&RPHULFD,QFRUSRUDWHG %DUFOD\V*OREDO)LQDQFLDO6HUYLFHV&RQIHUHQFH 6HSWHPEHU &XUW)DUPHU 3UHVLGHQW &KLHI([HFXWLYH2IILFHU 0XQHHUD&DUU &KLHI)LQDQFLDO2IILFHU 6DIH+DUERU6WDWHPHQW 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 are changes in general economic, political or industry conditions; changes in monetary and fiscal policies; operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; cybersecurity risks; whether Comerica may achieve opportunities for revenue enhancements and efficiency improvements under the GEAR Up initiative, or changes in the scope or assumptions underlying the GEAR Up initiative; Comerica's ability to maintain adequate sources of funding and liquidity; the effects of more stringent capital requirements; declines or other changes in the businesses or industries of Comerica's customers; unfavorable developments concerning credit quality; changes in regulation or oversight; heightened legislative and regulatory focus on cybersecurity and data privacy; fluctuations in interest rates and their impact on deposit pricing; transitions away from LIBOR towards new interest rate benchmarks; reductions in Comerica's credit rating; 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 interdependence of financial service companies; the implementation of Comerica's strategies and business initiatives; changes in customer behavior; management's ability to maintain and expand customer relationships; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; the impacts of future legislative, administrative or judicial changes to tax regulations; any future strategic acquisitions or divestitures; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; losses due to fraud; the effects of terrorist activities and other hostilities; changes in accounting standards; the critical nature of Comerica's accounting policies; controls and procedures failures; 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, 2018. 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
&RPHULFD 'ULYHUVRIRXU6XFFHVV 2850,66,21 2859,6,21 :HZLOODFKLHYHEDODQFHGJURZWK 7REHFRPHWKHKLJKHVWSHUIRUPLQJ SURILWDELOLW\ E\GHOLYHULQJDKLJKHU PRVWUHVSHFWHG PRVWGHVLUHG OHYHORIEDQNLQJWKDWQXUWXUHVOLIHORQJ EDQNLQWKHPDUNHWVZHVHUYH UHODWLRQVKLSVZLWKXQZDYHULQJ LQWHJULW\ ILQDQFLDOSUXGHQFH 5(68/76,1683(5,253(5)250$1&( 5HWXUQRQ$VVHWV 5HWXUQRQ(TXLW\ (IILFLHQF\5DWLR (36*URZWK 4 4 4 <7' YV<7' 1.68% 16.41% 58.59% 17.34% 1.30% 49.65% 10.92% 6.94% CMA Peers CMA Peers CMA Peers CMA Peers Source for peer data: S&P Global Market Intelligence, see list of peers on slide 10; Peer efficiency ratio excludes CFR as data was not available 3 &RPHULFD .H\6WUHQJWKV Well positioned to manage through cycles $/($',1*%$1.)25%86,1(66 ! $WWUDFWLYH'LYHUVH*HRJUDSK\ RIORDQVDUH &RPPHUFLDOOHQGHU RIWRWDOORDQV LQELOORQV 4 DYHUDJH &RPSOHPHQWHGE\5HWDLO%DQN FRPPHUFLDO :HDOWK0DQDJHPHQW California 5(/$7,216+,3%$1.,1*675$7(*< Michigan RIGHSRVLWVDUH $12.7 $18.9 'HHSH[SHUWLVHLQVSHFLDOW\EXVLQHVVHV QRQLQWHUHVW 25% 37% /RQJWHQXUHGHPSOR\HHV EHDULQJ Loans $51.0 *52:7+23325781,7,(6 3RVLWLRQHGLQIDVWHUJURZLQJ ORDQ Other Markets Texas JURZWK $10.7 PDUNHWV LQGXVWULHV $8.7 17% 21% +,*+/<()),&,(17 *($58SOHYHUDJHGWHFKQRORJ\LQFUHDVHG HIILFLHQF\UDWLR Michigan FDSDFLW\WRVXSSRUWJURZWK California $19.8 $16.3 36% 62/,'&5(',70(75,&6 30% ESV Deposits &RQVHUYDWLYHXQGHUZULWLQJ 13$/RDQV $55.0 'LYHUVHSRUWIROLR Other 2 Texas $10.2 $8.7 67521*&$3,7$/ 16% 18% 6XSSRUWVIXWXUHJURZWK &(7 5HGXFHGVKDUHFRXQWE\ 6/30/19 unless otherwise noted; comparisons shown 2Q19 vs. 2Q18 Ⴠ 1Source: S&P Global Market Intelligence; based on 6/30/19 regulatory data for domestic financial holding companies using C&I loans Ⴠ 2Consists of Other Markets ($7.8B) & Finance/ Other ($2.4B) 4
/RQJ7HQXUHG([SHULHQFHG7HDP Deep expertise in markets & industries \HDUV \HDUV \HDUV ([HFXWLYH'LUHFWRU ([HFXWLYH'LUHFWRU &KLHI&UHGLW2IILFHU %XVLQHVV%DQN 5HWDLO%DQN :HDOWK 0DQDJHPHQW \HDUV \HDUV \HDUV 3UHVLGHQW 3UHVLGHQW 3UHVLGHQW 0LFKLJDQ0DUNHW &DOLIRUQLD0DUNHW 7H[DV0DUNHW \HDUV \HDUV \HDUV\ 'LUHFWRU 'LUHFWRU 'LUHFWRU &RPPHUFLDO5HDO(VWDWH 1DWLRQDO%XVLQHVVHV 7UHDVXU\0DQDJHPHQW &DSLWDO0DUNHW6ROXWLRQV \HDUV \HDUV \HDUV 'HSDUWPHQW0DQDJHUV *URXS0DQDJHUV 5HODWLRQVKLS0DQDJHUV At 6/30/19 Ⴠ Years = avg. tenure with Comerica; Business Bank team 5 7KLUG4XDUWHU/RDQ8SGDWH QTD average loans stable; reflects seasonality -XO\ $XJXVW7UHQGV 'ULYLQJ*URZWK LQELOOLRQV $YHUDJH ƒ *UHDWHUFDSDFLW\ZLWK((FUHGLWSURFHVV 51.0 51.0 UHGHVLJQ 49.7 48.6 48.8 ƒ $OORFDWLQJUHVRXUFHVWRIDVWHUJURZLQJ QLFKHEXVLQHVVHV PDUNHWV ƒ 8SJUDGHGFXVWRPHUUHODWLRQVKLS PDQDJHPHQWWRROV ƒ (QULFKHGPDUNHWLQJDQDO\WLFV FXVWRPHU UHWHQWLRQWRROV *URZWKE\0DUNHW 3Q18 4Q18 1Q19 2Q19 3Q19 thru 8/31 $YHUDJH4 YV4 47'WUHQGVUHIOHFW 8% ƒ 6HDVRQDOLQFUHDVHLQ0RUWJDJH%DQNHU GHFUHDVHVLQ1DWLRQDO'HDOHU6HUYLFHV 4% JHQHUDO0LGGOH0DUNHW 3% ƒ 3LSHOLQHVWURQJ 1% 2XWORRNIRU4 %DODQFHVUHODWLYHO\VWDEOH MI CA TX Total 3Q19 average balances through 8/31/19 are preliminary and subject to change Ɣ Outlook as of 9/6/19 Ɣ 1Comparisons of 3Q19 through 8/31/19 vs 2Q19 6
*HQHUDO0LGGOH0DUNHW%DQNLQJ Good momentum in key markets 7H[DV/RDQV &DOLIRUQLD/RDQV 0LFKLJDQ/RDQV LQELOOLRQV $YHUDJH LQELOOLRQV $YHUDJH LQELOOLRQV $YHUDJH 5.5 5.3 5.2 5.3 5.3 4.2 4.2 4.3 4.1 4.1 +2% 2.4 2.3 2.3 2.2 2.2 +2% +7% +2% +4% +6% 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 *'3JURZWK44 *'3JURZWK44 *'3JURZWK44 ODUJHVW*'3LQ86 ODUJHVW*'3LQ86 ODUJHVW*'3LQ86 %XLOGLQJGHHSHQGXULQJUHODWLRQVKLSV /HYHUDJHH[SHUWLVHLQGLYHUVHLQGXVWULHV ƒ 5REXVWSURGXFWVXLWH SURGXFWV ƒ 0DQXIDFWXULQJ SHUUHODWLRQVKLS ƒ /RJLVWLFV ƒ f RIFXVWRPHUVKDYHGHSRVLW ƒ 6WHHO DFFRXQWV ƒ %HHU ZLQHGLVWULEXWRUV ƒ $YHUDJHFXVWRPHUWHQXUHf\HDUV ƒ &RQVWUXFWLRQ LQGXVWULDOHTXLSPHQW 6/30/19 Ɣ 1Source U.S. Bureau of Economic Analysis: Percent change in real GDP based on 1Q19 vs. 4Q19; ranking based on 1Q19 GDP 7 &RPPHUFLDO5HDO(VWDWH%XVLQHVV/LQH Long history of working with well established, proven developers 0DMRULW\+LJK*URZWK0DUNHWV 3ULPDULO\/RZHU5LVN0XOWLIDPLO\ LQPLOOLRQV 3HULRGHQGEDVHGRQORFDWLRQRISURSHUW\ LQPLOOLRQV 3HULRGHQG Retail Michigan Commercial 10% Office 5% 13% 8% Single Family Other 6% 15% Total California Total Other 46% $4,833 Multifamily $4,833 5% 50% Land Carry Texas 5% 34% Multi use 3% &5(/RDQ*URZWK RI7RWDO/RDQV 9HU\6WURQJ&UHGLW4XDOLW\ LQELOOLRQV $YHUDJH 3HULRGHQG ƒ ! RIQHZFRPPLWPHQWVIURPH[LVWLQJ 17% FXVWRPHUV 5.3 5.5 ƒ 6XEVWDQWLDOXSIURQWHTXLW\UHTXLUHG 11% ƒ RISRUWIROLRLVFRQVWUXFWLRQ LQFOXGHV +3% UREXVWPRQLWRULQJ ƒ &ULWLFL]HGORDQV ƒ 00QRQDFFUXDO ƒ 1RVLJQLILFDQWQHWFKDUJHRIIVVLQFH 2Q18 2Q19 CMA Peers 6/30/19 Ⴠ 1Excludes CRE line of business loans not secured by real estate Ⴠ 2Source for peer data: S&P Global Market Intelligence, see slide 10 for list of peers; based on regulatory data Ⴠ 3Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories 8
(TXLW\)XQG6HUYLFHV Deep expertise & strong relationships with top-tier investors ƒ &XVWRPL]HGFUHGLWWUHDVXU\ $YHUDJH/RDQV PDQDJHPHQW LQYHVWPHQWVROXWLRQV LQPLOOLRQV IRUYHQWXUHFDSLWDO SULYDWHHTXLW\ ILUPV 2,602 2,408 ƒ 1DWLRQDOVFRSHZLWKFXVWRPHUVLQ VWDWHV &DQDGD ƒ fFXVWRPHUV 1,782 ƒ )LUPVb$80UDQJHIURP00WR RYHU% 1,421 ƒ 'ULYHFRQQHFWLYLW\ZLWKRWKHUWHDPV 1,094 • (QHUJ\ • 0LGGOH0DUNHW • 7/6 623 • (QYLURQPHQWDO6HUYLFHV • 3ULYDWH%DQNLQJ ƒ 6WURQJFUHGLWSURILOH • 1RFKDUJHRIIV 2014 2015 2016 2017 2018 2Q19 • 1RFULWLFL]HGORDQV 6/30/19 9 7KLUG4XDUWHU'HSRVLW8SGDWH Average balances increased 1% -XO\ $XJXVW 7UHQGV 7RWDO)XQGLQJ ,QWHUHVWEHDULQJ LQELOOLRQV $YHUDJH &RVWV 'HSRVLW&RVW 4 4 56.1 55.7 55.6 0.98% 54.0 55.0 0.79% 0.94% 0.97% CMA Peers CMA Peers 3Q18 4Q18 1Q19 2Q19 3Q19 thru 8/31 /DUJHVW&RPSRQHQWRI1RQLQWHUHVW'HSRVLWV 4 DYHUDJHSHUFHQWDJH 47'WUHQGVUHIOHFW 48 ƒ 00LQFUHDVHLQ00,$ LQWHUHVW 42 39 39 36 33 33 EHDULQJFKHFNLQJ 29 26 25 25 24 ƒ 00LQFXVWRPHU&'V ƒ 6WDEOHQRQLQWHUHVWEHDULQJ 2XWORRNIRU4 EDODQFHVUHPDLQDW47'OHYHO RF STI CFR BBT FHN KEY MTB FITB CMA ZION BOKF FRVWVLQFUHDVHtESV HBAN 3Q19 average balances through 8/31/19 are preliminary and subject to change Ɣ Outlook as of 9/6/19 Ɣ 1Comparisons of 3Q19 through 8/31/19 vs 2Q19 Ɣ 2Source: S&P Global Market Intelligence 10
5HWDLO%DQNLQJ Strong, low cost deposit base 5HWDLO &RPSULVH!RI7RWDO'HSRVLWV LQELOOLRQV 4 $YHUDJH Retail Commercial ƒ %DQNLQJ&HQWHUV Noninterest- Noninterest- ƒ $70V bearing bearing 8% 40% ƒ %DQNHU&RQQHFWV ,70V Total $55.0 ƒ &XVWRPHUVXVH:HE%DQNLQJ Retail Commercial ƒ &XVWRPHUVXVH0RELOH%DQNLQJ Interest- Interest- bearing bearing 29% 23% 1HZDGFDPSDLJQ )XOO6HUYLFH5HODWLRQVKLS%DQN ƒ %LOOERDUGV ƒ 5DGLR ƒ 6WUHDPLQJDXGLR ƒ 'LUHFWPDLO ƒ 2QOLQHGLVSOD\EDQQHUV 6/30/19 11 5HWDLO%DQN7UDQVIRUPDWLRQ Delivering experience that drives acquisition, retention & growth &XVWRPHU([SHULHQFH,QWHJUDWHG$FURVV$OO&KDQQHOV %DQNLQJ&HQWHUV &RQWDFW&HQWHU 'LJLWDO 6HOI6HUYLFH (QDEOH&ROOHDJXH([HFXWLRQ (IILFLHQW&XVWRPHU6XSSRUW &XVWRPHU&KRLFH &RQYHQLHQFH • 7HOOHUSODWIRUPUHSODFHPHQW • ,95 FKDWERWXSGDWHV! • !PRQWKO\=HOOH SD\PHQWV • 5LJKWVL]LQJXSGDWLQJ LQFUHDVHLQHIILFLHQFLHV • $708SJUDGH5HSODFHPHQW WUDQVIRUPLQJIDFLOLWLHV • &RQYHUJH6DOHV 6HUYLFH • 2QOLQH 0RELOH$FFRXQW2SHQLQJ • &RQYHUJH6DOHV 6HUYLFH &XVWRPHU5HODWLRQVKLS • %DQNHU&RQQHFW,70V &XVWRPHU5HODWLRQVKLS 0DQDJHPHQW 0DQDJHPHQW 5LVN5HGXFWLRQ ,PSURYHG3URFHVVHV • (QKDQFHGWRROV • &HQWUDOL]HGVXSSRUW • 5HGXFHPDQXDOSURFHVVHV 6/30/19 12
,QWHUHVW5DWH(QYLURQPHQW Better positioned to manage through the cycle (VWLPDWHGLPSDFWRQQHWLQWHUHVWLQFRPH +HGJHV %DVHGRQIRUZDUGFXUYH ƒ % SD\IORDWLQJUHFHLYHIL[HG KHGJHV • \HDUDYHUDJHWHUP ƒ 4 f00 UHODWLYHWR4 • DYHUDJHIL[HGUDWH ƒ ([SHFWWRUHGXFHWKHXQIDYRUDEOHLPSDFWRQ QHWLQWHUHVWLQFRPHIURPDESVGURSLQ (VWLPDWHG0HGLXPWHUP UDWHV ESVRQDYHUDJH E\f00 5HWXUQRQ(TXLW\ %DVHGRQ)RUZDUG5DWH&XUYH /RDQ3RUWIROLR 16.41% LQELOOLRQV 4 3HULRGHQG Double- 10.92% Digit Fixed Rate 9% Prime-based Total 30-Day 15% $51.8 LIBOR 70% Peers 2Q19 2Q19 Medium-Term 60-Day+ Swap rate LIBOR 6% 6/30/19 Ɣ Outlook as of 9/6/19 Ɣ 1Average common shareholders’ equity; Source for peer data: S&P Global Market Intelligence, see list of peers on slide 14 13 &RQVHUYDWLYH&UHGLW&XOWXUH Reserve remains strong 13$VDVDRI/RDQV25( 1HW&KDUJHRIIVDVDRI$YJ/RDQV 4 ,QSHUFHQWDJHSRLQWV ,QEDVLVSRLQWV TotalTotal CMA 1.33 250 Peer Average 188 200 139 0.72 0.74 150 0.61 0.66 0.51 0.52 0.53 91 81 0.45 100 0.34 0.38 39 30 20 29 19 26 50 16 5 10 8 - RF STI CFR BBT FHN KEY FITB CMA ZION 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 BOKF HBAN 1Q19 2Q19 /DUJHVW5HVHUYHDVDRI13$V /DUJHVW5HVHUYHDVDRI/RDQV 4 ,QSHUFHQWDJHSRLQWV 4 ,QSHUFHQWDJHSRLQWV 2.22 1.27 1.77 1.15 1.06 1.04 1.03 1.46 1.02 1.01 1.01 0.95 0.93 1.23 0.90 1.03 0.64 0.88 0.84 0.81 0.80 0.72 0.66 0.48 RF RF STI STI CFR BBT FHN KEY BBT FHN CFR KEY MTB MTB FITB FITB CMA CMA ZION ZION BOKF BOKF HBAN HBAN 1Source: 2Q19 earnings materials; excludes MTB as data was not available Ⴠ 2Source: S&P Global Market Intelligence 14
7HFK9LVLRQ Preparing for a new age in banking 6WUHQJWKHQLQJ2XU&RUH 7UDQVIRUPLQJ2XU)XWXUH ƒ 3ODWIRUP DSSPRGHUQL]DWLRQ ƒ (PEUDFHHPHUJLQJWHFKQRORJLHV ƒ &\EHUVHFXULW\ULVN FRPSOLDQFH ƒ &RQWLQXRXVRSWLPL]DWLRQ HQKDQFHPHQW ƒ $3,VGDWD DGYDQFHGDQDO\WLFV ƒ 7DOHQW FXOWXUHGHYHORSPHQW ƒ $JLOH GLJLWDOGHOLYHU\ ƒ DSSOLFDWLRQVPLJUDWHGWRFORXG ƒ *($58SKHOSHGSRVLWLRQRXUV\VWHPV • DSSOLFDWLRQVUHWLUHGUHGXFLQJRSFRVWV WDOHQWIRUWKHIXWXUH ƒ %RWVGHSOR\HGIRUKLJKYROXPHWDVNV ƒ 7HFKQRORJ\VDYLQJVDUHEHLQJ • LQFUHDVHLQFXVWRPHUVHUYLFHHIILFLHQF\ UHLQYHVWHGZKLFKKHOSVPRGHUDWHULVLQJ ƒ 1HZORDQRULJLQDWLRQSODWIRUPFXWVGXSOLFDWH LQYHVWPHQWGHPDQG GDWDHQWU\E\! ƒ /HYHUDJLQJWKLUGSDUWLHVWRNHHSSDFH ƒ 5ROOHGRXWQHZ&50V\VWHPWR!XVHUV ZLWKHYROYLQJ HPHUJLQJWHFKQRORJLHV ƒ );6DOHV :LUH7UDQVIHUV\VWHPVXSJUDGHG ƒ )RFXVVKLIWHGWRLQFUHDVLQJFDSDFLW\ ƒ %ORFNFKDLQHQDEOHGFRPSXWLQJ GULYLQJUHYHQXHJURZWKUHGXFLQJFRVWV ƒ 5HDOWLPHFRPPHUFLDOSD\PHQWV LPSURYLQJHIILFLHQF\ 6/30/19 Ⴠ 1API: Application Program Interface 15 $FWLYH&DSLWDO0DQDJHPHQW Returning excess capital at a fast pace *UHDWHVW7RWDO6KDUHKROGHU3D\RXW 4 $VDSHUFHQWDJHRIQHWLQFRPH 4 VKDUHUHSXUFKDVH001 . >5.4MM shares, or ~4% of total shares 178 171 &RQWLQXHWRDFWLYHO\PDQDJHFDSLWDO 117 96 93 89 87 87 86 ƒ 7DUJHWf&(7E\HQGRI4 41 40 36 RF STI CFR FHN BBT KEY MTB FITB CMA ZION BOKF HBAN $WWUDFWLYH'LYLGHQG<LHOG &KDQJHLQ&RPPRQ6KDUHV2XWVWDQGLQJ ,QSHUFHQWDJHSRLQWV 4 YV4 ,QSHUFHQWDJHSRLQWV 4.53 7.9 8.8 4.46 4.35 4.24 3.78 3.64 3.63 3.54 3.42 3.31 2.74 2.63 (2.0) (1.1) (4.6) (3.9) (7.0) (6.0) (5.3) (9.9) (9.4) (12.4) RF STI FHN CFR BBT KEY MTB FITB CMA ZION RF STI BOKF HBAN BBT FHN CFR KEY MTB FITB CMA ZION BOKF HBAN 1Shares repurchased under share repurchase program Ⴠ 2Outlook as of 9/6/19 Ⴠ 3Source: S&P Global Market Intelligence 16
:HOO3RVLWLRQHGIRUWKH)XWXUH Provided superior shareholder returns in 2Q19 5HWXUQRQ$VVHWV 4 ,QSHUFHQWDJHSRLQWV $/($',1*%$1.)25%86,1(66 1.68 1.60 1.55 LONGO HISTORYHISS OR 1.40 1.36 5(/$7,216+,3%$1.,1*675$7(*< 1.35 1.25 1.24 1.19 1.14 1.11 1.11 1.08 NIMBLEMB E SSIZEE $74B IN ASSETS RF *52:,1*5(9(18( STI FHN BBT CFR KEY MTB FITB CMA ZION BOKF HBAN 5HWXUQRQ(TXLW\ +,*+/<()),&,(17 4 $YHUDJHFRPPRQHTXLW\ ,QSHUFHQWDJHSRLQWV 62/,'&5(',70(75,&6 16.41 12.69 12.29 12.11 12.11 11.99 11.99 11.31 11.31 10.95 9.79 10.48 10.28 9.34 8.91 67521*&$3,7$/ RF STI CFR BBT FHN KEY MTB FITB CMA ZION BOKF HBAN 1Source for peer data: S&P Global Market Intelligence 17 $SSHQGL[
6HFRQG4XDUWHU 5HVXOWV Revenue growth & expense discipline drove efficiency ratio under 50% &KDQJH)URP .H\4R43HUIRUPDQFH'ULYHUV PLOOLRQVH[FHSWSHUVKDUHGDWD 4 4 4 4 4 $YHUDJHORDQV $50,963 49,677 49,225 $1,286 $1,738 ƒ 6WURQJ ORDQJURZWK $YHUDJHGHSRVLWV 54,995 53,996 55,830 999 (835) ƒ &RUHGHSRVLWVVWDEOH 1HWLQWHUHVWLQFRPH $603 606 590 $(3) $13 ƒ 3UHWD[SUHSURYLVLRQQHWUHYHQXH 3URYLVLRQIRUFUHGLWORVVHV 44 (13) (29) 57 73 H[FOXGLQJ4 00VHFXULWLHV ORVVLQFUHDVHG00 1RQLQWHUHVWLQFRPH 250 238 248 12 2 $GMXVWHG 250 246 248 4 2 ƒ 1HWLQWHUHVWLQFRPHDLGHGE\ORDQ 1RQLQWHUHVWH[SHQVHV 424 433 448 (9) (24) JURZWKZKLFKZDVPRUHWKDQ $GMXVWHG 424 433 437 (9) (13) RIIVHWE\KLJKHUIXQGLQJFRVWV 3URYLVLRQIRULQFRPHWD[ 87 85 93 2 (6) ƒ &UHGLWUHPDLQVVROLG 3URYLVLRQ 1HWLQFRPH 298 339 326 (41) (28) GULYHQE\ORDQJURZWK (QHUJ\ UHVHUYHV (DUQLQJVSHUVKDUH $1.94 2.11 1.87 $(0.17) $0.07 $GMXVWHG 1.94 2.08 1.90 (0.14) 0.04 ƒ 6ROLGQRQLQWHUHVW LQFRPHJURZWK $YHUDJHGLOXWHGVKDUHV 153.2 159.5 173.6 (6.3) (20.4) ƒ ([SHQVHVGHFOLQHGRYHU 52( 16.41% 18.44% 16.40% ƒ 5HSXUFKDVHG00VKDUHV 52$ 1.68 1.97 1.85 UHWXUQHG00WRVKDUHKROGHUV (IILFLHQF\5DWLR 49.65 50.81 53.24 EX\EDFN GLYLGHQG 2Q19 compared to 1Q19 Ⴠ 11Q19 included $8MM loss related to repositioning of securities portfolio Ɣ 2See Reconciliation of Non-GAAP Financial Measures slide Ⴠ 3Diluted earnings per common share Ⴠ 4Return on average common shareholders’ equity Ⴠ 5Return on Average assets Ⴠ 6Noninterest expenses as a percentage 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. Ⴠ 72Q19 repurchases under the share repurchase program 19 6WURQJ/RDQ*URZWK Average loans increased $1.3B, or 3% 7RWDO/RDQV $YHUDJHORDQVLQFUHDVHG% LQELOOLRQV Loan Yields 000RUWJDJH%DQNHU 51.8 00*HQHUDO0LGGOH0DUNHW 51.0 50.3 49.7 00&RPPHUFLDO5HDO(VWDWH 49.2 48.8 48.6 00(QHUJ\ 003ULYDWH%DQNLQJ /RDQ\LHOGVLPSDFWHGE\ORZHU/,%25OHDVH 5.07 4.90 5.00 UHVLGXDODGMXVWPHQW PL[VKLIWLQSRUWIROLR 4.74 4.63 /RDQ&RPPLWPHQWV LQELOOLRQV 3HULRGHQG 53.1 53.2 51.1 51.8 52.9 2Q18 3Q18 4Q18 1Q19 2Q19 1Q19 2Q19 $YHUDJH%DODQFHV 3HULRGHQG 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 compared to 1Q19 20
$YHUDJH/RDQVE\%XVLQHVVDQG0DUNHW %\/LQHRI%XVLQHVV 4 4 4 %\0DUNHW 4 4 4 Middle Market Michigan $12.7 $12.6 $12.6 General $12.4 $12.0 $12.0 Energy 2.5 2.3 1.8 California 18.9 18.8 18.4 National Dealer Services 7.9 7.8 7.4 Entertainment 0.8 0.8 0.7 Texas 10.7 10.3 9.9 Tech. & Life Sciences 1.3 1.3 1.4 Other Markets1 8.7 8.1 8.3 Equity Fund Services 2.6 2.6 2.4 Environmental Services 1.2 1.2 1.0 TOTAL $51.0 $49.7 $49.2 Total Middle Market $28.7 $28.0 $26.8 Corporate Banking US Banking 3.0 3.0 3.1 International 1.3 1.3 1.3 ƒ 0LGGOH0DUNHW 6HUYLQJFRPSDQLHVZLWK Commercial Real Estate 5.5 5.3 5.3 UHYHQXHVJHQHUDOO\EHWZHHQ00 Mortgage Banker Finance 2.0 1.3 1.8 ƒ &RUSRUDWH%DQNLQJ 6HUYLQJFRPSDQLHV Small Business 3.5 3.5 3.7 DQGWKHLU86EDVHGVXEVLGLDULHV ZLWK BUSINESS BANK $44.0 $42.5 $42.0 UHYHQXHVJHQHUDOO\RYHU00 Retail Banking 2.1 2.1 2.1 ƒ 6PDOO%XVLQHVV 6HUYLQJFRPSDQLHVZLWK RETAIL BANK $2.1 $2.1 $2.1 UHYHQXHVJHQHUDOO\XQGHU00 Private Banking 4.9 5.0 5.1 WEALTH MANAGEMENT $4.9 $5.0 $5.1 TOTAL $51.0 $49.7 $49.2 $ in billions Ⴠ Totals shown above may not foot due to rounding Ⴠ 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets 21 &RPPHUFLDO/HQGHU Relationship banking focus & deep expertise %XVLQHVV/RDQVDVDRI7RWDO 7RWDO/RDQ%HWD 4 ,QSHUFHQWDJHSRLQWV 4 YV4 ,QEDVLVSRLQWV 82 80 91 88 87 77 77 66 63 73 56 65 65 63 50 50 57 48 54 49 44 39 33 28 RF STI RF STI CFR FHN BBT KEY MTB FITB CMA CFR FHN BBT KEY ZION MTB FITB CMA ZION BOKF HBAN BOKF HBAN &KDQJHLQ$YJ/RDQV /RDQ<LHOGV 4 YV4 ,QSHUFHQWDJHSRLQWV 4 ,QSHUFHQWDJHSRLQWV 5 5.37 3 2 5.34 2 5.09 5.05 5.00 4.95 4.84 4.84 4.82 4.80 4.79 1 1 1 1 1 4.42 0 0 RF RF STI STI BBT CFR FHN KEY MTB CFR BBT FHN KEY CMA MTB FITB ZION CMA ZION BOKF HBAN BOKF HBAN 1Source: S&P Global Market Intelligence, based on 6/30/19 regulatory data for domestic financial holding companies using C&I loans as % of total loans Ⴠ 2Source for peer data: S&P Global Market Intelligence Ⴠ 3Source: 2Q19 earnings release materials; excludes FITB change of 12.6% due to merger with MB Financial Ⴠ 4Beta: change in total loan yields expressed as a percentage of the increase in the federal funds rate Ⴠ 52Q19 loan yield for STI from earnings release materials 22
'HSRVLWV,QFUHDVHG Average core deposits remained stable 7RWDO'HSRVLWV LQELOOLRQV Deposit Rates1 55.8 56.1 55.7 55.5 $YHUDJHGHSRVLWVLQFUHDVHG% 54.0 55.0 54.1 ƒ 1RQLQWHUHVWEHDULQJGHFOLQHG00 ƒ ,QWHUHVWEHDULQJLQFUHDVHG% ƒ f%LQFUHDVHLQEURNHUHG GHSRVLWVZKLFKSURYLGHORZFRVW IOH[LEOHIXQGLQJ /RDQWRGHSRVLWUDWLR VWDEOHDW 0.94 0.78 0.62 0.42 0.51 2Q18 3Q18 4Q18 1Q19 2Q19 1Q19 2Q19 $YHUDJH%DODQFHV 3HULRGHQG 2Q19 compared to 1Q19 Ⴠ 1Interest costs on interest-bearing deposits Ⴠ 2At 6/30/19 23 $YHUDJH'HSRVLWVE\%XVLQHVVDQG0DUNHW %\/LQHRI%XVLQHVV 4 4 4 %\0DUNHW 4 4 4 Middle Market Michigan $19.8 $19.9 $20.9 General $13.4 $13.3 $13.3 Energy 0.4 0.5 0.5 California 16.3 16.2 16.6 National Dealer Services 0.3 0.3 0.3 Texas 8.7 8.7 9.0 Entertainment 0.1 0.1 0.1 1 Tech. & Life Sciences 4.7 5.0 5.1 Other Markets 7.8 7.9 8.1 Equity Fund Services 0.8 0.8 0.9 Finance/Other2 2.4 1.3 1.2 Environmental Services 0.2 0.2 0.1 TOTAL $55.0 $54.0 $55.8 Total Middle Market $19.9 $20.1 $20.4 Corporate Banking US Banking 1.7 1.8 2.1 International 1.6 1.6 1.9 ƒ 0LGGOH0DUNHW 6HUYLQJFRPSDQLHVZLWK Commercial Real Estate 1.5 1.5 1.5 UHYHQXHVJHQHUDOO\EHWZHHQ00 Mortgage Banker Finance 0.7 0.6 0.7 Small Business 2.9 2.9 3.2 ƒ &RUSRUDWH%DQNLQJ 6HUYLQJFRPSDQLHV DQGWKHLU86EDVHGVXEVLGLDULHV ZLWK BUSINESS BANK $28.3 $28.5 $29.7 UHYHQXHVJHQHUDOO\RYHU00 Retail Banking 20.6 20.5 21.0 ƒ 6PDOO%XVLQHVV 6HUYLQJFRPSDQLHVZLWK RETAIL BANK $20.6 $20.5 $21.0 UHYHQXHVJHQHUDOO\XQGHU00 Private Banking 3.5 3.5 3.6 WEALTH MANAGEMENT $3.7 $3.8 $3.9 Finance/Other2 2.4 1.3 1.2 TOTAL $55.0 $54.0 $55.8 $ in billions Ⴠ Totals shown above may not foot due to rounding Ⴠ 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets Ⴠ 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments 24
0RUWJDJH%DQNHU)LQDQFH 50+ years experience with reputation for consistent, reliable approach $YHUDJH/RDQV ƒ 3URYLGHZDUHKRXVHILQDQFLQJ EULGJHIURP LQPLOOLRQV UHVLGHQWLDOPRUWJDJHRULJLQDWLRQWRVDOHWR Actual MBA Mortgage Origination Volumes 1,2 HQGPDUNHW ƒ ([WHQVLYHEDFNURRPSURYLGHVFROODWHUDO 2,544 2,352 2,145 2,136 2,089 2,044 PRQLWRULQJDQGFXVWRPHUVHUYLFH 1,974 1,961 1,861 1,784 1,780 1,742 1,677 1,674 1,450 1,435 ƒ )RFXVRQIXOOEDQNLQJUHODWLRQVKLSV 1,335 ƒ *UDQXODUSRUWIROLRZLWKfUHODWLRQVKLSV ƒ 8QGHUO\LQJPRUWJDJHVDUHW\SLFDOO\UHODWHG 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 WRKRPHSXUFKDVHVDVRSSRVHGWR 0%$0RUWJDJH2ULJLQDWLRQV)RUHFDVW UHILQDQFHV LQELOOLRQV $VRI4 Purchase Refinance • &RPHULFD SXUFKDVH 605 • ,QGXVWU\ SXUFKDVH 501 461 483 361 ƒ 6WURQJFUHGLWTXDOLW\ • 1RFKDUJHRIIVVLQFH ƒ 3HULRGHQGORDQV % 2Q19 3Q19 4Q19 1Q20 2Q20 6/30/19 Ɣ 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 8/15/19 Ɣ 2$ in billions 25 1DWLRQDO'HDOHU6HUYLFHV 65+ years of floor plan lending )UDQFKLVH'LVWULEXWLRQ ƒ 7RSWLHUVWUDWHJ\ %DVHGRQSHULRGHQGORDQRXWVWDQGLQJV Honda/Acura ƒ )RFXVRQn0HJD'HDOHU| ILYHRUPRUH 16% GHDOHUVKLSVLQJURXS Toyota/Lexus 16% Ford ƒ 6WURQJFUHGLWTXDOLW\ 9% ƒ 5REXVWPRQLWRULQJRIFRPSDQ\LQYHQWRU\ DQGSHUIRUPDQFH GM 1 Total Other 8% 10% $7.8B $YHUDJH/RDQV Fiat/Chrysler LQELOOLRQV 10% Floor Plan Mercedes 7.9 7.8 7.4 7.4 7.3 Other Asian 7.1 7.1 7.0 6.9 3% 6.8 6.6 6.5 6.3 6.2 6.2 12% 6.0 Nissan/ Infiniti 5.9 Other European 5% 11% *HRJUDSKLF'LVSHUVLRQ 4.5 4.4 4.3 4.2 4.1 4.1 4.1 4.0 4.0 4.0 3.9 3.8 3.8 3.7 3.7 3.6 California 58% Texas 6% 3.5 Michigan 24% Other 12% 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 6/30/19 Ɣ 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) 26
7HFKQRORJ\DQG/LIH6FLHQFHV Deep expertise & strong relationships with top-tier investors $YHUDJH/RDQV $YHUDJH'HSRVLWV LQPLOOLRQV LQPLOOLRQV 5,426 5,066 5,244 4,992 4,652 1,416 1,396 1,353 1,323 1,305 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 &XVWRPHU6HJPHQW2YHUYLHZ ƒ fFXVWRPHUV %DVHGRQSHULRGHQGORDQV ƒ 0DQDJHFRQFHQWUDWLRQWRQXPHURXV YHUWLFDOVWRHQVXUHZLGHO\GLYHUVLILHG Leveraged Finance Growth ~20% SRUWIROLR ~50% ƒ &ORVHO\PRQLWRUFDVKEDODQFHV Total PDLQWDLQUREXVWEDFNURRPRSHUDWLRQ $1.3B ƒ RIILFHVWKURXJKRXW86 &DQDGD Late Stage Early Stage ~10% ~20% 6/30/19 27 (QHUJ\/LQHRI%XVLQHVV 30+ years industry experience 3HULRGHQG/RDQV ƒ LQPLOOLRQV fFXVWRPHUV IRFXVRQIXOOUHODWLRQVKLSV Midstream Services Exploration & Production ZLWKODUJHUVRSKLVWLFDWHG( 3FRPSDQLHV DFFHVVWRDYDULHW\RIFDSLWDOVRXUFHV 2,385 2,434 KHGJLQJ GLYHUVHJHRJUDSKLFIRRWSULQW ƒ ([SRVXUH7% XWLOL]DWLRQ 2,163 ƒ /RDQJURZWKGULYHQE\UHGXFHGFDSLWDO PDUNHWDFWLYLW\DVZHOODVKLJKHUXWLOL]DWLRQ 1,832 Mixed 1,734 ƒ 4 FKDUJHRIIV QRQDFFUXDOORDQV18% LQFUHDVHG VHOHFWOLTXLGDWLQJHQHUJ\DVVHWV LPSDFWHGE\UDSLGGHFOLQHLQYDOXDWLRQV 1,897 1,857 ƒ ( 3 2LO*DV2LO*DV 1,771 1,400 1,499 &ULWLFL]HG/RDQV LQPLOOLRQV 313199 NALsNALs 269 240 75 80 205 210 94 91 100 453 457 243 233 298 84 60 53 48 33 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 6/30/19 Ɣ 1Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories 28
6HFXULWLHV3RUWIROLR6WDEOH Yields increased 6 basis points 6HFXULWLHV3RUWIROLR LQELOOLRQV Treasury Securities & Other Mortgage-backed Securities (MBS) Securities Yields 'XUDWLRQRI\HDUV ƒ ([WHQGVWR \HDUVXQGHUDESV 12.1 12.2 12.3 11.8 11.8 11.8 12.0 LQVWDQWDQHRXVUDWHLQFUHDVH 1HWXQUHDOL]HGSUHWD[JDLQRI00 1HWXQDPRUWL]HGSUHPLXPRI00 9.5 9.5 9.1 9.1 9.1 9.2 9.3 <LHOGVLQFUHDVHGEDVLVSRLQWV ƒ 4XDUWHUO\SD\GRZQRIf00ZDV UHSODFHGDWKLJKHU\LHOG 2.45 ƒ 5HSRVLWLRQHG%LQ7UHDVXULHV 2.35 2.39 2.12 2.17 2Q18 3Q18 4Q18 1Q19 2Q19 1Q19 2Q19 $YHUDJH%DODQFHV 3HULRGHQG 6/30/19 Ɣ 1Estimated as of 6/30/19 Ɣ 2Net unrealized pre-tax gain/loss on the available-for-sale (AFS) portfolio Ɣ 3Net unamortized premium on the MBS portfolio 29 6XSHULRU1,0 (IILFLHQF\5DWLRV Careful management of loan & deposit pricing as well as expenses 1HW,QWHUHVW0DUJLQ (IILFLHQF\5DWLR 4 ,QSHUFHQWDJHSRLQWV 4 ,QSHUFHQWDJHSRLQWV 64.00 61.90 59.51 59.00 59.00 3.91 58.50 58.33 3.85 57.60 55.98 3.67 55.10 3.54 3.45 3.42 3.37 3.34 3.31 3.30 49.65 3.16 3.06 RF RF STI STI CFR FHN BBT KEY BBT FHN KEY MTB MTB FITB FITB CMA CMA ZION ZION BOKF BOKF HBAN HBAN 1Source: S&P Global Market Intelligence Ⴠ 2Excludes CFR as data was not available 30
1HW,QWHUHVW,QFRPH6WDEOH Loan growth more than offset by higher funding costs 1HW,QWHUHVW,QFRPH LQPLOOLRQV NIM $606MM 1Q19 3.79% 614 + 14MM Loans: - 0.02 606 603 590 599 + 16MM Higher balances +0.02 + 6MM 1 additional day -- - 4MM Lower LIBOR -0.02 - 2MM Lease residual adj. -0.01 - 1MM Hedges -0.01 - 1MM Portfolio mix shift -- 3.79 + 3MM Securities: + 0.01 3.70 3.67 Higher yield 3.62 3.60 - 15MM Deposits: - 0.09 - 8MM Higher balances -0.05 - 7MM Higher rates -0.04 -5MM Wholesale funding: -0.02 Higher level $603MM 2Q19 3.67% 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 compared to 1Q19 31 &UHGLW4XDOLW\5HPDLQV6ROLG Provision reflects loan growth & decline in value of select energy assets $OORZDQFHIRU&UHGLW/RVVHV LQPLOOLRQV ƒ 00LQQHWFKDUJHRIIV RUESV Allowance for Loan Losses as a % of Total Loans ƒ 1RQDFFUXDOORDQV ESVRIWRWDOORDQV 711 697 701 677 688 ƒ $///13/FRYHUDJH [ 1.36 1.35 1.34 ƒ 3URYLVLRQLQFUHDVHG00RYHU4 1.29 1.27 • /RDQJURZWK • 6HOHFWOLTXLGDWLQJHQHUJ\DVVHWV LPSDFWHGE\UDSLGGHFOLQHLQYDOXDWLRQV 2Q18 3Q18 4Q18 1Q19 2Q19 &ULWLFL]HG/RDQV $ in millions Total LQPLOOLRQV Energy Ex-Energy NALsNAL CriticizedCitii d as a % of fT Total t lL Loans Total PE loans $2,434 $49,367 $51,801 % of total 5% 95% 100% 1,948 1,765 1,806 1 1,670 1,548 Criticized 210 1,738 1,948 Ratio 8.6% 3.5% 3.8% Nonaccrual 84 140 224 3.6 3.8 3.5 3.4 3.1 Ratio 3.5% 0.3% 0.4% 2 254 230 221 191 224 Net charge-offs 25 8 33 Ratio N/M 0.06% 0.26% 2Q18 3Q18 4Q18 1Q19 2Q19 6/30/19 Ɣ1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Ɣ 2Net credit-related charge-offs; ratio shown as a % of average loans Ɣ N/M = Not meaningful 32
1RQLQWHUHVW,QFRPH,QFUHDVHG Card fees continue to grow 1RQLQWHUHVW,QFRPH 1RQLQWHUHVWLQFRPHLQFUHDVHG00 LQPLOOLRQV H[FOXGLQJ006HFXULWLHVORVVHVLQ4 Securities losses due to repositioning 00)LGXFLDU\LQFRPH 00&DUG 254 248 250 246 250 00%DQNRZQHGOLIHLQVXUDQFH 20 8 234 238 00'HIHUUHG&RPS RIIVHWLQQRQLQWHUHVWH[SHQVH *URZLQJ&DUG)HHV LQPLOOLRQV 65 64 63 60 61 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 compared to 1Q19 Ɣ 1See Reconciliation of Non-GAAP Financial Measures slide 33 1RQLQWHUHVW([SHQVH'HFOLQHG Disciplined cost management drives efficiency ratio1 under 50% 1RQLQWHUHVW([SHQVH LQPLOOLRQV Restructuring Efficiency Ratio 1RQLQWHUHVWH[SHQVHGHFOLQHG 00 006DODULHV EHQHILWV 448 452 448 4 DQQXDOVWRFNFRPS 433 11 12 14 424 KLJKHUSD\UROOWD[HV 440 0HULWLQFUHDVHV 437 434 433 424 2QHDGGLWLRQDOGD\ 'HIHUUHG&RPS RIIVHWLQQRQLQWHUHVWLQFRPH 00$GYHUWLVLQJ 00/HJDO 4 UHFRYHULHV 002XWVLGHSURFHVVLQJ 53.2% 52.9% 51.9% 50.8% 49.7% 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 compared to 1Q19 Ⴠ 1Noninterest expenses as a percentage of net interest income & noninterest income excluding net gains (losses) from securities & a derivative contract tied to the conversion rate of Visa Class B shares Ɣ 2See Reconciliation of Non-GAAP 3 Financial Measures slide Ɣ Included in other noninterest expenses 34
&DSLWDO0DQDJHPHQW 6WURQJ&DSLWDO &(7 6WURQJ7LHU5DWLR 4 ,QSHUFHQWDJHSRLQWV 4 ,QSHUFHQWDJHSRLQWV 12.94 12.29 11.99 11.99 11.81 11.81 11.28 11.28 11.11 11.06 11.06 11.01 11.01 10.84 10.84 10.79 10.62 10.36 10.24 10.24 10.18 10.18 9.88 9.87 9.84 9.57 9.57 9.25 9.19 RF RF STI STI BBT FHN FHN CFR BBT KEY CFR KEY MTB MTB FITB FITB CMA CMA ZION ZION BOKF BOKF HBAN HBAN 1Source: S&P Global Market Intelligence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Ⴠ 12018 results versus 2012 baseline; additional details published in Comerica’s 2018 Corporate Responsibility Report 36
+ROGLQJ&RPSDQ\'HEW5DWLQJ 6HQLRU8QVHFXUHG/RQJ7HUP,VVXHU5DWLQJ 0RRG\bV 6 3 )LWFK %% 7 $ $ $ &XOOHQ )URVW $ $ 0 7%DQN $ $ $ &RPHULFD $ %%% $ %2. )LQDQFLDO&RUSRUDWLRQ $ %%% $ +XQWLQJWRQ %DD %%% $ )LIWK 7KLUG %DD %%% $ 3HHU%DQNV .H\&RUS %DD %%% $ 6XQ7UXVW %DD %%% $ 5HJLRQV)LQDQFLDO %DD %%% %%% =LRQV%DQFRUSRUDWLRQ %DD %%% %%% )LUVW+RUL]RQ1DWLRQDO&RUS %DD %%% %%% 86%DQFRUS $ $ $$ -30RUJDQ $ $ $$ %DQNRI$PHULFD $ $ $ :HOOV)DUJR &RPSDQ\ $ $ $ /DUJH%DQNV 31&)LQDQFLDO6HUYLFHV*URXS $ $ $ As of 9/5/19 Ⴠ Source: S&P Global Market Intelligence Ⴠ Debt Ratings are not a recommendation to buy, sell, or hold securities 37 5HFRQFLOLDWLRQRI1RQ*$$3)LQDQFLDO0HDVXUHV (dollar amounts in millions, except per share data) 2Q19 1Q19 2Q18 (dollar amounts in millions, except per share data) 2Q19 1Q19 2Q18 Noninterest Income: Net Income: Noninterest income $250 $238 $248 Net income $298 $339 $326 Securities repositioning — 8 — Securities repositioning, net of tax — 6 — Adjusted noninterest income $250 $246 $248 Restructuring charges, net of tax — — 9 Noninterest Expenses: Discrete tax items — (11) (3) Noninterest expenses $424 $433 $448 Adjusted net income $298 $334 $332 Restructuring charges — — (11) Diluted Earnings per Common Share: Adjusted noninterest expenses $424 $433 $437 Diluted earnings per common share $1.94 $2.11 $1.87 Pre-tax Income: Securities repositioning, net of tax — 0.04 — Pre-tax income $385 $424 $419 Restructuring charges, net of tax — — 0.05 Securities repositioning — 8 — Discrete tax items — (0.07) (0.02) Restructuring charges — — 11 Adjusted diluted earnings per common share $1.94 $2.08 $1.90 Adjusted pre-tax income $385 $432 $430 • Securities repositioning refers to 1Q19 losses incurred on the sale of Provision for Income Taxes: approximately $1 billion of treasury securities that were replaced by higher- Provision for income taxes $87 $85 $93 yielding treasuries with a similar duration of 4 years. Tax on securities repositioning — 2 — Tax on restructuring charges — — 2 • Discrete tax items include the tax benefit from employee stock Discrete tax items — 11 3 transactions. Adjusted provision for income taxes $87 $98 $98 Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate our performance trends. Comerica believes the adjusted data shown above and in this presentation provides a greater understanding of ongoing operations and enhances the comparability of results with prior periods. 38
