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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. 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
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Building enduring relationships
Helping our customers & communities navigate challenging times is at the
heart of Comerica's relationship banking strategy
EMPLOYEES | >65% of colleagues are working from home |
Monetary assistance with dependent/elder care | |
Promise Pay: Colleagues who cannot work remotely receive up to an extra $175/week | |
Fully cover cost of COVID-19 testing & online healthcare visits |
Hardship relief assistance, including consideration of:
- Fee waivers for overdraft, check order, ATM, late payment, credit card over limit, CD early
CUSTOMERS | withdrawal & HELOC subordination requests | |
ƒ | Waive overdraft balances to ensure customers receive full amount of consumer stimulus payment | |
ƒ Disaster Assistance for Consumer loan & HELOC customers | ||
ƒ Loan deferrals & amendments | ||
As a SBA preferred lender, assisted customers in accessing Paycheck Protection Program |
- $1.8B loans approved
- >5,000 applications received
Banking Center drive-throughs remain open / lobby hours by appointment
COMMUNITY | Investing $4MM1 to support community programming & businesses | |
ƒ | Community Development Financial Institutions: support needs of small & micro businesses | |
ƒ | Community service organizations: provide services to youth, seniors and other vulnerable | |
populations (particularly organizations addressing food insecurities & access to health care) |
- Expediting $500,000 of planned funding to several local United Way organizations
4/21/20 Ⴠ 1Support from Comerica Bank & Comerica Charitable Foundation
3
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Increased allowance for loan losses ratio to 1.71% to reflect economic outlook
&KDQJH)URP | .H3HUIRUPDQFH'ULYHUV | |||||||
4 | 4 | 4 | 4 | 4 | ||||
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Average loans | $49,604 | $50,505 | $49,677 | $(901) | $(73) | ƒ | $YHUDJHORDQVUHIOHFW | |
Period-end loans | 53,458 | 50,369 | 50,302 | 3,089 | 3,156 | GHFUHDVHVLQ0RUWJDJH%DQNHU | ||
1DWLRQDO'HDOHU3HULRGHQG | ||||||||
Average deposits | 56,768 | 57,178 | 53,996 | (410) | 2,772 | |||
ORDQVUHDFKHGUHFRUGOHYHO | ||||||||
Period-end deposits | 57,366 | 57,295 | 54,091 | 71 | 3,275 | ƒ 'HSRVLWVUHODWLYHOVWDEOH | ||
Net interest income | $513 | $544 | $606 | $(31) | $(93) | |||
ƒ 1HWLQWHUHVWLQFRPHLPSDFWHG | ||||||||
Provision for credit losses | 411 | 8 | (13) | 403 | 424 | |||
EORZHULQWHUHVWUDWHV | ||||||||
Noninterest income1 | 237 | 266 | 238 | (29) | (1) | ƒ 3URYLVLRQLQFOXGHVVWUHVVLQ | ||
Noninterest expenses | 425 | 451 | 433 | (26) | (8) | (QHUJ H[SHFWHG | ||
UHFHVVLRQDUHQYLURQPHQW | ||||||||
Provision for income tax | (21) | 82 | 85 | (103) | (106) | |||
1RQLQWHUHVWLQFRPHLQFOXGHV | ||||||||
Net income | (65) | 269 | 339 | (334) | (404) | ƒ | ||
00GHFOLQHLQ | ||||||||
Earnings per share2 | $(0.46) | $1.85 | $2.11 | $(2.31) | $(2.57) | |||
QRQFXVWRPHUUHODWHGDFWLYLW | ||||||||
Average diluted shares | 140.6 | 144.6 | 159.5 | (4.0) | (18.9) | ƒ | ([SHQVHVZHOOFRQWUROOHG | |
Efficiency ratio3 | 56.57% | 55.46% | 50.81% | |||||
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CET14 | 9.51 | 10.13 | 10.78 | |||||
1Includes gain(loss) related to deferred comp plan of $2MM 1Q19, $3MM 4Q19 & ($3MM) 1Q20 (offset in noninterest expense) Ⴠ 2Diluted | |
earnings per common share Ⴠ 3Noninterest expenses as a percentage of net interest income & noninterest income excluding net gains | |
(losses) from securities & derivative contract tied to conversion rate of Visa Class B shares Ⴠ 41Q20 Common Equity Tier 1 capital ratio estimated | 4 |
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Appropriately supporting customers' liquidity needs
$YHUDJH/RDQV | $YHUDJHORDQVGHFUHDVH00 | |||||||
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Loan Yields | ||||||||
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53.5 | ||||||||
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51.0 | 50.9 | 50.5 | t 00(QHUJ | |||||
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5.07 | 5.00 | 4.83 | 00*HQHUDO0LGGOH0DUNHW | |||||
4.43 | 007HFKQRORJ /LIH6FLHQFHV | |||||||
4.19 | ||||||||
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1Q19 | 2Q19 | 3Q19 4Q19 1Q20 | 4Q19 1Q20 | VSUHDGV XQXVHGIHHVIRUKLJKHUULVN | ||||
$YHUDJH%DODQFHV | 3HULRGHQG | ORDQV | ||||||
1Q20 compared to 4Q19
5
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Deposit rates decreased 16 basis points as prudently adjust pricing
$YHUDJH'HSRVLWV | $YHUDJHGHSRVLWVUHODWLYHOVWDEOH | |||||||||
LQELOOLRQV | ƒ | 6HDVRQDOLWSDUWORIIVHWEFXVWRPHUV | ||||||||
Deposit Rates1 | LQFUHDVLQJOLTXLGLW | |||||||||
57.2 | 56.8 | 57.3 | 57.4 | t 00RWKHUWLPHEURNHUHG | ||||||
54.0 | 55.0 | 55.7 | t 00QRQLQWHUHVWEHDULQJ | |||||||
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%00,$ LQWHUHVWFKHFNLQJ | ||||||||||
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/RDQWRGHSRVLWUDWLR | ||||||||||
0.94 | 0.99 | 0.92 | ||||||||
0.78 | 0.76 | /RZFRVWRIIXQGVRIESV UHIOHFW | ||||||||
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1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 4Q19 | 1Q20 | ||||
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1Q20 compared to 4Q19 Ⴠ 1Interest costs on interest-bearing deposits Ⴠ 2At 3/31/2020 Ⴠ 3Interest incurred on liabilities as a percent of average noninterest-bearing deposits and interest-bearing liabilities
6
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Yields stable
6HFXULWLHV3RUWIROLR | |||||||
LQELOOLRQV$YHUDJH | |||||||
Treasury Securities | |||||||
Mortgage-backed Securities (MBS) | |||||||
Securities Yields | 'XUDWLRQRIHDUV | ||||||
13.0 | |||||||
12.2 | 12.2 | 12.3 | 12.4 | ƒ ([WHQGVWRHDUVXQGHUDESV | |||
12.0 | 12.1 | ||||||
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9.4 | 9.4 | 9.5 | 9.6 | 10.2 | 1HWXQDPRUWL]HGSUHPLXPRI00 | ||
9.2 | 9.3 | ||||||
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2.45 | 2.45 | 2.45 | SDPHQWVDWDWWUDFWLYHLHOGV | ||||
2.39 | 2.43 | ||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 4Q19 | 1Q20 |
3/31/20 ● 1Estimated as of 3/31/20 ● 2Net unamortized premium on the MBS portfolio ● 3Outlook as of 4/21/20
7
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Impacted by lower interest rates
1HW,QWHUHVW,QFRPH | $544MM | 4Q19 | 3.20% | ||||||||
LQPLOOLRQV | |||||||||||
- 47MM | Loans: | - 0.21 | |||||||||
Net Interest Margin | |||||||||||
- 27MM | Lower rates | - 0.16 | |||||||||
606 | 603 | ||||||||||
586 | - | 8MM | Lower balances | - 0.02 | |||||||
544 | - | 6MM | One less day | --- | |||||||
513 | - | 2MM | Loan Fees | - 0.01 | |||||||
- | 4MM | Nonaccrual/Other | - 0.02 | ||||||||
- | 1MM | Securities | --- | ||||||||
- | 1MM | Lower rates | --- | ||||||||
- | 2MM | Fed Deposits: | - 0.04 | ||||||||
3.79 | 3.67 | - | 4MM | Lower yield | - 0.02 | ||||||
3.52 | + 2MM | Higher balances | - 0.02 | ||||||||
3.20 | |||||||||||
3.06 | + 14MM | Deposits: | + 0.08 | ||||||||
+ 12MM | Lower rates | + 0.07 | |||||||||
+ 1MM | Lower balances | + 0.01 | |||||||||
+ 1MM | One less day | --- | |||||||||
+ 5MM | Wholesale funding: | + 0.03 | |||||||||
+ 5MM | Lower rates | +0.03 | |||||||||
$513MM | 1Q20 | 3.06% | |||||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 |
1Q20 compared to 4Q19
8
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Provision reflects increase in reserves for Energy & COVID-19 related stress
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$ in millions | Energy | Ex-Energy | Total |
Total PE loans | $2,114 | $51,344 | $53,458 |
% of total | 4% | 96% | 100% |
Criticized1 | 493 | 1,964 | 2,457 |
Ratio | 23.34% | 3.83% | 4.60% |
Nonperforming loans | 65 | 174 | 239 |
Ratio | 3.09% | 0.34% | 0.45% |
Net charge-offs2 | 67 | 17 | 84 |
Allowance Ratio | 10.5% | 1.3% | 1.7% |
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3/31/20 ● 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories ● 2Net credit-relatedcharge-offs
9 | ||||||||||
(QHUJ/LQHRI%XVLQHVV | ||||||||||
The allocation of reserves for Energy loans increased to >10% | ||||||||||
3HULRGHQG/RDQV | ƒ | HDUVRILQGXVWUH[SHULHQFH | ||||||||
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3,559 | Services | ƒ | ||||||||
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Exploration & Production | ||||||||||
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566 | 3,070 | |||||||||
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480 | ||||||||||
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454 | Mixed | |||||||||
ƒ | 18% | |||||||||
2,250 | 2,221 | $WOHDVWRQHHDURIFXVWRPHUV | ||||||||
479 | 2,163 | 2,114 | ƒ | $WOHDVWWZRHDUVRIFXVWRPHUV | ||||||
289 | 94 | 48 | ORDQVLQEDQNUXSWF | |||||||
1,836 | 55 | ƒ | ||||||||
298 | 432 | |||||||||
374 | 195 | 364 | ([SORUDWLRQ 3URGXFWLRQ | |||||||
295 | LQPLOOLRQV43HULRGHQG | |||||||||
2,539 | ||||||||||
2,111 | 1,771 | 1,741 | Oil | |||||||
1,695 | ||||||||||
1,587 | 1,346 | 60% | ||||||||
Oil/Gas | Total | |||||||||
1,695 | ||||||||||
23% | ||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 1Q20 | Gas | |||
3/31/20 | 17% | |||||||||
10 |
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Exposure to "at risk" industries well reserved
&DWHJRU | 3HULRG | RIWRWDO | &DWHJRU | &RPPHQWV | |||
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Hotels/Casinos | $736 | 1.4% | 1.4% | Strong liquidity; Well capitalized | |||
Retail CRE | $560 | 1.0% | 0.0% | Well capitalized developers (low LTV) | |||
Arts / Recreation | $377 | 0.7% | 1.7% | Larger, well-established entities | |||
Retail goods & services | $357 | 0.7% | 9.3% | Granular portfolio | |||
Sports franchises | $320 | 0.6% | 0.2% | Primarily professional league teams | |||
Total all Other2 | $1,320 | 2.5% | 6.1% | 13 distinct categories | |||
Social Distancing Total | $3,670 | 6.9% | 3.6% | ||||
Energy | $2,114 | 4.0% | 23.2% | See Energy slide 10 | |||
Auto Production3 | $1,278 | 2.4% | 16.5% | Primarily Tier 1 & Tier 2 suppliers; $9MM nonaccrual loans | |||
Leveraged Loans4 | $2,107 | 3.9% | 10.5% | 83% are middle market companies | |||
$UHDVZLWKYHUOLWWOHRUQRH[SRVXUH | 7DNLQJDFWLRQ | ||||||
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3/31/20; in millions categories Ⴠ 1Period-end category criticized loans / category loans Ⴠ 2Includes airlines, restaurants/bars, | |
childcare, coffee shops, cruise lines, education, gasoline/C stores, religious organizations, senior living, freight, travel arrangement, | |
wineries/breweries Ⴠ 3Auto production is as of 2/29/20 Ⴠ 4Higher-risk commercial & industry total $2.5B, eliminated overlap with other categories | 11 |
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1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 |
1Q20 compared to 4Q19 ● 1Losses related to repositioning of securities portfolio of $(8)MM in 2Q19
12
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Declined $26MM with careful control of expenses
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Efficiency Ratio1 | 00'HIHUUHGFRPSRIIVHWLQQRQLQWHUHVW | ||||||
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451 | |||||||
t 00,QFHQWLYHFRPSQHWRIDQQXDO | |||||||
433 | 435 | VKDUHEDVHGFRPS | |||||
424 | 425 | t 007HFKQRORJUHODWHGFRQWLQJHQWODERU | |||||
t 006WDIILQVXUDQFHVHDVRQDO | |||||||
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t 002XWVLGHSURFHVVLQJ | |||||||
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50.8% | 49.7% | 51.5% | 55.5% | t 004YHQGRUWUDQVLWLRQIHH | |||
t 002FFXSDQF | |||||||
t 000DUNHWLQJ | |||||||
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1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | |||
1Q20 compared to 4Q19 Ⴠ 1Noninterest expenses as a percentage of net interest income & noninterest income excluding net gains | |||||||
(losses) from securities & derivative contract tied to conversion rate of Visa Class B shares Ⴠ 2Reclassification from Outside Processing to | |||||||
Software for certain costs related to hosting arrangements (new accounting standard) | 13 | ||||||
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Multiple funding sources
Available Liquidity Sources (in billions; Period-end) | /RDQWR'HSRVLW5DWLR | ||||||
30% | 43HULRGHQG | ||||||
Federal Reserve Deposit | $ 3.8 | 120% | |||||
120% | |||||||
FHLB Unused Funding Capacity1 | 9.9 | ||||||
110% | |||||||
Unpledged Investment Securities (of $13B portfolio) | 6.9 | ||||||
100% | 93% | ||||||
Discount Window Borrowing Capacity (undrawn) | 17.2 | ||||||
90% | |||||||
Total | $37.8 | 80% | |||||
ƒ | ,QDGGLWLRQUHDGDFFHVVWREURNHUHGGHSRVLWV | 70% | |||||
2007 | 2008 | 2009 | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 | 1Q20 | |||
XQVHFXUHGGHEWPDUNHW | |||||||
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([FOXGHVVKRUWWHUPERUURZLQJ RI% | LQPLOOLRQV43HULRGHQG | ||||||
LQPLOOLRQV43HULRGHQG |
Senior Notes | Interest- | |||||||
Subordinated Notes | Equity, | Total | bearing | |||||
FHLB Advance | Deposits, | |||||||
3,800 | 10% | Liabilities | ||||||
39% | ||||||||
& Equity | ||||||||
Other | $76,337 | Noninterest | ||||||
876 | ||||||||
917 | Liabilities | -bearing | ||||||
675 | 524 | 642 | & Debt, | Deposits, | ||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025+ | 15% | 36% | |
3/31/20 Ⴠ 1$4.6B drawn at Federal Home Loan Bank Ⴠ 2FHLB Advance & Overnight Fed Funds |
14
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Maintain solid capital base through recessionary environment
&DSLWDOPDQDJHPHQWREMHFWLYHV | ($ in millions) | CET1/ Tier 1 | RWA | % | ||||
4Q19 Tier 1 Capital | 6,919 | 68,273 | 10.13 | |||||
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Net loss | (65) | (0.10) | ||||||
PDUNHWVPDOOEXVLQHVVHV FRQVXPHUV | ||||||||
CECL adjustment3 | 69 | 0.10 | ||||||
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Dividends | (94) | (0.14) | ||||||
ƒ | 004SDRXW | |||||||
Share Repurchase Program1 | (189) | (0.28) | ||||||
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GLYLGHQG | Other2 | 14 | 0.03 | |||||
ƒ | 6XVSHQGHGVKDUHEXEDFNSURJUDP | Risk Weighted Asset Growth3 | 1,723 | (0.23) | ||||
ƒ | +LJKTXDOLWRIFDSLWDOFRPPRQHTXLW | 1Q20 Tier 1 Capital3 | 6,654 | 69,996 | 9.51 | |||
ƒ | 6WURQJGHEWUDWLQJVIRU+ROGFR | &DSLWDO5DWLRV | ||||||
ƒ | 0RRGbV$ | Regulatory Minimum + Capital Conservation Buffer | ||||||
ƒ | 6 3%%% | 11.8% | ||||||
ƒ | )LWFK$ | 9.5% | 9.5% | 10.5% | ||||
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8.5% | ||||||||
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3/31/20 Ⴠ Outlook as of 4/21/20 Ⴠ 1Shares repurchased under the share repurchase program Ⴠ 2Includes $13MM from CECL Day 1 adoption Ⴠ 3Estimates
15
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2Q20 expectation based on recessionary conditions
Loan | + | Mortgage Banker, supporting customer liquidity needs, funding Paycheck Protection Program |
Growth | - | Partly offset by reduced working capital & capex needs |
Deposit | + | Customers conserving liquidity, economic stimulus programs |
Growth | - | Partly offset by customers meeting operating needs |
Net Interest | - | 2Q20 net impact of lower rates ~$55MM (assumes average 1-Month LIBOR of 78 bps)1 |
Income | + | Partly offset by loan growth |
Credit | • | Reflective of environment: duration/severity of COVID-19 & resulting economic effects |
Quality | • | Current reserve is appropriate based on expected recessionary conditions as of 3/31/20 |
Noninterest | + | Higher card fees |
Income2 | - | Reduced economic activity1, lower market based fees |
Noninterest | + | Outside processing, COVID-19 related costs & merit |
Expenses2 | - | Partly offset by continued expense discipline |
Capital | • Share repurchase program suspended | |
• | Focus on supporting customers & providing attractive dividend | |
Outlook as of 4/21/20 ● 2Q20 outlook compared to 1Q20; Comerica is withdrawing its full year financial outlook for fiscal 2020 ● 1Source: Comerica economic forecast as of 4/14/20 ● 2Assumes no deferred comp asset returns (1Q20 -$3MM)
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3/31/20 Ⴠ 1Estimates Ⴠ 2Holding company debt ratings as of 4/15/20; Debt Ratings are not a recommendation to buy, sell, or hold securities
17
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%/LQHRI%XVLQHVV | 4 | 4 | 4 | % DUNHW | 4 | 4 | 4 | |||||
Middle Market | Michigan | $12.2 | $12.4 | $12.6 | ||||||||
General | $12.0 | $12.0 | $12.0 | |||||||||
Energy | 2.2 | 2.5 | 2.3 | California | 18.0 | 17.9 | 18.7 | |||||
National Dealer Services | 6.8 | 7.3 | 7.8 | Texas | 10.6 | 10.7 | 10.3 | |||||
Entertainment | 0.7 | 0.7 | 0.8 | |||||||||
Tech. & Life Sciences | 1.2 | 1.2 | 1.3 | Other Markets1 | 8.8 | 9.5 | 8.2 | |||||
Equity Fund Services | 2.6 | 2.5 | 2.6 | |||||||||
TOTAL | $49.6 | $50.5 | $49.7 | |||||||||
Environmental Services | 1.3 | 1.3 | 1.2 | |||||||||
Total Middle Market | $26.7 | $27.4 | $28.0 | |||||||||
Corporate Banking | /RDQ3RUWIROLR | |||||||||||
US Banking | 3.0 | 2.9 | 3.0 | |||||||||
LQELOOLRQV43HULRGHQG | ||||||||||||
International | 1.2 | 1.3 | 1.3 | |||||||||
Commercial Real Estate | 6.2 | 5.9 | 5.3 | Fixed Rate2 | ||||||||
Mortgage Banker Finance | 2.0 | 2.7 | 1.3 | Prime- | 18% | |||||||
Small Business | 3.4 | 3.4 | 3.5 | |||||||||
based | ||||||||||||
BUSINESS BANK | $42.6 | $43.5 | $42.5 | 6% | Total | 30-Day | ||||||
Retail Banking | 2.1 | 2.1 | 2.1 | 60-Day+ | $53.5 | |||||||
LIBOR | ||||||||||||
RETAIL BANK | $2.1 | $2.1 | $2.1 | LIBOR | 70% | |||||||
6% | ||||||||||||
Private Banking | 4.9 | 4.9 | 5.0 | |||||||||
WEALTH MANAGEMENT | $4.9 | $4.9 | $5.0 | |||||||||
TOTAL | $49.6 | $50.5 | $49.7 | |||||||||
$ 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 2Fixed rate loans include
$5.55B receive fixed / pay floating (30-day LIBOR) interest rate swaps | 19 |
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3/31/19 | 6/30/19 | 9/30/19 | 12/31/19 | 3/31/20 | |||||||||
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$ Commitments | $ Outstandings | % Utilization | |||||||||||
70,000 | -$16.7B | 70% | |||||||||||
60,000 | |||||||||||||
60% | |||||||||||||
50,000 | |||||||||||||
40,000 | 50% | ||||||||||||
30,000 | 40% | ||||||||||||
20,000 | |||||||||||||
30% | |||||||||||||
10,000 | -$10.4B | ||||||||||||
- | 20% | ||||||||||||
1Q08 | 1Q09 | 1Q10 | 1Q11 | 1Q12 | 1Q13 | 1Q14 | 1Q15 | 1Q16 | 1Q17 | 1Q18 | 1Q19 | 1Q20 |
3/31/20
20
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%/LQHRI%XVLQHVV | 4 | 4 | 4 |
Middle Market | $14.3 | $14.1 | $13.3 |
General | |||
Energy | 0.5 | 0.4 | 0.5 |
National Dealer Services | 0.3 | 0.3 | 0.3 |
Entertainment | 0.1 | 0.1 | 0.1 |
Tech. & Life Sciences | 5.1 | 5.1 | 5.0 |
Equity Fund Services | 0.9 | 0.8 | 0.8 |
Environmental Services | 0.1 | 0.1 | 0.2 |
Total Middle Market | $21.4 | $21.1 | $20.1 |
Corporate Banking | 2.0 | 2.3 | 1.8 |
US Banking | |||
International | 1.5 | 1.6 | 1.6 |
Commercial Real Estate | 1.7 | 1.8 | 1.5 |
Mortgage Banker Finance | 0.6 | 0.7 | 0.6 |
Small Business | 3.0 | 3.1 | 2.9 |
BUSINESS BANK | |||
$30.2 | $30.5 | $28.5 | |
Retail Banking | 21.2 | 21.1 | 20.5 |
RETAIL BANK | |||
$21.2 | $21.1 | $20.5 | |
Private Banking | 3.7 | 3.7 | 3.5 |
WEALTH MANAGEMENT | |||
$4.0 | $4.0 | $3.8 | |
Finance/Other2 | 1.3 | 1.5 | 1.3 |
TOTAL | $56.8 | $57.2 | $54.0 |
% DUNHW | 4 | 4 | 4 |
Michigan | $20.7 | $20.4 | $19.9 |
California | 17.5 | 18.1 | 16.2 |
Texas | 9.2 | 9.0 | 8.7 |
Other Markets1 | 8.0 | 8.0 | 7.9 |
Finance/Other2 | 1.3 | 1.5 | 1.3 |
TOTAL | $56.8 | $57.2 | $54.0 |
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Retail | Commercial | |
Noninterest- | Noninterest- | |
bearing | bearing | |
8% | Total | 39% |
Commercial | ||
Retail | $56.8 | |
Interest- | ||
Interest- | bearing | |
bearing | 23% | |
30% |
$ 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 | 21 |
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Actual MBA Mortgage Origination Volumes
2,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2,544 | 2,521 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2,145 | 2,352 | 1,974 | 2,044 | 2,042 | ||||||||||||||||||||||||||||||||||||||||||||||||
1,674 | 1,450 | 1,780 | 1,861 | 1,435 | 1,784 | 1,961 | 1,677 | 1,335 | ||||||||||||||||||||||||||||||||||||||||||||
1Q16 | 2Q16 | 3Q16 | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 1Q18 | 2Q18 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | ||||||||||||||||||||||||||||||||||||
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LQELOOLRQV | ||||||||||||||||||||||||||||||||||||||||||||||||||||
768 | Purchase | Refinance | ||||||||||||||||||||||||||||||||||||||||||||||||||
563 | 600 | 495 | 420 | |||||||||||||||||||||||||||||||||||||||||||||||||
1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 |
3/31/20 ● 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 4/2/20; estimated
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Office | Single | Michigan | |||||||
Family | Other | ||||||||
Retail | 8% | 5% | |||||||
5% | 5% | ||||||||
10% | |||||||||
Land Carry | |||||||||
Other | |||||||||
Industrial / | 4% | ||||||||
Multi use | 19% | California | |||||||
Storage | Total | Total | |||||||
19% | $5,525 | 3% | $5,525 | 44% | |||||
Multifamily | Texas | ||||||||
32% | |||||||||
46% | |||||||||
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Criticized2 | $84 | $87 | $87 | ||||||
Ratio | 1.5% | 1.4% | 1.3% | ƒ | 6XEVWDQWLDOXSIURQWHTXLWUHTXLUHG | ||||
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Nonaccrual | $2 | $2 | $3 | ||||||
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Ratio | 0.04% | 0.03% | 0.04% | ||||||
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Net charge-offs | -0- | -0- | -0- | ||||||
3/31/20 Ⴠ 1Excludes CRE line of business loans not secured by real estate Ⴠ 2Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories Ⴠ 3Period-end loans
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$7.2B | 7% | |
10% |
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13% | ||||
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Michigan | 27% | Other | 10% |
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6.2 | 6.5 | 6.3 | 6.6 | 6.8 | 7.1 | 6.9 | 7.1 | 7.3 | 7.4 | 7.0 | 7.4 | 7.3 | 6.8 | ||||
3.7 | 4.0 | 3.8 | 4.0 | 4.1 | 4.3 | 3.9 | 4.1 | 4.1 | 4.2 | 3.8 | 4.0 | 4.4 | 4.5 | 4.1 | 4.0 | 3.6 | |
1Q16 | 2Q16 | 3Q16 | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 1Q18 | 2Q18 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 |
3/31/20 ● 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans)
24
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Deep expertise & strong relationships with top-tier investors | ||||||||||
$YHUDJH/RDQV | $YHUDJH'HSRVLWV | |||||||||
LQPLOOLRQV | LQPLOOLRQV | |||||||||
1,323 | 1,305 | 4,992 | 4,652 | 4,637 | 5,149 | 5,126 | ||||
1,251 | 1,181 | 1,193 | ||||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | |
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YHUWLFDOVWRHQVXUHZLGHOGLYHUVLILHG | Growth | |||||||||
SRUWIROLR | Late Stage | 49% | ||||||||
Total | ||||||||||
ƒ | &ORVHOPRQLWRUFDVKEDODQFHV | 14% | ||||||||
PDLQWDLQUREXVWEDFNURRPRSHUDWLRQ | $1.5B | Leveraged | ||||||||
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Early Stage | 17% | |||||||||
20% | ||||||||||
3/31/20 | ||||||||||
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SULYDWHHTXLWILUPV | 2,570 | |
2,408 |
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2015 | 2016 | 2017 | 2018 | 2019 | 1Q20 |
3/31/20
26
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6HQLRU8QVHFXUHG/RQJ7HUP,VVXHU5DWLQJ | 0RRGbV | 6 3 | |
Cullen Frost | A3 | A- | |
M&T Bank | A3 | A- | |
Comerica | A3 | BBB+ | |
3HHU%DQNV | BOK Financial | A3 | BBB+ |
Fifth Third | Baa1 | BBB+ | |
Huntington | Baa1 | BBB+ | |
KeyCorp | Baa1 | BBB+ | |
Regions Financial | Baa2 | BBB+ | |
Zions Bancorporation | Baa2 | BBB+ | |
First Horizon National Corp | Baa3 | BBB- | |
Citizens Financial Group | - | BBB+ | |
Synovus Financial | - | BBB- | |
/DUJH%DQNV | U.S. Bancorp | A1 | A+ |
Bank of America | A2 | A- | |
Wells Fargo & Company | A2 | A- | |
JP Morgan | A2 | A- | |
PNC Financial Services Group, Inc. | A3 | A- | |
Truist Financial Corp | A3 | A- |
As of 4/15/20 Ⴠ Source: S&P Global Market Intelligence Ⴠ Debt Ratings are not a recommendation to buy, sell, or hold securities
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Disclaimer
Comerica Inc. published this content on 21 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2020 10:32:18 UTC