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Core Insights - Comerica Incorporated (CMA) is facing scrutiny regarding its historical underperformance and potential for a sale, with CEO Curtis Farmer indicating openness to mergers and acquisitions [1][9] - HoldCo Asset Management has acquired a $155 million stake in Comerica and is urging the bank to initiate a strategic review for acquisition offers [2][9] - Potential acquirers named include PNC Financial Services Group, Fifth Third Bancorp, and Huntington Bancshares, which could benefit from cost synergies and expanded geographic reach [3][9] Performance Analysis - Comerica's stock has underperformed significantly, with a decline of 4.5% over the past seven years compared to the industry's growth of 38.6% [4][7] - The bank's total loans and deposits have shown a declining trend, with total deposits down 9.1% in Q2 2025 compared to Q2 2023 [10] - The efficiency ratio has worsened, increasing from 54% in 2018 to 71% in 2024, indicating deteriorating profitability [12] Strategic Positioning - Comerica's geographic reach in high-growth markets provides immediate scale, particularly in the Sunbelt and Midwestern regions [15] - The bank has a strong business banking presence, particularly in commercial lending, which offers opportunities for cross-selling high-margin services [16] - With a market capitalization of $8.5 billion, Comerica presents a manageable acquisition target for larger regional banks, minimizing execution and regulatory risks [17] Future Outlook - The combination of prolonged underperformance, operational missteps, and weakening fundamentals has created a valuation gap that may attract activist investors and potential acquirers [18] - The upcoming quarters will be crucial in determining whether Comerica will remain independent or become part of a larger consolidation trend in the U.S. regional banking sector [19]

[PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents unaudited financial statements, management's discussion, and supplemental data [ITEM 1. Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) Presents unaudited consolidated financial statements, including balance sheets, income, equity, cash flows, and accounting notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets%20at%20June%2030,%202025%20(unaudited)%20and%20December%2031,%202024) Consolidated Balance Sheets at June 30, 2025 (unaudited) and December 31, 2024 | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Total assets | $77,988 | $79,297 | | Total liabilities | $71,128 | $72,754 | | Total shareholders' equity | $6,860 | $6,543 | | Total loans (net) | $50,481 | $49,849 | | Total deposits | $60,003 | $63,811 | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20and%202024%20(unaudited)) Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) | (in millions, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net interest income | $575 | $533 | $1,150 | $1,081 | | Provision for credit losses | $44 | $0 | $64 | $14 | | Noninterest income | $274 | $291 | $528 | $527 | | Noninterest expenses | $561 | $555 | $1,145 | $1,158 | | Net income | $199 | $206 | $371 | $344 | | Diluted earnings per common share | $1.42 | $1.49 | $2.66 | $2.47 | [Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20and%202024%20(unaudited)) Consolidated Statements of Changes in Shareholders' Equity (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :------------------ | | Total Shareholders' Equity | $6,860 | $6,543 | | Net income (six months) | $371 | $371 (from Jan 1, 2025) | | Other comprehensive income, net of tax (six months) | $662 | $662 (from Jan 1, 2025) | | Redemption of preferred stock (six months) | $(400) | $(400) (from Jan 1, 2025) | | Purchase of common stock (six months) | $(151) | $(151) (from Jan 1, 2025) | - The Corporation redeemed **4,000 shares** of Series A Preferred Stock, resulting in a **$400 million reclassification** from shareholders' equity to other liabilities[10](index=10&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024%20(unaudited)) Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited) | (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Net cash provided by (used in) operating activities | $749 | $(94) | | Net cash (used in) provided by investing activities | $(135) | $1,171 | | Net cash used in financing activities | $(2,130) | $(5,767) | | Net decrease in cash and cash equivalents | $(1,516) | $(4,690) | | Cash and cash equivalents at end of period | $5,288 | $4,812 | [NOTE 1 - BASIS OF PRESENTATION AND ACCOUNTING POLICIES](index=7&type=section&id=NOTE%201%20-%20BASIS%20OF%20PRESENTATION%20AND%20ACCOUNTING%20POLICIES) - The unaudited consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information[13](index=13&type=chunk) - The Corporation adopted ASU 2023-02 (Income Taxes) effective January 1, 2024, with no material impact expected on income tax disclosures[14](index=14&type=chunk) - The Corporation is evaluating the impact of ASU 2024-03 (Expense Disaggregation Disclosures), effective January 1, 2027, on its disclosures[15](index=15&type=chunk) [NOTE 2 – FAIR VALUE MEASUREMENTS](index=7&type=section&id=NOTE%202%20%E2%80%93%20FAIR%20VALUE%20MEASUREMENTS) - The Corporation utilizes fair value measurements for recurring assets (investment securities, derivatives) and nonrecurring assets (impaired loans, foreclosed property)[17](index=17&type=chunk) Assets and Liabilities Recorded at Fair Value on a Recurring Basis (June 30, 2025) | (in millions) | Total | Level 1 | Level 2 | Level 3 | | :-------------------------------- | :---- | :------ | :------ | :------ | | **Assets:** | | | | | | Deferred compensation plan assets | $86 | $86 | $— | $— | | Equity securities | $47 | $47 | $— | $— | | Investment securities available-for-sale | $14,874 | $1,271 | $13,603 | $— | | Derivative assets | $781 | $— | $781 | $— | | **Total assets at fair value** | **$15,788** | **$1,404** | **$14,384** | **$—** | | **Liabilities:** | | | | | | Derivative liabilities | $824 | $— | $814 | $10 | | Deferred compensation plan liabilities | $84 | $84 | $— | $— | | **Total liabilities at fair value** | **$908** | **$84** | **$814** | **$10** | Assets Recorded at Fair Value on a Nonrecurring Basis (June 30, 2025) | (in millions) | Level 3 | | :---------------------- | :------ | | **Loans:** | | | Commercial | $44 | | Commercial mortgage | $35 | | Residential mortgage | $9 | | **Total loans** | **$88** | | Loans held-for-sale | $177 | | Other real estate | $12 | | **Total assets at fair value** | **$277** | [NOTE 3 - INVESTMENT SECURITIES](index=13&type=section&id=NOTE%203%20-%20INVESTMENT%20SECURITIES) Investment Securities Available-for-Sale (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Amortized Cost | $17,310 | $17,918 | | Gross Unrealized Gains | $5 | $1 | | Gross Unrealized Losses | $2,441 | $2,874 | | Fair Value | $14,874 | $15,045 | - Unrealized losses on investment securities **decreased from $2,874 million to $2,441 million** at June 30, 2025, primarily due to changes in market interest rates[31](index=31&type=chunk)[33](index=33&type=chunk) - **No allowance for credit losses** was recorded on securities in an unrealized loss position, as the Corporation does not intend to sell them before recovery of amortized costs[33](index=33&type=chunk) [NOTE 4 – CREDIT QUALITY AND ALLOWANCE FOR CREDIT LOSSES](index=15&type=section&id=NOTE%204%20%E2%80%93%20CREDIT%20QUALITY%20AND%20ALLOWANCE%20FOR%20CREDIT%20LOSSES) Total Loans and Nonaccrual Loans (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :------------------ | | Total Loans | $51,179 | $50,539 | | Nonaccrual Loans | $248 | $308 | | Loans Past Due 30-59 Days | $104 | $180 | | Loans Past Due 60-89 Days | $30 | $39 | | Loans Past Due 90 Days or More | $42 | $44 | Allowance for Credit Losses (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :------------------ | | Allowance for loan losses | $698 | $690 | | Allowance for credit losses on lending-related commitments | $37 | $35 | | **Total Allowance for Credit Losses** | **$735** | **$725** | - Net loan charge-offs for the six months ended June 30, 2025, were **$54 million**, an **increase of $29 million** compared to $25 million in the prior year, driven by Commercial Real Estate, Energy, and general Middle Market[48](index=48&type=chunk)[54](index=54&type=chunk) - Financially Distressed Modifications (FDMs) totaled $194 million for the six months ended June 30, 2025, with a weighted-average term extension of 21 months and a weighted-average interest rate reduction of (2.11)%[56](index=56&type=chunk)[62](index=62&type=chunk) [NOTE 5 - GOODWILL AND INTANGIBLES](index=24&type=section&id=NOTE%205%20-%20GOODWILL%20AND%20INTANGIBLES) Goodwill by Reporting Unit (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :------------------ | | Commercial Bank | $473 | $473 | | Retail Bank | $101 | $101 | | Wealth Management | $61 | $61 | | **Total** | **$635** | **$635** | - Goodwill remained **stable at $635 million**, and **no impairment** was indicated during the annual test or interim periods ended June 30, 2025[67](index=67&type=chunk) [NOTE 6 – DERIVATIVES AND CREDIT-RELATED FINANCIAL INSTRUMENTS](index=24&type=section&id=NOTE%206%20%E2%80%93%20DERIVATIVES%20AND%20CREDIT-RELATED%20FINANCIAL%20INSTRUMENTS) - The Corporation uses derivative instruments for risk management (hedging) and customer-initiated activities, managing market and credit risks through offsetting positions, limits, and collateral[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) Total Gross Derivatives (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :------------------ | | Notional/Contract Amount | $71,775 | $69,729 | | Gross Derivative Assets | $781 | $666 | | Gross Derivative Liabilities | $814 | $794 | Credit-Related Financial Instruments (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :------------------ | | Unused commitments to extend credit | $28,113 | $28,397 | | Standby letters of credit | $4,156 | $4,138 | | Commercial letters of credit | $10 | $12 | - Criticized standby and commercial letters of credit **increased to $71 million (1.7% of total)** at June 30, 2025, from **$37 million (0.9% of total)** at December 31, 2024[100](index=100&type=chunk) [NOTE 7 - VARIABLE INTEREST ENTITIES (VIEs)](index=32&type=section&id=NOTE%207%20-%20VARIABLE%20INTEREST%20ENTITIES%20(VIEs)) - The Corporation holds ownership interests in tax credit entities (LIHTC and other community development projects) that are classified as VIEs, but it is not the primary beneficiary[105](index=105&type=chunk) - Exposure to loss from these VIEs was **limited to $570 million** at June 30, 2025[106](index=106&type=chunk) Impact of Tax Credit Investments on Provision for Income Taxes (6 months ended June 30) | (in millions) | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Amortization of investments | $43 | $39 | | Tax credits | $(38) | $(38) | | Other income tax benefits | $(13) | $(8) | | **Total provision for income taxes** | **$(8)** | **$(7)** | [NOTE 8 - MEDIUM- AND LONG-TERM DEBT](index=33&type=section&id=NOTE%208%20-%20MEDIUM-%20AND%20LONG-TERM%20DEBT) Medium- and Long-Term Debt (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :------------------ | | Parent company debt | $1,786 | $1,746 | | Subsidiaries subordinated notes | $973 | $953 | | Subsidiaries FHLB advances | $3,003 | $3,974 | | **Total medium- and long-term debt** | **$5,762** | **$6,673** | - Total medium- and long-term debt **decreased by $911 million**, primarily due to the maturity of FHLB advances[111](index=111&type=chunk) - At June 30, 2025, **total FHLB borrowings were $5.0 billion**, with **$11.9 billion remaining capacity** for future borrowing[112](index=112&type=chunk) [NOTE 9 - SHAREHOLDERS' EQUITY](index=35&type=section&id=NOTE%209%20-%20SHAREHOLDERS'%20EQUITY) - On June 10, 2025, the Corporation delivered a notice of redemption for all **4,000 shares** of Series A Preferred Stock, effective July 1, 2025[115](index=115&type=chunk) - The redemption resulted in a **$400 million reclassification** from shareholders' equity to other liabilities on the Consolidated Balance Sheets[115](index=115&type=chunk) [NOTE 10 - ACCUMULATED OTHER COMPREHENSIVE LOSS](index=36&type=section&id=NOTE%2010%20-%20ACCUMULATED%20OTHER%20COMPREHENSIVE%20LOSS) Accumulated Other Comprehensive Loss (June 30, 2025 vs June 30, 2024) | (in millions) | June 30, 2025 | June 30, 2024 | | :------------------------------------------------------------------ | :------------ | :------------ | | Accumulated net unrealized losses on investment securities, net of tax | $(1,867) | $(2,252) | | Accumulated net losses on cash flow hedges, net of tax | $(267) | $(814) | | Accumulated defined benefit pension and other postretirement plans adjustment, net of tax | $(365) | $(397) | | **Total accumulated other comprehensive loss at end of period, net of tax** | **$(2,499)** | **$(3,463)** | - The Corporation expects to **reclassify $145 million of losses**, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months[118](index=118&type=chunk) [NOTE 11 - NET INCOME PER COMMON SHARE](index=38&type=section&id=NOTE%2011%20-%20NET%20INCOME%20PER%20COMMON%20SHARE) Diluted Earnings Per Common Share (3 & 6 months ended June 30) | (per share data) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Diluted EPS | $1.42 | $1.49 | $2.66 | $2.47 | - Basic average common shares **decreased to 131 million** for the three and six months ended June 30, 2025, from **133 million** in the prior year periods[120](index=120&type=chunk) [NOTE 12 - EMPLOYEE BENEFIT PLANS](index=39&type=section&id=NOTE%2012%20-%20EMPLOYEE%20BENEFIT%20PLANS) Net Periodic Defined Benefit Credit (Qualified Pension Plan) (3 & 6 months ended June 30) | (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Service cost | $8 | $9 | $17 | $17 | | Other components of net benefit credit | $(21) | $(23) | $(42) | $(44) | | **Net periodic defined benefit credit** | **$(13)** | **$(14)** | **$(25)** | **$(27)** | Net Periodic Defined Benefit Cost (Non-Qualified Pension Plan) (3 & 6 months ended June 30) | (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Service cost | $1 | $0 | $2 | $1 | | Other components of net benefit cost | $2 | $2 | $4 | $3 | | **Net periodic defined benefit cost** | **$3** | **$2** | **$6** | **$4** | [NOTE 13 - INCOME TAXES AND TAX-RELATED ITEMS](index=39&type=section&id=NOTE%2013%20-%20INCOME%20TAXES%20AND%20TAX-RELATED%20ITEMS) - Net deferred tax assets **decreased by approximately $215 million to $819 million** at June 30, 2025, from **$1.0 billion** at December 31, 2024[127](index=127&type=chunk) - Unrecognized tax benefits remained **stable at $8 million** at June 30, 2025, with a **$2 million decrease anticipated** within the next twelve months[126](index=126&type=chunk) - The Corporation maintains a federal valuation allowance of **$9 million** and a state valuation allowance of **$2 million** for certain tax carryforwards[127](index=127&type=chunk) [NOTE 14 - CONTINGENT LIABILITIES](index=40&type=section&id=NOTE%2014%20-%20CONTINGENT%20LIABILITIES) - Accruals are established for legal claims and regulatory matters where a loss is probable and estimable[132](index=132&type=chunk) - The estimated aggregate range of reasonably possible losses, in excess of established accruals, is **from zero to approximately $24 million** at June 30, 2025[133](index=133&type=chunk) - The CFPB investigation into Comerica Bank's Direct Express® program is **closed, with no further action intended**[131](index=131&type=chunk) [NOTE 15 - STRATEGIC LINES OF BUSINESS](index=41&type=section&id=NOTE%2015%20-%20STRATEGIC%20LINES%20OF%20BUSINESS) - The Corporation operates through three major business segments: Commercial Bank, Retail Bank, and Wealth Management, plus Finance and Other categories[135](index=135&type=chunk) - Segment performance is evaluated using segment net interest income and net income (loss) for resource allocation and product pricing[136](index=136&type=chunk) - The Commercial Bank's net income **decreased by $71 million (13%)** for the six months ended June 30, 2025, primarily due to increased provision for credit losses[195](index=195&type=chunk) - The Retail Bank's net income **increased by $76 million (91%)** for the six months ended June 30, 2025, driven by higher net interest income and lower noninterest expenses[197](index=197&type=chunk) - Wealth Management's net income **increased by $9 million (24%)** for the six months ended June 30, 2025, mainly due to higher noninterest income[198](index=198&type=chunk) - The Finance & Other category reported a **net loss of $(322) million** for the six months ended June 30, 2025, an **improvement of $13 million** from the prior year[199](index=199&type=chunk) [NOTE 16 - REVENUE FROM CONTRACTS WITH CUSTOMERS](index=44&type=section&id=NOTE%2016%20-%20REVENUE%20FROM%20CONTRACTS%20WITH%20CUSTOMERS) Total Revenue from Contracts with Customers (3 & 6 months ended June 30) | (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Card fees | $59 | $64 | $118 | $130 | | Fiduciary income | $57 | $58 | $109 | $109 | | Service charges on deposit accounts | $47 | $46 | $93 | $91 | | **Total revenue from contracts with customers** | **$185** | **$203** | **$368** | **$390** | [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial performance, condition, operations, business lines, capital, and risk management [FORWARD-LOOKING STATEMENTS](index=46&type=section&id=FORWARD-LOOKING%20STATEMENTS) - This report contains forward-looking statements regarding future events, financial results, and business strategies, which are inherently uncertain and outside the Corporation's control[153](index=153&type=chunk) - Actual results and financial condition may differ materially due to various factors, including credit, market, liquidity, technology, operational, compliance, and strategic risks[153](index=153&type=chunk) [RESULTS OF OPERATIONS](index=47&type=section&id=RESULTS%20OF%20OPERATIONS) - Net income for the three months ended June 30, 2025, **increased by $27 million sequentially to $199 million**, driven by lower noninterest expenses and higher noninterest income[157](index=157&type=chunk) - For the six months ended June 30, 2025, net income **increased by $27 million year-over-year to $371 million**, primarily due to higher net interest income and lower noninterest expenses[176](index=176&type=chunk) [Three Months Ended June 30, 2025 Compared to Three Months Ended March 31, 2025](index=47&type=section&id=Three%20Months%20Ended%20June%2030,%202025%20Compared%20to%20Three%20Months%20Ended%20March%2031,%202025) Key Financial Highlights (3 months ended June 30, 2025 vs March 31, 2025) | (in millions, except per share data) | June 30, 2025 | March 31, 2025 | Change | | :---------------------------------- | :------------ | :------------- | :----- | | Net interest income | $575 | $575 | $0 | | Provision for credit losses | $44 | $20 | $24 | | Noninterest income | $274 | $254 | $20 | | Noninterest expenses | $561 | $584 | $(23) | | Net income | $199 | $172 | $27 | | Diluted earnings per common share | $1.42 | $1.25 | $0.17 | - Net interest margin **decreased 2 basis points to 3.16%**, primarily due to a **$1.2 billion increase** in short-term borrowings and the net impact of lower rates, partially offset by a **$748 million decline** in medium- and long-term debt and a **$451 million increase** in average loans[163](index=163&type=chunk) - Net loan charge-offs **increased by $2 million to $28 million, or 22 basis points** as a percentage of average loans, reflecting increases in general Middle Market and Technology and Life Sciences[166](index=166&type=chunk) - Noninterest expenses **decreased $23 million**, primarily due to decreases in other noninterest expenses, salaries and benefits expense, and FDIC insurance expense[172](index=172&type=chunk) - Provision for income taxes **decreased $8 million**, including a **$9 million benefit** from changes in California state income tax rates[174](index=174&type=chunk) [Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024](index=52&type=section&id=Six%20Months%20Ended%20June%2030,%202025%20Compared%20to%20Six%20Months%20Ended%20June%2030,%202024) Key Financial Highlights (6 months ended June 30, 2025 vs 2024) | (in millions, except per share data) | 2025 | 2024 | Change | | :---------------------------------- | :--- | :--- | :----- | | Net interest income | $1,150 | $1,081 | $69 | | Provision for credit losses | $64 | $14 | $50 | | Noninterest income | $528 | $527 | $1 | | Noninterest expenses | $1,145 | $1,158 | $(13) | | Net income | $371 | $344 | $27 | | Diluted earnings per common share | $2.66 | $2.47 | $0.19 | - Net interest margin **increased 34 basis points to 3.17%**, due to lower rates (including BSBY cessation impact), a **$2.1 billion decline** in higher-cost brokered deposits, and a **$1.7 billion decrease** in FHLB advances[183](index=183&type=chunk) - Net loan charge-offs **increased $29 million to $54 million**, reflecting increases in Commercial Real Estate and general Middle Market net charge-offs, as well as a reduction in Energy net recoveries[184](index=184&type=chunk) - Noninterest expenses **decreased $13 million**, due to decreases in FDIC insurance expense, consulting fees, and operational losses, partially offset by increases in salaries and benefits expense and software expense[189](index=189&type=chunk) [STRATEGIC LINES OF BUSINESS](index=55&type=section&id=STRATEGIC%20LINES%20OF%20BUSINESS) - The Corporation's three main business segments (Commercial Bank, Retail Bank, Wealth Management) and the Finance & Other category showed **varied performance** for the six months ended June 30, 2025[191](index=191&type=chunk)[194](index=194&type=chunk) [Commercial Bank](index=56&type=section&id=Commercial%20Bank) Commercial Bank Earnings Summary (6 months ended June 30) | (in millions) | 2025 | 2024 | Change | | :-------------------- | :--- | :--- | :----- | | Net interest income | $925 | $942 | $(17) | | Provision for credit losses | $79 | $16 | $63 | | Net income | $481 | $552 | $(71) | | Net charge-offs | $51 | $22 | $29 | | Average Loans | $43,000 | $43,810 | $(810) | | Average Deposits | $32,510 | $31,694 | $816 | - Net income **decreased by $71 million (13%)** due to lower income on loans and a **$63 million increase** in provision for credit losses[196](index=196&type=chunk) [Retail Bank](index=57&type=section&id=Retail%20Bank) Retail Bank Earnings Summary (6 months ended June 30) | (in millions) | 2025 | 2024 | Change | | :-------------------- | :--- | :--- | :----- | | Net interest income | $499 | $404 | $95 | | Provision for credit losses | $(7) | $0 | $(7) | | Net income | $161 | $85 | $76 | | Net charge-offs | $3 | $2 | $1 | | Average Loans | $2,394 | $2,309 | $85 | | Average Deposits | $23,539 | $24,487 | $(948) | - Net income **increased by $76 million (91%)** due to a **$95 million increase** in net interest income and lower noninterest expenses[197](index=197&type=chunk) [Wealth Management](index=57&type=section&id=Wealth%20Management) Wealth Management Earnings Summary (6 months ended June 30) | (in millions) | 2025 | 2024 | Change | | :-------------------- | :--- | :--- | :----- | | Net interest income | $95 | $94 | $1 | | Provision for credit losses | $(7) | $(1) | $(6) | | Noninterest income | $147 | $143 | $4 | | Net income | $51 | $42 | $9 | | Average Loans | $5,044 | $5,089 | $(45) | | Average Deposits | $3,598 | $3,925 | $(327) | - Net income **increased by $9 million (24%)** primarily due to higher investment fees and lower operational losses and consultant fees[198](index=198&type=chunk) [Finance & Other](index=58&type=section&id=Finance%20%26%20Other) Finance & Other Earnings Summary (6 months ended June 30) | (in millions) | 2025 | 2024 | Change | | :-------------------- | :--- | :--- | :----- | | Net interest expense | $(369) | $(359) | $(10) | | Noninterest income | $45 | $30 | $15 | | Net loss | $(322) | $(335) | $13 | | Average Deposits | $1,922 | $4,077 | $(2,155) | - Net loss **decreased by $13 million**, reflecting higher risk management hedging income, partially offset by increased net interest expense and salaries and benefits[199](index=199&type=chunk) [FINANCIAL CONDITION](index=58&type=section&id=FINANCIAL%20CONDITION) - Total assets **decreased by $1.3 billion to $78.0 billion** at June 30, 2025, compared to December 31, 2024, mainly due to lower interest-bearing deposits with banks, partially offset by loan growth[203](index=203&type=chunk) - Total liabilities **decreased by $1.6 billion**, while total shareholders' equity **increased by $317 million**[204](index=204&type=chunk) [Second Quarter 2025 Compared to Fourth Quarter 2024](index=58&type=section&id=Second%20Quarter%202025%20Compared%20to%20Fourth%20Quarter%202024) - Period-end total assets **decreased by $1.3 billion**, driven by a **$1.9 billion decrease** in interest-bearing deposits with banks, partially offset by a **$640 million increase** in total loans[203](index=203&type=chunk) - Total liabilities **decreased by $1.6 billion**, reflecting decreases in interest-bearing and noninterest-bearing deposits and medium- and long-term debt, partially offset by increased short-term borrowings[204](index=204&type=chunk) - Total shareholders' equity **increased by $317 million**, primarily due to decreased accumulated unrealized losses and net income, partially offset by preferred stock redemption[204](index=204&type=chunk) Change in Average Loan Portfolio (3 months ended June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | Change | | :-------------------------- | :------------ | :------------------ | :----- | | Commercial loans | $26,441 | $26,198 | $243 | | Real estate construction loans | $3,499 | $3,765 | $(266) | | Commercial mortgage loans | $14,722 | $14,728 | $(6) | | **Total loans** | **$50,665** | **$50,617** | **$48** | Change in Average Deposits and Borrowed Funds (3 months ended June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | Change | | :------------------------------------------ | :------------ | :------------------ | :----- | | Noninterest-bearing deposits | $23,107 | $24,222 | $(1,115) | | Total deposits | $61,246 | $63,347 | $(2,101) | | Short-term borrowings | $1,341 | $42 | $1,299 | | Medium- and long-term debt | $5,740 | $6,698 | $(958) | | **Total borrowed funds** | **$7,081** | **$6,740** | **$341** | [Capital](index=60&type=section&id=Capital) Summary of Changes in Total Shareholders' Equity (6 months ended June 30, 2025) | (in millions) | Amount | | :------------------------------------------ | :----- | | Balance at January 1, 2025 | $6,543 | | Net income | $371 | | Redemption of preferred stock | $(400) | | Other comprehensive income, net of tax | $662 | | **Balance at June 30, 2025** | **$6,860** | - The Corporation **redeemed all Series A Preferred Stock**, reclassifying **$400 million** from shareholders' equity to other liabilities[211](index=211&type=chunk) - The Corporation announced a **$100 million common stock repurchase** for Q3 2025 and entered into an Accelerated Share Repurchase (ASR) transaction[215](index=215&type=chunk) Estimated Capital Ratios (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :------------------ | | Common equity tier 1 capital | $8,718 | $8,667 | | Common equity tier 1 capital ratio | 11.94% | 11.89% | | Total risk-based capital ratio | 13.74% | 14.21% | | Leverage ratio | 10.90% | 11.08% | - If subject to the Basel III Endgame framework, the estimated impact related to proposed inclusion of most components of AOCI would be an **approximate 300 basis point decrease to CET1** as of June 30, 2025[224](index=224&type=chunk) [RISK MANAGEMENT](index=62&type=section&id=RISK%20MANAGEMENT) - The Corporation actively manages credit, market, and liquidity risks through established policies and monitoring by the Asset Liability Management Committee (ALCO)[280](index=280&type=chunk) - Credit quality metrics remained **stable**, but economic forecasts for CECL reflect a **moderately weaker outlook** with continued uncertainty[228](index=228&type=chunk)[229](index=229&type=chunk) - Available liquidity sources totaled **$40.5 billion** at June 30, 2025, and uninsured deposits are **well-diversified**[305](index=305&type=chunk)[309](index=309&type=chunk) [Credit Risk](index=62&type=section&id=Credit%20Risk) [Allowance for Credit Losses](index=62&type=section&id=Allowance%20for%20Credit%20Losses) Allowance for Credit Losses Metrics (June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :------------------ | | Allowance for credit losses as a percentage of total loans | 1.44% | 1.44% | | Allowance for credit losses as a multiple of total nonperforming loans | 3.0x | 2.4x | [CECL Forecast and Economic Variables at June 30, 2025](index=62&type=section&id=CECL%20Forecast%20and%20Economic%20Variables%20at%20June%2030,%202025) - Economic forecasts for the CECL model reflect a moderately weaker outlook due to new tariff policies and weaker Q1 GDP, with continued uncertainty[229](index=229&type=chunk) Select Economic Variables (Base Forecast at June 30, 2025) | Economic Variable | Base Forecast | | :------------------------------------------ | :------------ | | Real GDP growth | Slows to less than 1.0% in Q3 2025 before recovering to over 2.0% annualized in H2 2026. | | Unemployment rate | Remains between 4.3% and 4.6% throughout the forecast period. | | Oil Prices | Hovers between $63 and $65 per barrel over the forecast period. | - A more severe economic scenario could result in an **approximate $313 million increase** in the quantitative calculation of the allowance for credit losses[232](index=232&type=chunk) [Allowance for Loan Losses](index=63&type=section&id=Allowance%20for%20Loan%20Losses) - The allowance for loan losses **increased by $8 million to $698 million** at June 30, 2025, from **$690 million** at December 31, 2024[234](index=234&type=chunk) - Estimates are based on current expected credit losses, including collective and individual loss estimates, and qualitative adjustments for uncaptured risks[235](index=235&type=chunk) [Allowance for Credit Losses on Lending-Related Commitments](index=63&type=section&id=Allowance%20for%20Credit%20Losses%20on%20Lending-Related%20Commitments) - The allowance for credit losses on lending-related commitments **totaled $37 million** at June 30, 2025, **up from $35 million** at December 31, 2024[236](index=236&type=chunk) [Nonperforming Assets](index=63&type=section&id=Nonperforming%20Assets) Nonperforming Assets Summary (June 30, 2025 vs Dec 31, 2024) | (dollar amounts in millions) | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :------------------ | | Total nonperforming loans | $248 | $308 | | Total nonperforming assets | $249 | $308 | | Nonperforming loans as a percentage of total loans | 0.48% | 0.61% | - Total criticized loans **increased by $215 million to $2,745 million (5.4% of total loans)** at June 30, 2025, from **$2,530 million (5.0% of total loans)** at December 31, 2024[250](index=250&type=chunk) [Concentrations of Credit Risk](index=66&type=section&id=Concentrations%20of%20Credit%20Risk) - The Corporation has significant credit risk concentrations in commercial real estate (**36% of total loans**) and automotive industries[252](index=252&type=chunk)[253](index=253&type=chunk) [Commercial Real Estate Lending](index=66&type=section&id=Commercial%20Real%20Estate%20Lending) - Commercial real estate loans **totaled $18.3 billion (36% of total loans)** at June 30, 2025[253](index=253&type=chunk)[256](index=256&type=chunk) - Criticized real estate construction loans in the Commercial Real Estate business line **increased to $93 million** at June 30, 2025, from **$36 million** at December 31, 2024[258](index=258&type=chunk) - Commercial mortgage net charge-offs were **$8 million** for the six months ended June 30, 2025, **up from $5 million** in the prior year[260](index=260&type=chunk) [Automotive Lending - Dealer](index=67&type=section&id=Automotive%20Lending%20-%20Dealer) Automotive Dealership Loans (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :------------------ | | Floor plan | $2,249 | $2,279 | | Other | $3,192 | $3,234 | | **Total dealer** | **$5,441** | **$5,513** | | Percent of Total Loans | 10.6% | 10.9% | - **No nonaccrual dealer loans or net charge-offs** were reported for the periods presented[263](index=263&type=chunk) [Automotive Lending - Production](index=67&type=section&id=Automotive%20Lending%20-%20Production) Loans to Automotive Production Borrowers (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :------------------ | | Domestic | $516 | $499 | | Foreign | $281 | $265 | | **Total production** | **$797** | **$764** | | Percent of Total Loans | 1.6% | 1.5% | - **No nonaccrual automotive production loans or net charge-offs** were reported[266](index=266&type=chunk) [Residential Real Estate Lending](index=67&type=section&id=Residential%20Real%20Estate%20Lending) - Residential real estate loans **totaled $3.7 billion (7% of total loans)** at June 30, 2025[267](index=267&type=chunk)[269](index=269&type=chunk) - Nonaccrual residential mortgages **increased to $42 million** at June 30, 2025, from **$37 million** at December 31, 2024[270](index=270&type=chunk) - Home equity nonaccrual loans were **$28 million** at June 30, 2025[270](index=270&type=chunk) [Energy Lending](index=68&type=section&id=Energy%20Lending) Energy Business Line Loans (June 30, 2025 vs Dec 31, 2024) | (dollar amounts in millions) | Outstandings | Nonaccrual | Criticized (a) | | :------------------------------------------ | :----------- | :----------- | :------------- | | Exploration and production (E&P) | $1,213 | $0 | $0 | | Midstream | $305 | $0 | $0 | | **Total Energy business line** | **$1,518** | **$0** | **$0** | - Energy loans **totaled $1.5 billion (3% of total loans)** at June 30, 2025, with **no nonaccrual or criticized loans**[274](index=274&type=chunk) [Leveraged Loans](index=68&type=section&id=Leveraged%20Loans) HR C&I Loans (June 30, 2025 vs Dec 31, 2024) | (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :------------------ | | Outstandings | $2,933 | $2,836 | | Criticized | $383 | $300 | - Leveraged loans (HR C&I) **represented 6% of total loans**, with net charge-offs totaling **$8 million** for the six months ended June 30, 2025[277](index=277&type=chunk)[278](index=278&type=chunk) [Market and Liquidity Risk](index=69&type=section&id=Market%20and%20Liquidity%20Risk) - The Corporation actively manages market and liquidity risks through ALCO, utilizing simulation analyses for interest rate risk and stress testing for liquidity[280](index=280&type=chunk)[281](index=281&type=chunk) - Sensitivity to both rising and declining interest rates **increased slightly** from December 31, 2024, to June 30, 2025[292](index=292&type=chunk) - Available liquidity sources totaled **$40.5 billion** at June 30, 2025, including cash, unencumbered investment securities, and secured borrowing facilities[305](index=305&type=chunk) [Interest Rate Risk](index=69&type=section&id=Interest%20Rate%20Risk) - Interest rate risk arises from differences in repricing and cash flow characteristics of assets and liabilities, with the balance sheet predominantly characterized by floating-rate loans funded by core deposits[284](index=284&type=chunk) - The Corporation actively manages interest rate risk to optimize net interest income and the economic value of equity within established limits[285](index=285&type=chunk) [Sensitivity of Net Interest Income to Changes in Interest Rates](index=70&type=section&id=Sensitivity%20of%20Net%20Interest%20Income%20to%20Changes%20in%20Interest%20Rates) Estimated Annual Change in Net Interest Income (June 30, 2025 vs Dec 31, 2024) | Change in Interest Rates | June 30, 2025 (Amount) | June 30, 2025 (%) | December 31, 2024 (Amount) | December 31, 2024 (%) | | :--------------------- | :--------------------- | :---------------- | :------------------------- | :-------------------- | | Rising 100 basis points | $(36) | (2)% | $(26) | (1)% | | Declining 100 basis points | $18 | 1% | $12 | 1% | | Rising 200 basis points | $(85) | (4)% | $(67) | (3)% | | Declining 200 basis points | $22 | 1% | $12 | 1% | - Sensitivity to both rising and declining interest rates **increased slightly** from December 31, 2024, to June 30, 2025, due to changes in balance sheet mix dynamics[292](index=292&type=chunk) [Sensitivity of Economic Value of Equity to Changes in Interest Rates](index=71&type=section&id=Sensitivity%20of%20Economic%20Value%20of%20Equity%20to%20Changes%20in%20Interest%20Rates) Estimated Impact on Economic Value of Equity (June 30, 2025 vs Dec 31, 2024) | Change in Interest Rates | June 30, 2025 (Amount) | June 30, 2025 (%) | December 31, 2024 (Amount) | December 31, 2024 (%) | | :--------------------- | :--------------------- | :---------------- | :------------------------- | :-------------------- | | Rising 100 basis points | $(406) | (3)% | $(503) | (4)% | | Declining 100 basis points | $527 | 4% | $598 | 5% | | Rising 200 basis points | $(904) | (7)% | $(1,066) | (9)% | | Declining 200 basis points | $917 | 7% | $1,097 | 9% | - The sensitivity of the economic value of equity to rising and declining rates **decreased** from December 31, 2024, to June 30, 2025, due to a declining notional amount of cash flow swaps and a smaller securities portfolio[296](index=296&type=chunk) [BSBY Cessation](index=71&type=section&id=BSBY%20Cessation) - The Corporation has substantially completed its BSBY transition efforts, with all impacted swaps re-designated as of April 1, 2024[299](index=299&type=chunk) - BSBY cessation **positively impacted** interest income on commercial loans by **$23 million** for the three months ended June 30, 2025[298](index=298&type=chunk) [Sources of Liquidity](index=71&type=section&id=Sources%20of%20Liquidity) Sources of Available Liquidity (June 30, 2025) | (dollar amounts in millions) | Available Liquidity | | :------------------------------------------ | :------------------ | | Cash on deposit with FRB | $3,909 | | Unencumbered investment securities | $7,262 | | FHLB (available capacity) | $11,914 | | FRB (available capacity) | $17,430 | | **Total available liquidity** | **$40,515** | - The Bank had **$11.9 billion of remaining borrowing capacity** with the FHLB and **$17.4 billion** with the FRB discount window at June 30, 2025[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) [Deposit Concentrations and Uninsured Deposits](index=73&type=section&id=Deposit%20Concentrations%20and%20Uninsured%20Deposits) - The Corporation's uninsured

Core Points - Comerica Incorporated declared a quarterly cash dividend of 71 cents ($0.71) per share, payable on October 1, 2025, to shareholders of record as of September 15, 2025 [1] - Comerica is one of the 25 largest commercial U.S. financial holding companies, with total assets reported at $78.0 billion as of June 30, 2025 [2] Company Overview - Comerica is headquartered in Dallas, Texas, and operates through three business segments: The Commercial Bank, The Retail Bank, and Wealth Management [2] - The company has a presence in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico [2] - Founded in 1849 in Detroit, Michigan, Comerica continues to expand into new regions, including North Carolina and Colorado [2]

Core Viewpoint - HoldCo Asset Management has issued a research presentation urging the Board of Directors of Comerica Inc. to take action regarding the company's strategic direction, emphasizing the importance of timely decision-making [1]. Group 1: Company Overview - HoldCo Asset Management, L.P. is an investment adviser based in Fort Lauderdale, Florida, managing approximately $2.6 billion in regulatory assets [2]. Group 2: Investment Position - HoldCo disclosed ownership of common stock in Comerica Inc. (NYSE: CMA), indicating a vested economic interest in the performance of these securities [1].

Group 1 - Comerica's shares have experienced volatility over the past year, remaining over 10% below their high but increasing by 25% in the last year [1] - The company reported reasonable Q2 results and guidance, positively impacting its share price [1]

Core Insights - Comerica Incorporated (CMA) reported strong earnings for Q2, with earnings per share of $1.42, surpassing the analyst consensus estimate of $1.26 [1] - The company achieved quarterly sales of $849 million, exceeding the analyst consensus estimate of $842.389 million [1] - Following the earnings announcement, Comerica shares increased by 4.7%, closing at $65.32 [1] Analyst Ratings and Price Targets - Keefe, Bruyette & Woods analyst Christopher Mcgratty maintained an Outperform rating on Comerica and raised the price target from $69 to $73 [1] - Stephens & Co. analyst Terry McEvoy maintained an Equal-Weight rating and increased the price target from $61 to $68 [1]

Core Insights - Comerica reported Q2 2025 earnings with an EPS of $1.42, reflecting a nearly 14% sequential increase, and returned $193 million to shareholders through stock repurchases and dividends [1] - The company highlighted loan growth, normalization of deposits, disciplined expense control, and strong capital position, maintaining a net interest income growth guidance of 5% to 7% for the year despite short-term challenges [1][9] Loan Growth and Business Momentum - Comerica achieved approximately 3% loan growth and increased total commitments by $400 million, with notable activity in environmental services and commercial real estate [2] - Management indicated improving middle market loan pipelines and a positive sentiment among customers, suggesting a potential recovery in business confidence [3] Deposit Stability and Technology Investments - Non-interest-bearing deposits remained stable at 38% of total deposits for four consecutive quarters, showcasing resilience amid sector challenges [4] - The launch of two new real-time payment solutions aims to enhance customer relationships and improve funding mix quality [5] Expense Management and Capital Strength - Non-interest expenses decreased by $23 million quarter-over-quarter, leading to an improved efficiency ratio, while the CET1 ratio stood at 11.94%, above the internal target [6] - The strong capital position allowed for increased share repurchases of $100 million in Q2, although efficiency metrics remain a concern for management [8] Future Outlook - Management forecasts average loans to be flat to down 1% in 2025, with average deposits expected to decline by 2% to 3% [9] - Net interest income is projected to grow by 5% to 7% for the year, with a slight dip anticipated in Q3 before resuming growth in Q4 [9]

Core Viewpoint - Comerica Incorporated (CMA) reported second-quarter 2025 adjusted earnings per share (EPS) of $1.42, exceeding the Zacks Consensus Estimate of $1.23, but down from $1.53 in the prior-year quarter [1][8] Financial Performance - Net income attributable to common shareholders was $187 million, a decline of 6.5% from the year-ago quarter [2] - Total quarterly revenues reached $849 million, up 3% year over year, surpassing the consensus estimate by 0.5% [3] - Net interest income (NII) increased by 7.9% year over year to $575 million, with the net interest margin rising 30 basis points to 3.16% [3] - Total non-interest income decreased by 5.8% year over year to $274 million [3] - Non-interest expenses totaled $561 million, up 1.1% year over year, primarily due to increased salaries and benefits and occupancy expenses [4] - The efficiency ratio improved to 65.78% from 67.77% in the prior-year quarter, indicating increased profitability [4] Loan and Deposit Trends - Total loans rose by 2.5% sequentially to $51.2 billion as of June 30, 2025 [5] - Total deposits declined by 2.4% from the previous quarter to $60 billion [5] Credit Quality - The company recorded a provision for credit loss of $44 million in the second quarter, compared to no provision in the year-ago quarter [6] - The allowance for credit losses increased by 2.5% year over year to $735 million [6] - Total non-performing assets rose by 10.2% year over year to $249 million [6] - The allowance for credit losses to total loans ratio was 1.44%, up from 1.38% a year ago [7] - Net charge-offs increased significantly to $28 million from $11 million in the prior-year quarter [7] Capital Position - The total capital ratio was 13.74%, down from 14.02% in the year-ago quarter [9] - The Common Equity Tier 1 capital ratio improved to 11.94% from 11.55% in the prior-year quarter [9] - The tangible common equity ratio was 8.04%, up from 6.49% in the prior-year quarter [9] Capital Distribution Activities - The company repurchased $100 million of common stock under the share repurchase program [10] Overall Assessment - The company's capital position is viewed positively, supporting future capital distribution activities and enhancing investor confidence [11] - Focus on improving operational efficiency is expected to bolster financials, although weak asset quality and rising expenses are noted as near-term concerns [11]

Core Insights - Comerica Incorporated (CMA) reported revenue of $849 million for the quarter ended June 2025, reflecting a 3% increase year-over-year, with EPS at $1.42, down from $1.53 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $844.72 million by 0.51%, while the EPS surpassed the consensus estimate of $1.23 by 15.45% [1] Financial Performance Metrics - Efficiency Ratio stood at 65.8%, better than the six-analyst average estimate of 70.1% [4] - Net interest margin was reported at 3.2%, slightly below the six-analyst average estimate of 3.3% [4] - Net charge-offs (recoveries) to average total loans were at 0.2%, matching the average estimate [4] - Average balance of total earning assets was $70.34 billion, close to the $70.4 billion average estimate [4] - Total nonperforming assets amounted to $249 million, significantly lower than the three-analyst average estimate of $306.34 million [4] - Total nonperforming loans were reported at $248 million, compared to the average estimate of $308.51 million [4] - Net interest income was $575 million, slightly below the average estimate of $576.45 million [4] - Total noninterest income reached $274 million, exceeding the six-analyst average estimate of $263.45 million [4] - Service charges on deposit accounts were $47 million, slightly above the average estimate of $46.96 million [4] - Commercial lending fees totaled $17 million, compared to the average estimate of $16.82 million [4] - Fiduciary income was reported at $57 million, above the average estimate of $54.69 million [4] - Letter of credit fees were $10 million, below the three-analyst average estimate of $11.94 million [4] Stock Performance - Comerica's shares have returned +11.8% over the past month, outperforming the Zacks S&P 500 composite's +5.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]