	8.08			8.93			9.30
AVERAGE BALANCES
Commercial loans	$	33,944		$	30,697		$	32,607		$	32,321		$	32,037
Real estate construction loans	3,887			3,564			3,319			3,725			3,279
Commercial mortgage loans	9,800			9,638			9,060			9,719			9,028
Lease financing	592			582			546			587			533
International loans	1,137			1,004			1,025			1,071			1,019
Residential mortgage loans	1,895			1,855			1,943			1,875			1,954
Consumer loans	2,243			2,264			2,463			2,253			2,473
Total loans	53,498			49,604			50,963			51,551			50,323
Earning assets	75,989			67,496			65,890			71,742			65,257
Total assets	81,644			73,265			71,252			77,454			70,515
Noninterest-bearing deposits	32,686			26,761			26,398			29,723			26,634
Interest-bearing deposits	31,596			30,007			28,597			30,801			27,864
Total deposits	64,282			56,768			54,995			60,524			54,498
Common shareholders' equity	7,436			7,438			7,285			7,437			7,371
Total shareholders' equity	7,592			7,438			7,285			7,515			7,371
NET INTEREST INCOME
Net interest income	$	471		$	513		$	603		$	984		$	1,209
Net interest margin	2.50		%	3.06		%	3.66		%	2.77		%	3.73		%
CREDIT QUALITY
Nonperforming assets	$	282		$	250		$	233
Loans past due 90 days or more and still accruing	41			64			17
Net credit-related charge-offs	50			84			33			$	134		$	44
Allowance for loan losses	1,007			916			657
Allowance for credit losses on lending-related commitments	59			62			31
Total allowance for credit losses (d)	1,066			978			688
Allowance for credit losses as a percentage of total loans	1.99		%	1.83		%	1.33		%
Net credit-related charge-offs as a percentage of average total loans	0.37			0.68			0.26			0.52		%	0.17		%
Nonperforming assets as a percentage of total loans and foreclosed property	0.53			0.47			0.45
Allowance for credit losses as a multiple of total nonperforming loans	3.9x			4.1x			3.0x
OTHER KEY INFORMATION
Number of banking centers	434			436			436
Number of employees - full time equivalent	7,777			7,753			7,693

(a) Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities and a derivative contract tied to the conversion rate of Visa Class B shares.

(b) Estimated for June 30, 2020, reflects deferral of CECL model impact as calculated per regulatory guidance.

(c) See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios.

(d) Allowance for credit losses for June 30, 2020 and March 31, 2020 calculated using the CECL model effective first quarter 2020.

9

CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
	June 30,		March 31,		December 31,		June 30,
(in millions, except share data)	2020		2020		2019		2019
	(unaudited)		(unaudited)				(unaudited)
ASSETS
Cash and due from banks	$	1,048	$	848	$	973	$	1,029
Interest-bearing deposits with banks	12,263		4,007		4,845		2,552
Other short-term investments	153		138		155		140
Investment securities available-for-sale	12,759		13,041		12,398		12,338
Commercial loans	33,826		34,249		31,473		33,326
Real estate construction loans	3,952		3,756		3,455		3,292
Commercial mortgage loans	9,925		9,698		9,559		9,217
Lease financing	589		584		588		575
International loans	1,104		1,035		1,009		1,024
Residential mortgage loans	1,886		1,821		1,845		1,924
Consumer loans	2,164		2,315		2,440		2,443
Total loans	53,446		53,458		50,369		51,801
Less allowance for loan losses	(1,007)		(916)		(637)		(657)
Net loans	52,439		52,542		49,732		51,144
Premises and equipment	450		454		457		470
Accrued income and other assets	5,285		5,307		4,842		4,864
Total assets	$	84,397	$	76,337	$	73,402	$	72,537
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	35,582	$	27,646	$	27,382	$	27,001
Money market and interest-bearing checking deposits	26,895		24,475		24,527		22,195
Savings deposits	2,500		2,258		2,184		2,162
Customer certificates of deposit	2,656		2,958		2,978		2,441
Other time deposits	—		—		133		1,726
Foreign office time deposits	87		29		91		12
Total interest-bearing deposits	32,138		29,720		29,913		28,536
Total deposits	67,720		57,366		57,295		55,537
Short-term borrowings	752		2,263		71		1,733
Accrued expenses and other liabilities	1,602		1,872		1,440		1,386
Medium- and long-term debt	6,521		7,434		7,269		6,558
Total liabilities	76,595		68,935		66,075		65,214
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $1,000 liquidation value per share:
Authorized - 4,000 shares
Issued - 4,000 shares at 6/30/20	395		—		—		—
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141		1,141		1,141		1,141
Capital surplus	2,173		2,168		2,174		2,168
Accumulated other comprehensive income (loss)	158		174		(235)		(382)
Retained earnings	9,404		9,389		9,538		9,176
Less cost of common stock in treasury - 89,124,560 shares at 6/30/20, 89,127,359 shares at 3/31/20, 86,069,234 shares at 12/31/19 and 78,367,534 shares at 6/30/19	(5,469)		(5,470)		(5,291)		(4,780)
Total shareholders' equity	7,802		7,402		7,327		7,323
Total liabilities and shareholders' equity	$	84,397	$	76,337	$	73,402	$	72,537

10

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share data)	2020		2019		2020		2019
INTEREST INCOME
Interest and fees on loans	$	434	$	635	$	951	$	1,256
Interest on investment securities	74		75		148		147
Interest on short-term investments	3		17		21		34
Total interest income	511		727		1,120		1,437
INTEREST EXPENSE
Interest on deposits	20		67		76		119
Interest on short-term borrowings	1		6		1		7
Interest on medium- and long-term debt	19		51		59		102
Total interest expense	40		124		136		228
Net interest income	471		603		984		1,209
Provision for credit losses	138		44		549		31
Net interest income after provision for credit losses	333		559		435		1,178
NONINTEREST INCOME
Card fees	68		65		127		128
Fiduciary income	52		52		106		101
Service charges on deposit accounts	42		51		91		102
Commercial lending fees	17		21		34		43
Foreign exchange income	9		11		20		22
Bank-owned life insurance	9		11		21		20
Letter of credit fees	9		10		18		19
Brokerage fees	5		7		12		14
Net securities gains (losses)	1		—		—		(8)
Other noninterest income	35		22		55		47
Total noninterest income	247		250		484		488
NONINTEREST EXPENSES
Salaries and benefits expense	249		245		491		510
Outside processing fee expense	62		65		119		128
Occupancy expense	37		37		74		74
Software expense	39		28		76		57
Equipment expense	12		12		24		24
Advertising expense	8		9		15		14
FDIC insurance expense	8		6		16		11
Other noninterest expenses	25		22		50		39
Total noninterest expenses	440		424		865		857
Income before income taxes	140		385		54		809
Provision for income taxes	27		87		6		172
NET INCOME	113		298		48		637
Less income allocated to participating securities	1		1		1		3
Net income attributable to common shares	$	112	$	297	$	47	$	634
Earnings per common share:
Basic	$	0.81	$	1.95	$	0.34	$	4.10
Diluted	0.80		1.94		0.34		4.06
Comprehensive income	97		429		441		864
Cash dividends declared on common stock	98		100		192		205
Cash dividends declared per common share	0.68		0.67		1.36		1.34

11

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Second		First		Fourth		Third		Second		Second Quarter 2020 Compared to:
	Quarter		Quarter		Quarter		Quarter		Quarter		First Quarter 2020				Second Quarter 2019
(in millions, except per share data)	2020		2020		2019		2019		2019		Amount		Percent		Amount		Percent
INTEREST INCOME
Interest and fees on loans	$	434	$	517	$	564	$	619	$	635	$	(83)	(16)	%	$	(201)	(32)	%
Interest on investment securities	74		74		75		75		75		—		—		(1)		(1)
Interest on short-term investments	3		18		20		17		17		(15)		(85)		(14)		(83)
Total interest income	511		609		659		711		727		(98)		(16)		(216)		(30)
INTEREST EXPENSE
Interest on deposits	20		56		70		73		67		(36)		(64)		(47)		(70)
Interest on short-term borrowings	1		—		—		2		6		1		74		(5)		(90)
Interest on medium- and long-term debt	19		40		45		50		51		(21)		(50)		(32)		(62)
Total interest expense	40		96		115		125		124		(56)		(58)		(84)		(67)
Net interest income	471		513		544		586		603		(42)		(8)		(132)		(22)
Provision for credit losses	138		411		8		35		44		(273)		(66)		94		n/m
Net interest income after provision for credit losses	333		102		536		551		559		231		n/m		(226)		(41)
NONINTEREST INCOME
Card fees	68		59		62		67		65		9		17		3		5
Fiduciary income	52		54		52		53		52		(2)		(4)		—		—
Service charges on deposit accounts	42		49		50		51		51		(7)		(13)		(9)		(18)
Commercial lending fees	17		17		25		23		21		—		—		(4)		(21)
Foreign exchange income	9		11		11		11		11		(2)		(18)		(2)		(19)
Bank-owned life insurance	9		12		10		11		11		(3)		(18)		(2)		(8)
Letter of credit fees	9		9		9		10		10		—		—		(1)		(7)
Brokerage fees	5		7		7		7		7		(2)		(25)		(2)		(25)
Net securities gains (losses)	1		(1)		1		—		—		2		n/m		1		84
Other noninterest income	35		20		39		23		22		15		72		13		54
Total noninterest income	247		237		266		256		250		10		4		(3)		(1)
NONINTEREST EXPENSES
Salaries and benefits expense	249		242		257		253		245		7		3		4		2
Outside processing fee expense	62		57		70		66		65		5		7		(3)		(6)
Occupancy expense	37		37		41		39		37		—		—		—		—
Software expense	39		37		30		30		28		2		3		11		36
Equipment expense	12		12		13		13		12		—		—		—		—
Advertising expense	8		7		10		10		9		1		6		(1)		(12)
FDIC insurance expense	8		8		6		6		6		—		—		2		38
Other noninterest expenses	25		25		24		18		22		—		—		3		17
Total noninterest expenses	440		425		451		435		424		15		3		16		4
Income (loss) before income taxes	140		(86)		351		372		385		226		n/m		(245)		(64)
Provision (benefit) for income taxes	27		(21)		82		80		87		48		n/m		(60)		(68)
NET INCOME (LOSS)	113		(65)		269		292		298		178		n/m		(185)		(62)
Less income allocated to participating securities	1		—		2		2		1		1		19		—		—
Net income (loss) attributable to common shares	$	112	$	(65)	$	267	$	290	$	297	$	177	n/m		$	(185)	(62)	%
Earnings (losses) per common share:
Basic	$	0.81	$	(0.46)	$	1.87	$	1.98	$	1.95	$	1.27	n/m		$	(1.14)	(59)	%
Diluted	0.80		(0.46)		1.85		1.96		1.94		1.26		n/m		(1.14)		(58)
Comprehensive income	97		344		370		338		429		(247)		(72)		(332)		(77)
Cash dividends declared on common stock	98		94		96		97		100		4		4		(2)		(2)
Cash dividends declared per common share	0.68		0.68		0.67		0.67		0.67		—		—		0.01		1

n/m - not meaningful

12

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
	2020						2019
(in millions)	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
Balance at beginning of period:
Allowance for loan losses	$	916		$	637		$	652		$	657		$	647
Allowance for credit losses on lending-related commitments	62			31			29			31			30
Allowance for credit losses	978			668			681			688			677
Cumulative effect of change in accounting principle	—			(17)			—			—			—
Loan charge-offs:
Commercial	55			87			24			59			42
Commercial mortgage	1			—			2			—			—
International	—			—			—			—			1
Residential mortgage	—			—			—			1			—
Consumer	1			2			1			1			1
Total loan charge-offs	57			89			27			61			44
Recoveries on loans previously charged-off:
Commercial	5			3			3			17			7
Commercial mortgage	1			2			1			—			3
International	—			—			1			—			—
Residential mortgage	—			—			—			1			—
Consumer	1			—			1			1			1
Total recoveries	7			5			6			19			11
Net loan charge-offs	50			84			21			42			33
Provision for credit losses:
Provision for loan losses	141			380			6			37			43
Provision for credit losses on lending-related commitments	(3)			31			2			(2)			1
Provision for credit losses	138			411			8			35			44
Balance at end of period:
Allowance for loan losses	1,007			916			637			652			657
Allowance for credit losses on lending-related commitments	59			62			31			29			31
Allowance for credit losses	$	1,066		$	978		$	668		$	681		$	688
Allowance for loan losses as a percentage of total loans	1.88		%	1.71		%	1.27		%	1.27		%	1.27		%
Allowance for loan losses as a percentage of total loans excluding PPP loans	2.03			n/a			n/a			n/a			n/a
Allowance for credit losses as a percentage of total loans	1.99			1.83			1.33			1.32			1.33
Allowance for credit losses as a percentage of total loans excluding PPP loans	2.15			n/a			n/a			n/a			n/a
Net loan charge-offs as a percentage of average total loans	0.37			0.68			0.16			0.33			0.26

n/a - not applicable

13

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
	2020						2019
(in millions)	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
Commercial	$	200		$	173		$	148		$	152		$	155
Commercial mortgage	21			19			14			13			12
Lease financing	1			1			—			—			1
International	—			—			—			2			3
Total nonaccrual business loans	222			193			162			167			171
Retail loans:
Residential mortgage	24			20			20			36			35
Consumer:
Home equity	21			22			17			17			18
Total nonaccrual retail loans	45			42			37			53			53
Total nonaccrual loans	267			235			199			220			224
Reduced-rate loans	4			4			5			6			6
Total nonperforming loans	271			239			204			226			230
Foreclosed property	11			11			11			3			3
Total nonperforming assets	$	282		$	250		$	215		$	229		$	233
Nonperforming loans as a percentage of total loans	0.51		%	0.45		%	0.40		%	0.44		%	0.44		%
Nonperforming assets as a percentage of total loans and foreclosed property	0.53			0.47			0.43			0.44			0.45
Allowance for credit losses as a multiple of total nonperforming loans	3.9x			4.1x			3.3x			3.0x			3.0x
Loans past due 90 days or more and still accruing	$	41		$	64		$	26		$	31		$	17
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	235		$	199		$	220		$	224		$	191
Loans transferred to nonaccrual (a)	96			137			48			85			93
Nonaccrual loan gross charge-offs	(57)			(89)			(27)			(61)			(44)
Loans transferred to accrual status (a)	—			—			(7)			—			—
Nonaccrual loans sold	—			—			(10)			—			(5)
Payments/Other (b)	(7)			(12)			(25)			(28)			(11)
Nonaccrual loans at end of period	$	267		$	235		$	199		$	220		$	224

(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 $2 million, payments on nonaccrual loans with book balances greater than $2 million and transfers of nonaccrual loans to foreclosed property.

14

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Six Months Ended
	June 30, 2020						June 30, 2019
	Average				Average		Average				Average
(dollar amounts in millions)	Balance		Interest		Rate		Balance		Interest		Rate
Commercial loans (a)	$	32,321	$	585	3.51	%	$	32,037	$	799	5.04	%
Real estate construction loans	3,725		78		4.19		3,279		93		5.74
Commercial mortgage loans	9,719		177		3.66		9,028		230		5.13
Lease financing	587		10		3.49		533		8		3.08
International loans	1,071		21		3.96		1,019		27		5.33
Residential mortgage loans	1,875		34		3.58		1,954		38		3.89
Consumer loans	2,253		46		4.12		2,473		61		5.00
Total loans	51,551		951		3.71		50,323		1,256		5.03
Mortgage-backed securities	9,649		114		2.40		9,275		114		2.43
Other investment securities	2,837		34		2.47		2,748		33		2.40
Total investment securities	12,486		148		2.42		12,023		147		2.42
Interest-bearing deposits with banks	7,558		20		0.55		2,773		33		2.38
Other short-term investments	147		1		0.80		138		1		1.34
Total earning assets	71,742		1,120		3.15		65,257		1,437		4.43
Cash and due from banks	843						912
Allowance for loan losses	(812)						(666)
Accrued income and other assets	5,681						5,012
Total assets	$	77,454					$	70,515
Money market and interest-bearing checking deposits	$	25,486	57		0.45		$	22,763	100		0.88
Savings deposits	2,298		—		0.04		2,169		—		0.04
Customer certificates of deposit	2,900		19		1.32		2,258		11		0.96
Other time deposits	35		—		2.00		661		8		2.45
Foreign office time deposits	82		—		0.82		13		—		1.54
Total interest-bearing deposits	30,801		76		0.50		27,864		119		0.86
Short-term borrowings	519		1		0.34		576		7		2.45
Medium- and long-term debt	7,266		59		1.63		6,703		102		3.07
Total interest-bearing sources	38,586		136		0.71		35,143		228		1.30
Noninterest-bearing deposits	29,723						26,634
Accrued expenses and other liabilities	1,630						1,367
Total shareholders' equity	7,515						7,371
Total liabilities and shareholders' equity	$	77,454					$	70,515
Net interest income/rate spread			$	984	2.44				$	1,209	3.13
Impact of net noninterest-bearing sources of funds					0.33						0.60
Net interest margin (as a percentage of average earning assets)					2.77	%					3.73	%

(a)Includes PPP loans with average balance of $1.3 billion, interest income of $14 million and average yield of 2.21% for the six months ended June 30, 2020.

15

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Three Months Ended
	June 30, 2020						March 31, 2020						June 30, 2019
	Average				Average		Average				Average		Average				Average
(dollar amounts in millions)	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Commercial loans (a)	$	33,944	$	271	2.99	%	$	30,697	$	314	4.07	%	$	32,607	$	405	5.00	%
Real estate construction loans	3,887		35		3.60		3,564		43		4.85		3,319		47		5.74
Commercial mortgage loans	9,800		76		3.12		9,638		101		4.21		9,060		116		5.12
Lease financing	592		5		3.34		582		5		3.63		546		3		2.32
International loans	1,137		10		3.51		1,004		11		4.48		1,025		14		5.30
Residential mortgage loans	1,895		17		3.49		1,855		17		3.67		1,943		19		3.92
Consumer loans	2,243		20		3.62		2,264		26		4.60		2,463		31		5.02
Total loans	53,498		434		3.26		49,604		517		4.19		50,963		635		5.00
Mortgage-backed securities	9,785		57		2.39		9,514		57		2.42		9,326		58		2.45
Other investment securities	2,857		17		2.47		2,817		17		2.48		2,765		17		2.47
Total investment securities	12,642		74		2.41		12,331		74		2.43		12,091		75		2.45
Interest-bearing deposits with banks	9,709		2		0.11		5,407		18		1.34		2,694		16		2.37
Other short-term investments	140		1		0.48		154		—		1.09		142		1		1.34
Total earning assets	75,989		511		2.71		67,496		609		3.64		65,890		727		4.42
Cash and due from banks	848						838						900
Allowance for loan losses	(932)						(693)						(660)
Accrued income and other assets	5,739						5,624						5,122
Total assets	$	81,644					$	73,265					$	71,252
Money market and interest-bearing checking deposits	$	26,320	12		0.18		$	24,654	45		0.73		$	22,913	53		0.93
Savings deposits	2,394		—		0.02		2,202		—		0.06		2,169		—		0.03
Customer certificates of deposit	2,801		8		1.21		2,999		11		1.42		2,346		7		1.10
Other time deposits	—		—		—		70		—		2.00		1,156		7		2.46
Foreign office time deposits	81		—		0.34		82		—		1.30		13		—		1.54
Total interest-bearing deposits	31,596		20		0.26		30,007		56		0.76		28,597		67		0.94
Short-term borrowings	882		1		0.25		157		—		0.82		927		6		2.46
Medium- and long-term debt	7,206		19		1.09		7,324		40		2.15		6,712		51		3.05
Total interest-bearing sources	39,684		40		0.41		37,488		96		1.03		36,236		124		1.37
Noninterest-bearing deposits	32,686						26,761						26,398
Accrued expenses and other liabilities	1,682						1,578						1,333
Total shareholders' equity	7,592						7,438						7,285
Total liabilities and shareholders' equity	$	81,644					$	73,265					$	71,252
Net interest income/rate spread			$	471	2.30				$	513	2.61				$	603	3.05
Impact of net noninterest-bearing sources of funds					0.20						0.45						0.61
Net interest margin (as a percentage of average earning assets)					2.50	%					3.06	%					3.66	%

(a)Includes PPP loans with average balance of $2.6 billion, interest income of $14 million and average yield of 2.21% for the three months ended June 30, 2020.

16

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Comerica Incorporated and Subsidiaries
								Accumulated
	Nonredeemable		Common Stock					Other						Total
	Preferred		Shares			Capital		Comprehensive		Retained		Treasury		Shareholders'
(in millions, except per share data)	Stock		Outstanding	Amount		Surplus		Income (Loss)		Earnings		Stock		Equity
BALANCE AT MARCH 31, 2019	$	—	155.4	$	1,141	$	2,159	$	(513)	$	8,979	$	(4,357)	$	7,409
Net income	—		—	—		—		—		298		—		298
Other comprehensive income, net of tax	—		—	—		—		131		—		—		131
Cash dividends declared on common stock ($0.67 per share)	—		—	—		—		—		(100)		—		(100)
Purchase of common stock	—		(5.7)	—		—		—		—		(425)		(425)
Net issuance of common stock under employee stock plans	—		0.1	—		1		—		(1)		2		2
Share-based compensation	—		—	—		8		—		—		—		8
BALANCE AT JUNE 30, 2019	$	—	149.8	$	1,141	$	2,168	$	(382)	$	9,176	$	(4,780)	$	7,323
BALANCE AT MARCH 31, 2020	$	—	139.0	$	1,141	$	2,168	$	174	$	9,389	$	(5,470)	$	7,402
Net income	—		—	—		—		—		113		—		113
Other comprehensive loss, net of tax	—		—	—		—		(16)		—		—		(16)
Cash dividends declared on common stock ($0.68 per share)	—		—	—		—		—		(98)		—		(98)
Purchase of common stock	—		—	—		—		—		—		1		1
Issuance of preferred stock	395		—	—		—		—		—		—		395
Net issuance of common stock under employee stock plans	—		—	—		1		—		—		—		1
Share-based compensation	—		—	—		4		—		—		—		4
BALANCE AT JUNE 30, 2020	$	395	139.0	$	1,141	$	2,173	$	158	$	9,404	$	(5,469)	$	7,802
BALANCE AT DECEMBER 31, 2018	$	—	160.1	$	1,141	$	2,148	$	(609)	$	8,781	$	(3,954)	$	7,507
Cumulative effect of change in accounting principle	—		—	—		—		—		(14)		—		(14)
Net income	—		—	—		—		—		637		—		637
Other comprehensive income, net of tax	—		—	—		—		227		—		—		227
Cash dividends declared on common stock ($1.34 per share)	—		—	—		—		—		(205)		—		(205)
Purchase of common stock	—		(10.9)	—		—		—		—		(859)		(859)
Net issuance of common stock under employee stock plans	—		0.6	—		(12)		—		(23)		33		(2)
Share-based compensation	—		—	—		32		—		—		—		32
BALANCE AT JUNE 30, 2019	$	—	149.8	$	1,141	$	2,168	$	(382)	$	9,176	$	(4,780)	$	7,323
BALANCE AT DECEMBER 31, 2019	$	—	142.1	$	1,141	$	2,174	$	(235)	$	9,538	$	(5,291)	$	7,327
Cumulative effect of change in accounting principle	—		—	—		—		—		13		—		13
Net income	—		—	—		—		—		48		—		48
Other comprehensive income, net of tax	—		—	—		—		393		—		—		393
Cash dividends declared on common stock ($1.36 per share)	—		—	—		—		—		(192)		—		(192)
Purchase of common stock	—		(3.4)	—		—		—		—		(194)		(194)
Issuance of preferred stock	395		—	—		—		—		—		—		395
Net issuance of common stock under employee stock plans	—		0.3	—		(13)		—		(3)		16		—
Share-based compensation	—		—	—		12		—		—		—		12
BALANCE AT JUNE 30, 2020	$	395	139.0	$	1,141	$	2,173	$	158	$	9,404	$	(5,469)	$	7,802

17

BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries
(dollar amounts in millions)	Commercial			Retail			Wealth
Three Months Ended June 30, 2020	Bank			Bank			Management			Finance		Other		Total
Earnings summary:
Net interest income (expense)	$	402		$	120		$	40		$	(95)	$	4	$	471
Provision for credit losses	117			5			16			—		—		138
Noninterest income	144			24			66			11		2		247
Noninterest expenses	207			155			73			1		4		440
Provision (benefit) for income taxes	47			(4)			3			(20)		1		27
Net income (loss)	$	175		$	(12)		$	14		$	(65)	$	1	$	113
Net credit-related charge-offs	$	48		$	1		$	1		$	—	$	—	$	50
Selected average balances:
Assets	$	47,392		$	3,306		$	5,191		$	14,500	$	11,255	$	81,644
Loans	45,914			2,479			5,077			—		28		53,498
Deposits	36,318			22,647			4,217			950		150		64,282
Statistical data:
Return on average assets (a)	1.49		%	(0.21)		%	1.00		%	n/m		n/m		0.55		%
Efficiency ratio (b)	37.67			107.15			69.86			n/m		n/m		61.14
	Commercial			Retail			Wealth
Three Months Ended March 31, 2020	Bank			Bank			Management			Finance		Other		Total
Earnings summary:
Net interest income (expense)	$	380		$	125		$	41		$	(44)	$	11	$	513
Provision for credit losses	396			3			12			—		—		411
Noninterest income	127			28			70			14		(2)		237
Noninterest expenses	194			149			72			—		10		425
(Benefit) provision for income taxes	(20)			—			6			(8)		1		(21)
Net (loss) income	$	(63)		$	1		$	21		$	(22)	$	(2)	$	(65)
Net credit-related charge-offs	$	83		$	1		$	—		$	—	$	—	$	84
Selected average balances:
Assets	$	44,254		$	2,864		$	5,078		$	14,285	$	6,784	$	73,265
Loans	42,593			2,075			4,936			—		—		49,604
Deposits	30,230			21,195			4,025			1,136		182		56,768
Statistical data:
Return on average assets (a)	(0.58)		%	0.03		%	1.69		%	n/m		n/m		(0.35)		%
Efficiency ratio (b)	38.47			96.03			64.28			n/m		n/m		56.57
	Commercial			Retail			Wealth
Three Months Ended June 30, 2019	Bank			Bank			Management			Finance		Other		Total
Earnings summary:
Net interest income (expense)	$	420		$	146		$	46		$	(23)	$	14	$	603
Provision for credit losses	52			1			(5)			—		(4)		44
Noninterest income	136			33			68			13		—		250
Noninterest expenses	195			147			67			—		15		424
Provision (benefit) for income taxes	71			7			13			(4)		—		87
Net income (loss)	$	238		$	24		$	39		$	(6)	$	3	$	298
Net credit-related charge-offs (recoveries)	$	35		$	—		$	(2)		$	—	$	—	$	33
Selected average balances:
Assets	$	45,321		$	2,839		$	5,071		$	13,907	$	4,114	$	71,252
Loans	43,932			2,107			4,930			—		(6)		50,963
Deposits	28,251			20,649			3,740			2,174		181		54,995
Statistical data:
Return on average assets (a)	2.11		%	0.44		%	3.10		%	n/m		n/m		1.68		%
Efficiency ratio (b)	34.98			82.26			58.99			n/m		n/m		49.65

(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.

(b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities and a derivative contract tied to the conversion rate of Visa Class B shares.

n/m - not meaningful

18

MARKET SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries
(dollar amounts in millions)										Other			Finance
Three Months Ended June 30, 2020	Michigan			California			Texas			Markets			& Other		Total
Earnings summary:
Net interest income (expense)	$	159		$	176		$	116		$	111		$	(91)	$	471
Provision for credit losses	40			51			31			16			—		138
Noninterest income	64			36			30			104			13		247
Noninterest expenses	139			103			91			102			5		440
Provision (benefit) for income taxes	8			13			4			21			(19)		27
Net income (loss)	$	36		$	45		$	20		$	76		$	(64)	$	113
Net credit-related charge-offs	$	—		$	4		$	46		$	—		$	—	$	50
Selected average balances:
Assets	$	13,643		$	18,948		$	11,597		$	11,732		$	25,724	$	81,644
Loans	13,014			18,663			11,184			10,640			(3)		53,498
Deposits	23,460			18,463			10,209			11,050			1,100		64,282
Statistical data:
Return on average assets (a)	0.59		%	0.93		%	0.68		%	2.53		%	n/m		0.55		%
Efficiency ratio (b)	62.08			48.61			61.88			47.41			n/m		61.14
										Other			Finance
Three Months Ended March 31, 2020	Michigan			California			Texas			Markets			& Other		Total
Earnings summary:
Net interest income (expense)	$	163		$	182		$	115		$	86		$	(33)	$	513
Provision for credit losses	24			51			290			46			—		411
Noninterest income	72			36			30			87			12		237
Noninterest expenses	140			98			84			93			10		425
Provision (benefit) for income taxes	15			17			(50)			4			(7)		(21)
Net income (loss)	$	56		$	52		$	(179)		$	30		$	(24)	$	(65)
Net credit-related charge-offs	$	3		$	11		$	70		$	—		$	—	$	84
Selected average balances:
Assets	$	12,899		$	18,377		$	11,154		$	9,766		$	21,069	$	73,265
Loans	12,191			18,027			10,566			8,820			—		49,604
Deposits	20,748			17,466			9,204			8,032			1,318		56,768
Statistical data:
Return on average assets (a)	1.05		%	1.12		%	(6.45)		%	1.24		%	n/m		(0.35)		%
Efficiency ratio (b)	58.91			44.99			58.25			53.76			n/m		56.57
										Other			Finance
Three Months Ended June 30, 2019	Michigan			California			Texas			Markets			& Other		Total
Earnings summary:
Net interest income (expense)	$	186		$	208		$	124		$	94		$	(9)	$	603
Provision for credit losses	(10)			(4)			49			13			(4)		44
Noninterest income	72			40			34			91			13		250
Noninterest expenses	134			99			84			92			15		424
Provision (benefit) for income taxes	30			39			6			16			(4)		87
Net income (loss)	$	104		$	114		$	19		$	64		$	(3)	$	298
Net credit-related charge-offs	$	—		$	7		$	26		$	—		$	—	$	33
Selected average balances:
Assets	$	13,239		$	19,108		$	11,342		$	9,542		$	18,021	$	71,252
Loans	12,704			18,806			10,684			8,775			(6)		50,963
Deposits	19,816			16,314			8,668			7,842			2,355		54,995
Statistical data:
Return on average assets (a)	2.01		%	2.38		%	0.69		%	2.75		%	n/m		1.68		%
Efficiency ratio (b)	52.04			40.07			52.86			49.36			n/m		49.65

(a)Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.

(b)Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities and a derivative contract tied to the conversion rate of Visa Class B shares.

n/m - not meaningful

19

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND REGULATORY RATIOS (unaudited)

Comerica Incorporated and Subsidiaries

Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and our performance trends. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk.

Common equity tier 1 capital ratio removes preferred stock from the Tier 1 capital ratio as defined by and calculated in conformity with bank regulations. The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders' equity per share of common stock.

	June 30,			March 31,			June 30,
(dollar amounts in millions)	2020			2020			2019
Common Equity Tier 1 Capital (a):
Tier 1 capital	$	7,093		$	6,654		$	7,060
Less:
Fixed-rate reset non-cumulative perpetual preferred stock	395			—			—
Common equity tier 1 capital	$	6,698		$	6,654		$	7,060
Risk-weighted assets	$	67,156		$	69,874		$	69,371
Tier 1 capital ratio	10.56		%	9.52		%	10.18		%
Common equity tier 1 capital ratio	9.97		%	9.52		%	10.18		%
Tangible Common Equity:
Total shareholders' equity	$	7,802		$	7,402		$	7,323
Less:
Fixed-rate reset non-cumulative perpetual preferred stock	395			—			—
Goodwill	635			635			635
Other intangible assets	3			3			4
Tangible common equity	$	6,769		$	6,764		$	6,684
Total assets	$	84,397		$	76,337		$	72,537
Less:
Goodwill	635			635			635
Other intangible assets	3			3			4
Tangible assets	$	83,759		$	75,699		$	71,898
Common equity ratio	8.78		%	9.70		%	10.10		%
Tangible common equity ratio	8.08			8.93			9.30
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity	$	7,407		$	7,402		$	7,323
Tangible common equity	6,769			6,764			6,684
Shares of common stock outstanding (in millions)	139			139			150
Common shareholders' equity per share of common stock	$	53.28		$	53.24		$	48.89
Tangible common equity per share of common stock	48.69			48.65			44.61

(a)Tier 1 capital as defined by regulation; estimated for June 30, 2020, reflects deferral of CECL model impact.

20

EX-99.2

Comerica Incorporated Second Quarter 2020 Financial Review July 21, 2020

Safe Harbor Statement Any statements in this presentation that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on track,” “trend,” “objective,” “looks forward,” “projects,” “models” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (unfavorable developments concerning credit quality; declines or other changes in the businesses or industries of Comerica's customers, in particular the energy industry; and changes in customer behavior); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from LIBOR towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); financial reporting risks (changes in accounting standards and the critical nature of Comerica's accounting policies); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (changes in general economic, political or industry conditions; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events, including the COVID-19 global pandemic; and the volatility of Comerica’s stock price). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2019 and "Item 1A. Risk Factors" beginning on page 60 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward- looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 2

2Q20 Results Record loan & deposit growth partly offsets lower interest rates & reserve build Change From Key Performance Drivers 2Q20 compared to 1Q20 (millions, except per share data) 2Q20 1Q20 2Q19 1Q20 2Q19 . Loan growth in the majority of Average loans $53,498 $49,604 $50,963 $3,894 $2,535 businesses; average PPP5 $2.6B Average deposits 64,282 56,768 54,995 7,514 9,287 . Deposit growth primarily noninterest-bearing driven by $471 $513 $603 $(42) $(132) Net interest income stimulus programs & customers Provision for credit losses 138 411 44 (273) 94 conserving cash Noninterest income1 247 237 250 10 (3) . Net interest income reflected lower interest rates Noninterest expenses1 440 425 424 15 16 . Net charge-offs, ex-Energy, 4 bps; Provision for income tax 27 (21) 87 48 (60) Provision includes further reserve build; ACL, ex-PPP, 2.15% Net income 113 (65) 298 178 (185) . Noninterest income included Earnings per share2 $0.80 $(0.46) $1.94 $1.26 $(1.14) higher card fees Average diluted shares 139.5 140.6 153.2 (1.1) (13.7) . Expenses reflect COVID-19 & PPP-related costs Book Value per Share3 53.28 53.24 48.89 0.04 4.39 . Strong capital level increased Tier 14 10.56 9.52 10.18 CET14 9.97 9.52 10.18 1Includes gain (loss) related to deferred comp plan of $2MM 2Q20, ($3MM) 1Q20, & -0- 2Q19 ● 2Diluted earnings per common share ● 3Common shareholders’ equity per share of common stock ● 42Q20 capital ratios estimated ● 5Paycheck Protection Program 3

Loans Increased 8% to Record Level Increase led by PPP & growth in the majority of businesses Average Loans Average loans increase $3.9B ($ in billions) + $1,237MM Mortgage Banker Loan Yields + $ 767MM Corporate Banking 53.5 53.5 53.4 + $ 737MM Middle Market General + $ 567MM Business Banking 51.0 50.9 50.5 + $ 449MM Commercial Real Estate 49.6 ‒ $ 535MM National Dealer Services Loan yields reflect ‒ Average 1-month LIBOR decreased 105 bps ‒ Mix shift with PPP Committed Line Utilization 49% (1Q20 57%) 5.00 4.83 4.43 4.19 Paycheck Protection Program 3.26 . $2.6B average loans . $3.8B loans at PE . >14,700 applications processed . 74% of loans1 <$150,000 . ~2.25% average yield2 . Contractual maturity of 2 years; however, expect majority may be forgiven in 2H20 2Q19 3Q19 4Q19 1Q20 2Q20 1Q20 2Q20 . Funding, operational expenses & charitable Average Balances Period-end giving partially offset revenue 2Q20 compared to 1Q20 ● 1By number of borrowers ● 2Contractual 1.00% interest rate, plus processing fee which is amortized over life of loan 4

Deposits Grew 13% to Record Level Deposit rates decreased 50 basis points as prudently adjust pricing Average Deposits Average deposits increase $7.5B ($ in billions) + $5.9B noninterest-bearing 1 Deposit Rates + $1.6B interest-bearing 67.7 64.3 Loan to deposit ratio2 79% 57.2 56.8 57.4 55.0 55.7 Total funding costs 22 bps3, down 38 bps Beneficial Deposit Mix ($ in billions; 2Q20 Average) . Commercial 79% of noninterest-bearing . Retail 54% of interest-bearing Commercial Retail 0.94 0.99 Noninterest- 0.92 Noninterest- 0.76 bearing bearing 40% 11% Total 0.26 $64.3 Commercial Retail Interest- Interest- bearing 2Q19 3Q19 4Q19 1Q20 2Q20 1Q20 2Q20 bearing 22% Average Balances Period-end 27% 2Q20 compared to 1Q20 ● 1Interest costs on interest-bearing deposits ● 2At 6/30/2020 ● 3Interest incurred on liabilities as a percent of average noninterest–bearing deposits and interest-bearing liabilities 5

Securities Portfolio Yields relatively stable Securities Portfolio ($ in billions; Average) Treasury Securities Mortgage-backed Securities (MBS) Securities Yields 1 13.0 Duration of 2.2 years 12.6 12.8 12.1 12.2 12.2 12.3 . Extends to 3.4 years under a 200 bps instantaneous rate increase1 Net unrealized pre-tax gain of $371MM 10.2 9.8 9.9 2 9.3 9.4 9.4 9.5 Net unamortized premium of $12MM Portfolio Size3 . Opportunistically invest portion of excess liquidity, as market conditions 2.45 2.45 2.45 2.43 2.41 allow . Continue to reinvest estimated quarterly payments of $900MM-950MM (2Q20 ~$700MM) 2Q19 3Q19 4Q19 1Q20 2Q20 1Q20 2Q20 Average Balances Period-end 6/30/20 ● 1Estimated as of 6/30/20 ● 2Net unamortized premium on the MBS portfolio ● 3Outlook as of 7/21/20 6

Net Interest Income Impacted by lower interest rates Net Interest Income $513MM 1Q20 3.06% ($ in millions) - 83MM Loans - 0.60 Net Interest Margin -105MM Lower rates - 0.57 603 586 - 2MM Nonaccrual interest - 0.01 544 513 + 15MM Higher balances - 0.07 471 + 7MM Fees + 0.04 + 2MM Portfolio dynamics + 0.01 - 15MM Fed Deposits - 0.26 - 16MM Lower yield - 0.09 3.66 3.52 + 1MM Higher balances - 0.17 3.20 3.06 + 36MM Deposits + 0.19 2.50 + 36MM Lower rates + 0.19 + 20MM Wholesale Funding + 0.11 + 18MM Lower rates + 0.10 + 2MM Lower balances + 0.01 2Q19 3Q19 4Q19 1Q20 2Q20 $471MM 2Q20 2.50% 2Q20 compared to 1Q20 7

Credit Quality Solid Credit migration manageable; Starting cycle from position of strength Net Charge-offs ex-Energy 4 bps1 Criticized Loans Reflect Environment2 ($ in millions) ($ in millions) All Other Energy % NCO/Avg Loans 1.00 $519MM Increase General Middle Market 84 0.90 $348MM Increase Energy 0.80 0.68 0.70 All Other Energy % Criticized/Loans 0.60 50 3,379 10.00 0.50 42 9.00 0.40 33 8.00 0.37 2,457 0.30 0.33 21 7.00 0.26 2,120 67 0.20 1,948 6.3 6.00 0.16 1,861 25 0.10 34 45 5.00 19 4.6 - 4.2 4.00 3.8 3.6 2Q19 3Q19 4Q19 1Q20 2Q20 3.00 2.00 Nonperforming Loans ex-Energy Declined 1,738 1,641 1,754 1,964 2,538 1.00 - ($ in millions) 2Q19 3Q19 4Q19 1Q20 2Q20 All Other Energy % NPL/Loans 1.00 271 0.90 Taking action 0.80 230 226 239 . Proactive, frequent customer dialogue 204 0.70 0.60 . Adjusting risk ratings based on current & 0.51 0.50 expected financial performance 0.44 0.44 0.45 0.40 0.40 . Review liquidity & cashflow forecasts 0.30 . 0.20 Track receivable & inventory levels 146 152 161 174 169 0.10 . Providing support, as warranted, including - payment deferrals & other accommodations 2Q19 3Q19 4Q19 1Q20 2Q20 6/30/20 ● 1Net credit-related charge-offs ● 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 8

Credit Quality Solid Increased reserves due to expected economic stress related to COVID-19 Reserve Build Significant in 1H20 CECL modeling ($ in millions) . Variety of economic forecasts considered 1,200 % ACL/Loans % Ex-PPP 2.15 2.6 . Forecasts with greatest weights feature 1,000 1.99 2.1 1.83 significant recession followed by slow 800 1.6 1.33 1.32 1.33 improvement 600 1.1 . Unemployment 10% 4Q20 to 7% 4Q21 978 1,066 400 0.6 . 4Q19 peak GDP recaptured by 4Q21 688 681 668 200 0.1 . Continued elevated qualitative reserves for - -0.4 Energy, Auto, Leverage & Social Distancing 2Q19 3Q19 4Q19 1Q20 2Q20 High Reserve Coverage & Low NPAs 2Q20 ACL / Stress Test Losses1 NPA/PE Loans (%) ACL/NPL (times) 76% 4.0 3.9 56% 3.0 48% 2.0 1.0 0.53 0.0 2017 DFAST 2017 2019 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2Q20 6/30/20 ● 1Stress results in severely adverse economic conditions; 2017 & 2019 company stress tests 9

Energy Line of Business Allocation of reserves for Energy loans >10% Period-end Loans . Exposure $3.4B / 60% utilization ($ in millions) . Spring redeterminations 90% complete Services 3,559 Midstream . 20% average decrease in borrowing base Exploration & Production . 85% of customers’ borrowing bases 566 3,070 lower . Hedged 50% or more of production 480 454 . At least one year:Mixed 73% of customers . At least two years:18% 37% of customers 2,250 2,221 2,163 2,114 479 48 2,086 . Focus on larger, sophisticated E&P 289 94 55 1,836 50 298 companies 432 364 374 195 374 Exploration & Production 295 ($ in millions; 2Q20 Period-end) 2,539 2,111 1,771 1,741 Oil 1,587 1,695 1,662 1,346 60% Oil/Gas Total 22% 1,662 2014 2015 2016 2017 2018 2019 1Q20 2Q20 Gas 18% 6/30/20 10

Credit Exposure to “at risk” industries well reserved Period- % of total % Category Category Comments end loans loans criticized1 Retail CRE $784 1.5% 0.0% Well capitalized developers (low LTV) Hotels/Casinos $748 1.4% 5.4% Strong liquidity; Well capitalized Arts / Recreation $357 0.7% 14.0% Larger, well-established entities Sports franchises $321 0.6% 0.2% Primarily professional league teams Retail goods & services $283 0.5% 8.2% Granular portfolio Total all Other2 $1,038 1.9% 8.2% 11 distinct categories Social Distancing Total $3,531 6.6% 5.6% Auto Production $1,472 2.8% 21.1% Primarily Tier 1 & Tier 2 suppliers; $1MM NALs Leveraged Loans3 $2,092 3.9% 17.8% 86% are middle market companies Payment Deferrals . $4.5B payment deferrals granted (primarily commercial) . Requests for second deferral have been minimal . 2,100 customers . Substantially all performing at time of deferral . Nominal new requests since early June 6/30/20; in millions categories ● 1Period-end category criticized loans / category loans ● 2Includes airlines, restaurants/bars, childcare, coffee shops, cruise lines, education, gasoline/C stores, religious organizations, senior living, freight, travel arrangement 3Higher-risk commercial & industry total $2.4B, eliminated overlap with other categories ● 11

Noninterest Income Strong card fees as transaction volumes increased with stimulus payments Noninterest Income1,2 ($ in millions) + $9MM Card fees + $8MM Securities trading (other) 266 256 250 247 + $5MM Deferred comp (other) 237 (offset in noninterest expense) + $2MM Securities gains + $2MM Customer derivative income (other) ‒ $7MM Deposit Service Charges ‒ $3MM Bank-owned Life Insurance (BOLI) ‒ $2MM Brokerage ‒ $2MM Fiduciary ‒ $2MM Foreign Exchange 2Q19 3Q19 4Q19 1Q20 2Q20 2Q20 compared to 1Q20 ● 1Losses related to repositioning of securities portfolio of $(8)MM in 2Q19 ● 2Includes gain(loss) related to deferred comp plan of -0- 2Q19, $3MM 3Q19, $3MM 4Q19, ($3MM) 1Q20 & $2MM 2Q20 (offset in noninterest expense) 12

Noninterest Expense Includes COVID-19 & PPP related costs Noninterest Expense ($ in millions) + $7MM Salaries & benefits + $8MM Salaries (merit & Promise Pay) 451 440 + $5MM Deferred Comp (offset in 424 435 425 noninterest income) ‒ $6MM Payroll taxes (seasonal) + $5MM Outside Processing + $2MM Software 2Q19 3Q19 4Q19 1Q20 2Q20 2Q20 compared to 1Q20 13

Capital Management Maintain solid capital base through recessionary environment Capital Ratios1 (2Q20) Capital management objectives Regulatory Minimum + Capital Conservation Buffer 12.9% . Supporting customers: loans to middle 10.6% market, small businesses & consumers 10.0% 10.5% . Maintain attractive dividend yield 8.5% . $98MM 2Q20 payout 7.0% . Ample Holdco cash to support dividend . Share buyback program suspended2 • Average shares fell 1.1MM, reflecting 3.2MM shares repurchased in 1Q20 CET1 Tier 1 Capital Total Capital . Strong debt ratings3 (Holdco) . Moody’s: A3 Opportunistically moved to optimize . S&P: BBB+ . capital stack: Fitch: A- . Issued $400MM non-cumulative perpetual . Target of CET1 ~10% preferred stock at 5.625% on 5/26/20 . Added 59 bps to Tier 1 Capital 6/30/20 ● Outlook as of 7/21/20 ● 1Estimates; Deferred portion of transitional impact for CECL added 13 bps ● 2Shares repurchased under the share repurchase program ● 3Holding company debt ratings as of 7/21/20; Debt Ratings are not a recommendation to buy, sell, or hold securities 14

Management Outlook 3Q20 expectation based on recessionary conditions Average + Lending to small businesses (full quarter benefit of PPP) Loans ‒ More than offset by Mortgage Banker, Large Corporate & National Dealer Average . Relatively stable as customers utilize economic stimulus proceeds Deposits Net Interest ‒ Net impact of lower rates alone ~$10-15MM (1-Month LIBOR 17 bps & deposit rates 20 bps) Income ‒ Lower loan balances offset by lower wholesale debt & 1 additional day Credit . Reflective of environment: duration/severity of COVID-19 & resulting economic effects Quality Noninterest + Higher service charges on deposits as activity increases 1 ‒ More than offset by reduced activity (card) & lower market based fees (investment banking & Income derivatives); security trading ($8MM 2Q20) & deferred comp not to repeat Noninterest + Technology & occupancy projects, marketing & staff insurance (seasonal) as well as charitable contributions Expenses1 ‒ Mostly offset by continued expense discipline and reduction in Covid-19 related costs . Declare first preferred dividend Capital . Focus on supporting customers & maintaining attractive common dividend Outlook as of 7/21/20 ● 3Q20 outlook compared to 2Q20 ● 1Assumes no deferred comp asset returns (2Q20 $2MM) 15

Well positioned to navigate these challenging times CUSTOMER FOCUSED DIVERSIFIED CREDIT DISCIPLINE . Long-tenured, experienced . Diverse geographic . Conservative underwriting team with deep expertise footprint standards . Supporting customers’ . Balanced exposure to a . Superior credit performance financial needs for 170+ yrs wide variety of industries through last recession WELL CAPITALIZED ROBUST LIQUIDITY STRONG DEBT RATINGS A3 . 9.97% CET1 Ratio1 . $45B available liquidity Maintain strong ratings2 . 10.56 Tier 1 Ratio1 sources . Moody’s: A3 . . $8.7B Total Capital1 . 79% Loan/ Deposit Ratio S&P: BBB+ . Fitch: A- 6/30/20 ● 1Estimates ● 2Holding company debt ratings as of 7/21/20; Debt Ratings are not a recommendation to buy, sell, or hold securities 16

Appendix

Average Loans by Business and Market By Line of Business 2Q20 1Q20 2Q19 By Market 2Q20 1Q20 2Q19 Middle Market Michigan $13.0 $12.2 $12.7 General 12.7 12.0 12.4 Energy 2.2 2.2 2.5 California 18.7 18.0 18.8 National Dealer Services 6.2 6.8 7.9 Texas 11.2 10.6 10.7 Entertainment 0.7 0.7 0.8 Tech. & Life Sciences 1.5 1.2 1.3 Other Markets1 10.6 8.8 8.8 Equity Fund Services 2.3 2.6 2.6 TOTAL $53.5 $49.6 $51.0 Environmental Services 1.4 1.3 1.1 Total Middle Market $27.0 $26.7 $28.6 Corporate Banking Loan Portfolio US Banking 3.5 3.0 3.0 ($ in billions; 2Q20 Period-end) 2 International 1.5 1.2 1.3 Fixed Rate 26% Commercial Real Estate 6.7 6.2 5.5 Mortgage Banker Finance 3.3 2.0 2.0 Business Banking 4.0 3.4 3.5 Prime- based COMMERCIAL BANK $45.9 $42.6 $43.9 Total 1 Month 13% Retail Banking 2.5 2.1 2.1 $53.4 LIBOR 53% RETAIL BANK $2.5 $2.1 $2.1 >1 Month Private Banking 5.1 4.9 4.9 LIBOR WEALTH MANAGEMENT $5.1 $4.9 $4.9 8% TOTAL $53.5 $49.6 $51.0 $ in billions ● Totals shown above may not foot due to rounding ● 1Other Markets includes PPP Loans, Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets ● 2Fixed rate loans include $5.55B receive fixed / pay floating (30-day LIBOR) interest rate swaps 18

Average Deposits by Business and Market By Line of Business 2Q20 1Q20 2Q19 By Market 2Q20 1Q20 2Q19 Middle Market Michigan $23.5 $20.7 $19.8 General $18.1 $14.3 $13.4 Energy 0.5 0.5 0.4 California 18.5 17.5 16.3 National Dealer Services 0.4 0.3 0.3 Texas 10.2 9.2 8.7 Entertainment 0.2 0.1 0.1 Other Markets1 11.0 8.0 7.8 Tech. & Life Sciences 5.5 5.1 4.7 Finance/Other2 1.1 1.3 2.4 Equity Fund Services 0.8 0.9 0.8 TOTAL $64.3 $56.8 $55.0 Environmental Services 0.2 0.1 0.2 Total Middle Market $25.7 $21.4 $19.9 Corporate Banking US Banking 2.4 2.0 1.7 International 1.8 1.5 1.6 . Middle Market: Serving companies with Commercial Real Estate 1.8 1.7 1.5 revenues generally between $30-$500MM Mortgage Banker Finance 0.8 0.6 0.7 . Corporate Banking: Serving companies Business Banking 3.8 3.0 2.9 (and their U.S. based subsidiaries) with COMMERCIAL BANK $36.3 $30.2 $28.3 revenues generally over $500MM Retail Banking 22.6 21.2 20.6 . RETAIL BANK $22.6 $21.2 $20.6 Business Banking: Serving companies with revenues generally under $30MM Private Banking 3.8 3.7 3.5 WEALTH MANAGEMENT $4.2 $4.0 $3.7 Finance/Other2 1.1 1.3 2.4 TOTAL $64.3 $56.8 $55.0 $ in billions ● Totals shown above may not foot due to rounding ● 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets ● 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments 19

Mortgage Banker Finance 55+ years experience with reputation for consistent, reliable approach Average Loans ($ in millions) Actual MBA Mortgage Origination Volumes1 . Provide warehouse financing: bridge from 1000 residential mortgage origination to sale to 900 800 end market 700 600 500 . Extensive backroom provides collateral 400 3,278 300 2,681 2,544 monitoring and customer service 2,521 2,352 200 2,145 2,044 2,042 1,974 1,961 1,861 1,780 1,784 1,677 100 1,450 1,435 1,335 . Focus on full banking relationships 0 . Granular portfolio with ~100 relationships 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 As of 2Q20: MBA Mortgage Originations Forecast1 . Comerica: 46% purchase ($ in billions) Purchase Refinance 1 . Industry: 40% purchase 928 . Strong credit quality 740 585 579 . No charge-offs since 2010 502 . Period-end loans: $4.2B 2Q20 3Q20 4Q20 1Q21 2Q21 6/30/20 ● 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 7/15/20; estimated 20

Commercial Real Estate Line of Business Long history of working with well established, proven developers CRE by Property Type1 CRE by Market1 ($ in millions; Period-end) ($ in millions; Period-end, based on location of property) Office Retail Single Family 8% 10% 4% Texas Other Other 32% 3% 19% Industrial / Land Carry Storage 5% 20% Total Multi use Total $5,840 3% $5,840 Michigan 5% Multifamily California 47% 44% Credit Quality . >90% of new commitments from existing ($ in millions; Period-end) 2Q19 1Q20 2Q20 customers Criticized2 $106 $87 $72 . Substantial upfront equity required Ratio 1.9% 1.3% 1.1% . 53% of portfolio3 is construction & includes Nonaccrual $2 $3 $4 robust monitoring Ratio 0.04% 0.04% 0.06% . ~4% of CRE loans are deferred Net charge-offs -0- -0- -0- . No significant net charge-offs since 2014 6/30/20 ● 1Excludes CRE line of business loans not secured by real estate ● 2Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories ● 3Period-end loans 21

recreational recreational vehicles, and non-floor plan loans) 6/30/20 Toyota/Lexus 70+ years70+ of floor planlending National Dealer Services ● 1 Other Other includes obligations where primary a franchise is indeterminable (rental car and leasing companies, heavy truck, 13% 15% Other Other Asian 1 Michigan 26% Other 10% Other Texas 7% 26% Michigan California 57% 14% (Based on period-end loan outstandings) Geographic Dispersion Franchise Distribution Other Other European $5.4B Total Honda/Acura 12% 15% Nissan/ Nissan/ Infiniti 4% Mercedes Ford 9% Fiat/Chrysler 3% GM 7% 8% 2Q16 4.0 6.5 . . . . 3Q16 3.8 6.3 and performance Robust ofmonitoring company inventory Strong credit quality dealerships in group) “Mega Focus on Dealer” (five or more tier Top strategy 4Q16 4.0 6.6 1Q17 4.1 6.8 2Q17 4.3 7.1 3Q17 3.9 6.9 Average Loans 4Q17 4.1 7.1 ($ ($ in billions) 1Q18 4.1 7.3 Plan Floor 2Q18 4.2 7.4 3Q18 3.8 7.0 4Q18 4.0 7.4 1Q19 4.4 7.8 2Q19 4.5 7.9 3Q19 4.1 7.5 4Q19 4.0 7.3 1Q20 3.6 6.8 22 2Q20 2.8 6.2

Technology & Life Sciences Deep expertise & strong relationships with top-tier investors Average Loans Average Deposits ($ in millions) ($ in millions) 5,471 5,149 5,126 4,652 4,637 1,517 1,305 1,251 1,181 1,193 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Customer Segment Overview1 . ~410 customers (Approximate; 2Q20 Period-end loans) . Manage concentration to numerous Growth verticals to ensure widely diversified 55% portfolio Late Stage Total . Closely monitor cash balances & 10% $1.5B maintain robust backroom operation . 11 offices throughout US & Canada Early Stage Leveraged 18% Finance 17% 6/30/20 ● 1Includes estimated distribution of PPP loans 23

Equity Fund Services Deep expertise & strong relationships with top-tier investors Average Loans ($ in millions) . Customized credit, treasury management & investment solutions for venture capital 2,602 2,606 & private equity firms 2,549 2,498 . National scope with customers in 17 2,277 states & Canada . ~260 customers . Drive connectivity with other teams . Energy . Middle Market . TLS . Environmental Services . Private Banking . Strong credit profile . No charge-offs . No criticized loans 2Q19 3Q19 4Q19 1Q20 2Q20 6/30/20 24

Holding Company Debt Rating Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A- - M&T Bank A3 A- A BOK Financial A3 BBB+ A Comerica A3 BBB+ A- Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- KeyCorp Baa1 BBB+ A- Regions Financial Baa2 BBB+ BBB+ Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 BBB- BBB Citizens Financial Group - BBB+ BBB+ Synovus Financial - BBB- BBB As of 7/13/20 ● Source: S&P Global Market Intelligence ● Debt Ratings are not a recommendation to buy, sell, or hold securities ● Zions Bancorporation ratings are for the bank 25

XML

Cover Document	Jul. 21, 2020
Cover [Abstract]
Entity Central Index Key	0000028412
Entity Emerging Growth Company	false
Written Communications	false
Entity Incorporation, State or Country Code	DE
Document Type	8-K
Title of 12(b) Security	Common Stock, $5 par value
Trading Symbol	CMA
Security Exchange Name	NYSE
Document Period End Date	Jul. 21, 2020
Entity Registrant Name	COMERICA INCORPORATED
Entity Address, Address Line One	1717 Main Street, MC 6404
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(214)
Local Phone Number	462-6831
Entity File Number	1-10706
Entity Tax Identification Number	38-1998421
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Amendment Flag	false