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| 8-K - 8-K - COMERICA INC /NEW/ | a2020morganstanleypres.htm |
&RPHULFD,QFRUSRUDWHG 0RUJDQ6WDQOH\9LUWXDO86)LQDQFLDOV&RQIHUHQFH -XQH -LP+HU]RJ0HOLQGD&KDXVVH &KLHI)LQDQFLDO2IILFHU&KLHI&UHGLW2IILFHU 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 include credit risks (unfavorable developments concerning credit quality; declines or other changes in the businesses or industries of Comerica's customers, in particular the energy industry; and changes in customer behavior); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from LIBOR towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); financial reporting risks (changes in accounting standards and the critical nature of Comerica's accounting policies); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (changes in general economic, political or industry conditions; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events, including the COVID-19 global pandemic; and the volatility of Comerica’s stock price). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2019 and "Item 1A. Risk Factors" beginning on page 60 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward- looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 2
:HOOSRVLWLRQHGWRQDYLJDWHWKHVHFKDOOHQJLQJWLPHV &86720(5)2&86(' ',9(56,),(' &5(',7',6&,3/,1( ƒ /RQJWHQXUHGH[SHULHQFHG ƒ 'LYHUVHJHRJUDSKLF ƒ &RQVHUYDWLYHXQGHUZULWLQJ WHDPZLWKGHHSH[SHUWLVH IRRWSULQW VWDQGDUGV ƒ 6XSSRUWLQJFXVWRPHUVb ƒ %DODQFHGH[SRVXUHWRD ƒ 6XSHULRUFUHGLW ILQDQFLDOQHHGVIRU\HDUV ZLGHYDULHW\RILQGXVWULHV SHUIRUPDQFHWKURXJKODVW UHFHVVLRQ :(//&$3,7$/,=(' 52%867/,48,',7< 67521*'(%75$7,1*6 A3 ƒ &(75DWLR ƒ %DYDLODEOHOLTXLGLW\ 0DLQWDLQVWURQJUDWLQJV ƒ %7RWDO&DSLWDO VRXUFHV ƒ 0RRG\bV $ ƒ /RDQ'HSRVLW5DWLR ƒ 6 3 %%% ƒ 3HUIRUPPRQWKO\OLTXLGLW\ ƒ )LWFK $ VWUHVVWHVWLQJ 3/31/20 Ⴠ 1Holding company debt ratings as of 6/8/20; Debt Ratings are not a recommendation to buy, sell, or hold securities 3 &RPHULFDYV3HHUV (IILFLHQF\5DWLR 3HULRG(QG/RDQ*URZWK $OORZDQFHIRU/RDQ/RVV SHUFHQWDJHV 4 SHUFHQWDJHV 4YV4 $VDRI43(/RDQV 59.2 6.1 1.71 56.6 5.2 1.56 CMA Peer Average CMA Peer Average CMA Peer Average $VVHWV(PSOR\HH 7RWDO'HSRVLW&RVWV 1RQSHUIRUPLQJ$VVHWV PLOOLRQV 43HULRGHQG EDVLVSRLQWV 4 $VDRI43(/RDQV 9.8 54 0.75 8.4 39 0.47 CMA Peer Average CMA Peer Average CMA Peer Average 1Source for peer data: S&P Global Market Intelligence Ⴠ 2Noninterest 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 31Q20 peer results from earning releases Ⴠ 4Interest incurred on liabilities as a percent of average noninterest–bearing deposits and interest-bearing liabilities 4
48SGDWH $YHUDJH/RDQV,QFUHDVH% Paycheck Protection Program & Mortgage Banker drive loan growth $SULO 0D\7UHQGV &RPPLWWHG/LQH8WLOL]DWLRQ LQELOOLRQV $YHUDJH 53.8 56.7% 51.0 50.9 50.5 54.6% 49.6 53.1% 52.4% 51.6% 51.3% 6/30/19 9/30/19 12/31/19 3/31/20 4/30/20 5/31/20 2Q19 3Q19 4Q19 1Q20 2Q20 thru 5/31 3URDFWLYHO\PDQDJLQJSRUWIROLR ƒ /RQJWHQXUHGH[SHULHQFHGWHDPZLWKGHHS 47'DYHUDJHORDQVUHIOHFWLQFUHDVHV H[SHUWLVHSURYLGLQJFXVWRPHUVXSSRUW ƒ %333ORDQV %DW ƒ )UHTXHQWFXVWRPHUFRQWDFWWRGHWHUPLQH ƒ %0RUWJDJH%DQNHU ILQDQFLDOQHHGV ƒ 00&RUSRUDWH%DQNLQJ ƒ 5LJKWVL]LQJFRPPLWPHQWVDGGUHVVLQJORDQ 2XWORRNIRU4DYHUDJHORDQV f%% VSUHDGV XQXVHGIHHVIRUKLJKHUULVN ORDQV 2Q20 average balances through 5/31/20 are preliminary & subject to change Ɣ Outlook as of 6/8/20 Ɣ 1Comparisons of 2Q20 through 5/31/20 vs 1Q20 5 48SGDWH $YHUDJH'HSRVLWV,QFUHDVH% Economic stimulus programs & customers’ focus on liquidity $SULO 0D\7UHQGV 7RWDO)XQGLQJ ,QWHUHVWEHDULQJ LQELOOLRQV $YHUDJH &RVWV 'HSRVLW&RVW 62.8 EDVLVSRLQWV 4 EDVLVSRLQWV 4 57.2 73 76 77 55.7 56.8 55.0 60 CMA Peers CMA Peers 1RQLQWHUHVWEHDULQJ7RWDO'HSRVLWV 2Q19 3Q19 4Q19 1Q20 2Q20 thru 5/31 SHUFHQWDJHV 4 47 41 39 36 47'DYHUDJHGHSRVLWVUHIOHFWLQFUHDVHV 34 33 28 26 ƒ %QRQLQWHUHVWEHDULQJGHSRVLWV 25 24 24 23 ƒ %LQWHUHVWEHDULQJGHSRVLWV 2XWORRNIRU4DYHUDJHGHSRVLWV f% RF CFR FHN KEY SNV CFG MTB FITB CMA ZION BOKF HBAN 2Q20 average balances through 5/31/20 are preliminary & subject to change Ɣ Outlook as of 6/8/20 Ɣ 1Comparisons of 2Q20 through 5/31/20 vs 1Q20 Ɣ 2Source for peer data: S&P Global Market Intelligence 6
1HW,QWHUHVW,QFRPH Impact from rates & Paycheck Protection Program f00HVWLPDWHGLPSDFWIURPUDWHV /RDQ3RUWIROLR DORQHRQ4QHWLQWHUHVWLQFRPH LQELOOLRQV 43HULRGHQG Fixed Rate3 ƒ $VVXPHVUDWHVKROGVWHDG\ZLWKGD\ 18% /,%25DWESV Prime- ƒ $VVXPHVLQWHUHVWEHDULQJGHSRVLWUDWH based RIESV 6% Total 30-Day 60-Day+ $53.5 ƒ ,QFRUSRUDWHVDOOSULRUUDWHPRYHPHQWV LIBOR LIBOR 70% 6% 0RGHVWQHJDWLYHLPSDFWLQ4 4 3D\FKHFN3URWHFWLRQ3URJUDP %HQHILFLDO'HSRVLW0L[ LQELOOLRQV 4$YHUDJH ƒ %ORDQVDSSURYHGDVRI ƒ %ORDQVRXWVWDQGLQJ Retail Commercial ƒ !DSSOLFDWLRQVSURFHVVHG Noninterest- Noninterest- ƒ RIORDQV bearing bearing ƒ LQWHUHVWUDWH fDYHUDJH IHH 8% Total 39% ƒ &RQWUDFWXDOPDWXULW\RI\HDUV KRZHYHU $56.8 Commercial H[SHFWPDMRULW\PD\EHIRUJLYHQLQ+ Retail Interest- Interest- ƒ )XQGLQJRSHUDWLRQDOH[SHQVHV bearing bearing 23% FKDULWDEOHJLYLQJSDUWLDOO\RIIVHWUHYHQXH 30% Outlook as of 6/8/20 Ɣ 12Q20 vs. 1Q20; Outcomes may differ due to many variables, including pace of LIBOR change, balance sheet movements (loan, deposit & wholesale funding levels), competition for deposits Ɣ 2For standard methodology see the Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis Ⴠ 3Fixed rate loans include $5.55B receive fixed / pay floating (30-day LIBOR) interest rate swaps Ⴠ 4Processing fee will be amortized over life of loan 7 &DSLWDO0DQDJHPHQW Maintain solid capital base through recessionary environment &DSLWDOPDQDJHPHQWREMHFWLYHV &DSLWDO5DWLRV Regulatory Minimum + Capital Conservation Buffer ƒ 6XSSRUWLQJFXVWRPHUV ORDQVWRPLGGOH 11.9% PDUNHWVPDOOEXVLQHVVHV FRQVXPHUV 9.5% 9.5% 10.5% ƒ 0DLQWDLQDWWUDFWLYHGLYLGHQG 8.5% ƒ 004SD\RXW 7.0% ƒ $PSOH+ROGFRFDVKWRVXSSRUWGLYLGHQG ƒ 6XVSHQGHGVKDUHEX\EDFNSURJUDP ƒ ,VVXHG00QRQFXPXODWLYHSHUSHWXDO SUHIHUUHGVWRFNDWRQ CET1 Tier 1 Capital Total Capital ƒ 6WURQJGHEWUDWLQJVIRU+ROGFR $WWUDFWLYH'LYLGHQG<LHOG ƒ 0RRG\bV $ SHUFHQWDJHV ƒ 6 3 %%% 6.79 6.26 ƒ )LWFK $ 6.06 5.88 5.82 5.76 5.06 5.04 ƒ &(&/ GHIHUUHGSRUWLRQRIWUDQVLWLRQDOLPSDFW 3.87 3.83 SURYLGHGDESVEHQHILWWR&(7 3.67 3.65 ƒ /RQJHUWHUPWDUJHWRI&(7f RF SNV KEY FHN CFR CFG MTB FITB CMA ZION BOKF HBAN 3/31/20 Ⴠ Outlook as of 6/8/20 Ⴠ 1Source for peer data: S&P Global Market Intelligence 8
&UHGLW Conservative culture results in better than average credit results &RQVHUYDWLYHFUHGLWFXOWXUH 1RQSHUIRUPLQJ$VVHWV ƒ 'LVFLSOLQHGXQGHUZULWLQJVWDQGDUGV $VDRI43(/RDQV ƒ 'LYHUVHSRUWIROLR 1.30 1.22 Peer Average: 0.75% ƒ /RQJWHQXUHGH[SHULHQFHGHPSOR\HHV ƒ 'HHSH[SHUWLVHLQVSHFLDOW\LQGXVWULHV 0.82 0.79 0.75 0.61 0.61 0.60 0.56 %HWWHUUHVXOWVUHODWLYHWRSHHUV 0.50 0.47 0.44 ƒ /RZHUWKDQDYHUDJHQRQSHUIRUPLQJDVVHWV FXUUHQWO\ WKURXJKWKHF\FOHV ƒ :HOOSRVLWLRQHGZLWKKLJKHUWKDQDYHUDJH UHVHUYHV RF KEY FHN SNV CFR CFG MTB FITB CMA ZION BOKF HBAN $OORZDQFHIRU&RPPHUFLDO/RDQ/RVV 1RQSHUIRUPLQJ$VVHWV $VDRI43(/RDQV 5 $VD3(/RDQV 2.50 Total CMA Peer Average: 1.47% 4 Peer Average 1.82 1.75 1.68 3 1.47 1.42 1.41 1.38 1.14 1.14 1.13 1.08 2 1 0 RF 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 CFR SNV FHN KEY 1Q20 CFG MTB FITB CMA ZION BOKF HBAN 3/31/20 Ɣ 1Commercial loan loss balance / commercial period end loans; includes Commercial Real Estate Loans. Reported from Peer 10Q. MTB is allowance for credit loss Ɣ 21Q20 peer results from earnings releases; CFG is nonperforming loans as a % of 1Q20 PE Loans 9 &UHGLW Stress testing & diverse loan portfolio 6WUHVVWHVWUHVXOWVLQVHYHUHO\DGYHUVH 'LYHUVH/RDQ3RUWIROLR HFRQRPLFFRQGLWLRQV LQELOOLRQV 4DYHUDJH ƒ ')$67VWUHVVWHVW ƒ %FXPXODWLYHORVVHV General Middle Market 12.0 ƒ FRPSDQ\VWUHVVWHVW National Dealer 6.8 ƒ %FXPXODWLYHORVVHV Commercial Real Estate 6.2 ƒ FRPSDQ\VWUHVVWHVW Private Banking 4.9 ƒ %FXPXODWLYHORVVHV Corporate Banking 4.2 Business Banking 3.4 4$///6WUHVV7HVW/RVVHV Equity Fund Services 2.6 Energy 2.2 65% Retail Banking 2.1 48% 42% Mortgage Banker 2.0 Total Loans $49.6 Environmental Services 1.3 Total Middle Market $26.7 Tech. & Life Sciences 1.2 Entertainment 0.7 2017 DFAST 2017 2019 10
1DWLRQDO'HDOHU6HUYLFHV 70+ years of floor plan lending )UDQFKLVH'LVWULEXWLRQ ƒ 7RSWLHUVWUDWHJ\ %DVHGRQSHULRGHQGORDQRXWVWDQGLQJV Honda/Acura ƒ )RFXVRQn0HJD'HDOHU| ILYHRUPRUH 16% GHDOHUVKLSVLQJURXS Toyota/Lexus ƒ 6WURQJFUHGLWTXDOLW\ 15% Ford 10% ƒ 5REXVWPRQLWRULQJRIFRPSDQ\LQYHQWRU\ DQGSHUIRUPDQFH GM 1 Total Other 7% 10% $7.2B $YHUDJH/RDQV Fiat/Chrysler LQELOOLRQV 10% Floor Plan 7.9 Mercedes 7.8 7.5 7.4 7.4 7.3 Other Asian 7.3 7.1 7.1 7.0 6.9 6.8 3% 6.8 6.6 6.5 13% 6.3 Nissan/ Infiniti 6.2 Other European 5% 11% *HRJUDSKLF'LVSHUVLRQ 4.5 4.4 4.3 4.2 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 3.9 3.8 3.8 3.7 California 55% Texas 8% 3.6 Michigan 27% Other 10% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 3/31/20 Ɣ 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) 11 &RPPHUFLDO5HDO(VWDWH/LQHRI%XVLQHVV Long history of working with well established, proven developers &5(E\3URSHUW\7\SH &5(E\/RDQ7\SH LQPLOOLRQV 3HULRGHQG Retail Office Single Family Real Estate Construction Commercial Mortgage 8% 5% 61% 39% 10% Other 5% Industrial / Land Carry 4% Storage 15% Total Multi use 76% 71% 38% 100% 32% 69% 19% $5,525 3% Multifamily 24% 29% 85% 62% 100% 68% 31% 46% *HRJUDSKLF'LVSHUVLRQ Other Retail Office Single California 44% Texas 32% Family Multi use Multi Storage Industrial / Industrial Land Carry Michigan 5% Other 19% Multi family &UHGLW4XDOLW\ ƒ ! RIQHZFRPPLWPHQWVIURPH[LVWLQJ LQPLOOLRQV 3HULRGHQG 4 4 4 FXVWRPHUV 2 Criticized $84 $87 $87 ƒ 6XEVWDQWLDOXSIURQWHTXLW\UHTXLUHG Ratio 1.5% 1.4% 1.3% ƒ RISRUWIROLR LVFRQVWUXFWLRQ LQFOXGHV Nonaccrual $2 $2 $3 UREXVWPRQLWRULQJ Ratio 0.04% 0.03% 0.04% ƒ RI&5(ORDQVDUHGHIHUUHGDVRI Net charge-offs -0- -0- -0- ƒ 1RVLJQLILFDQWQHWFKDUJHRIIVVLQFH 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 as of 3/31/20 12
(QHUJ\/LQHRI%XVLQHVV Allocation of reserves for Energy loans increased to >10%1 3HULRGHQG/RDQV ƒ ([SRVXUH% XWLOL]DWLRQDVRI LQPLOOLRQV Services 3,559 Midstream ƒ 6SULQJUHGHWHUPLQDWLRQVFRPSOHWH Exploration & Production DVRI 566 3,070 ƒ +HGJHGRUPRUHRISURGXFWLRQDVRI 480 454 ƒ $WOHDVWRQH\HDU RIFXVWRPHUVMixed 18% 2,250 2,221 ƒ $WOHDVWWZR\HDUV RIFXVWRPHUV 2,163 2,114 2,152 479 48 289 94 55 ƒ RI(QHUJ\/RDQVDUH61&V DVRI 1,836 298 432 364 374 195 295 ([SORUDWLRQ 3URGXFWLRQ LQPLOOLRQV 43HULRGHQG 2,539 2,111 1,771 1,741 1,587 1,695 Oil 1,346 60% Oil/Gas Total 23% 1,695 2014 2015 2016 2017 2018 2019 1Q20 2Q10 thru 5/31 Gas 2Q20 thru 5/31/20 balances are preliminary & subject to change Ɣ 1As of 3/31/20 Ɣ 2Shared National Credit 17% 13 &UHGLW Exposure to “at risk” industries well reserved 3HULRG RIWRWDO &DWHJRU\ &DWHJRU\ &RPPHQWV HQGORDQV ORDQV FULWLFL]HG 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% 12 distinct categories Social Distancing Total $3,670 6.9% 3.6% Energy $2,114 4.0% 23.2% See Energy slide 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 3D\PHQW'HIHUUDO8SGDWHDVRI 7DNLQJDFWLRQ ƒ %LQ3D\PHQW'HIHUUDOV ƒ :RUNLQJZLWKFXVWRPHUVDVZDUUDQWHG ƒ !FXVWRPHUV ƒ 3D\PHQWGHIHUUDOV RWKHUDFFRPPRGDWLRQV ƒ 6XEVWDQWLDOO\DOOFRQVLGHUHGSHUIRUPLQJDWWLPH ƒ )LQDQFLDOVXSSRUWLQFOXGLQJ333 RIGHIHUUDO ƒ 3URDFWLYHIUHTXHQWFXVWRPHUGLDORJXH ƒ 'HIHUUDOUHTXHVWVWDSHULQJRIIVLQFHPLG0D\ ƒ &ORVHO\PRQLWRULQJPRVWYXOQHUDEOHFXVWRPHUV ƒ 5HYLHZOLTXLGLW\ FDVKIORZIRUHFDVWV ƒ 7UDFNUHFHLYDEOH LQYHQWRU\OHYHOV 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 14
$SSHQGL[ 6HUYLQJ2XU&XVWRPHUV(PSOR\HHV &RPPXQLW\ Building enduring relationships Helping our customers & communities navigate challenging times is at the heart of Comerica’s relationship banking strategy ƒ >65% of colleagues are working from home EMPLOYEES ƒ Monetary assistance with dependent/elder care Payment Deferrals1 ƒ Promise Pay: Colleagues who could not work remotely $3.9B, 7% total loans late March – early June received up to an extra $175/week ƒ Fully cover cost of COVID-19 testing & online healthcare visits >1,300 customers Hardship relief assistance, including consideration of: CUSTOMERS ƒ Fee waivers for overdraft, check order, ATM, late payment, credit card over limit, CD early withdrawal & HELOC 2 subordination requests PPP Update ƒ Waive overdraft balances to ensure customers receive >14,000 applications full amount of consumer stimulus payment $4.2B loans ƒ Disaster Assistance for Consumer loan & HELOC customers ƒ Loan deferrals & amendments COMMUNITY Investing to support community programming & businesses ƒ Community Development Financial Institutions: support needs of small & micro businesses $8MM pledged2,3 ƒ Community service organizations: provide services to youth, seniors and other vulnerable populations ƒ Expediting $500,000 of planned funding to United Way 1As of 5/29/20 Ⴠ 2As of 6/4/20; loans approved Ⴠ 3Support from Comerica Bank & Comerica Charitable Foundation 16
45HVXOWV Increased allowance for loan losses ratio to 1.71% to reflect economic outlook &KDQJH)URP .H\3HUIRUPDQFH'ULYHUV PLOOLRQVH[FHSWSHUVKDUHGDWD 4 4 4 4 4 4FRPSDUHGWR4 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'HDOHU 3HULRGHQG 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 'HSRVLWVUHODWLYHO\VWDEOH Net interest income $513 $544 $606 $(31) $(93) ƒ 1HWLQWHUHVWLQFRPHLPSDFWHG Provision for credit losses 411 8 (13) 403 424 E\ORZHULQWHUHVWUDWHV Noninterest income1 237 266 238 (29) (1) ƒ 3URYLVLRQLQFOXGHVVWUHVVLQ Noninterest expenses 425 451 433 (26) (8) (QHUJ\ H[SHFWHG UHFHVVLRQDU\HQYLURQPHQW Provision for income tax (21) 82 85 (103) (106) Net income (65) 269 339 (334) (404) ƒ 1RQLQWHUHVWLQFRPHLQFOXGHV 00GHFOLQHLQ 2 Earnings per share $(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% ƒ &DSLWDOUHPDLQVVWURQJ CET1 9.52 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 17 /RDQV Appropriately supporting customers’ liquidity needs $YHUDJH/RDQV $YHUDJHORDQVGHFUHDVH 00 LQELOOLRQV 00&RPPHUFLDO5HDO(VWDWH Loan Yields t 000RUWJDJH%DQNHU 53.5 t 001DWLRQDO'HDOHU6HUYLFHV 51.0 50.9 t 00(QHUJ\ 50.5 50.4 49.7 49.6 3HULRGHQGORDQVLQFUHDVH% 00&RUSRUDWH%DQNLQJ 000RUWJDJH%DQNHU 00&RPPHUFLDO5HDO(VWDWH 5.07 5.00 00*HQHUDO0LGGOH0DUNHW 4.83 4.43 007HFKQRORJ\ /LIH6FLHQFHV 4.19 3URDFWLYHO\PDQDJLQJSRUWIROLR ƒ /RQJWHQXUHGH[SHULHQFHGWHDPZLWKGHHS H[SHUWLVHSURYLGLQJFXVWRPHUVXSSRUW ƒ )UHTXHQWFXVWRPHUFRQWDFWWRGHWHUPLQH ILQDQFLDOQHHGV ƒ 5LJKWVL]LQJFRPPLWPHQWVDGGUHVVLQJORDQ 1Q19 2Q19 3Q19 4Q19 1Q20 4Q19 1Q20 VSUHDGV XQXVHGIHHVIRUKLJKHUULVN $YHUDJH%DODQFHV 3HULRGHQG ORDQV 1Q20 compared to 4Q19 18
$YHUDJH/RDQV /LQHRI%XVLQHVV 4 4 4 &RPPHUFLDO/HQGHU Middle Market %XVLQHVV/RDQVDVDRI7RWDO SHUFHQWDJHV 43HULRGHQG General $12.0 $12.0 $12.0 92 88 88 80 Energy 2.2 2.5 2.3 77 73 73 67 66 66 National Dealer Services 6.8 7.3 7.8 52 50 Entertainment 0.7 0.7 0.8 Tech. & Life Sciences 1.2 1.2 1.3 Equity Fund Services 2.6 2.5 2.6 Environmental Services 1.3 1.3 1.2 Total Middle Market $26.7 $27.4 $28.0 RF CFR FHN KEY SNV CFG MTB FITB CMA ZION BOKF Corporate Banking HBAN US Banking 3.0 2.9 3.0 International 1.2 1.3 1.3 /RDQVE\*HRJUDSK\ Commercial Real Estate 6.2 5.9 5.3 LQELOORQV 4DYHUDJH Mortgage Banker Finance 2.0 2.7 1.3 25% Michigan Business Banking 3.4 3.4 3.5 $12.2 COMMERCIAL BANK $42.6 $43.5 $42.5 18% Retail Banking 2.1 2.1 2.1 Other Loans 36% 2 California RETAIL BANK $2.1 $2.1 $2.1 Markets $49.6 $8.8 $18.0 Private Banking 4.9 4.9 5.0 WEALTH MANAGEMENT $4.9 $4.9 $5.0 TOTAL $49.6 $50.5 $49.7 21% Texas $10.6 $ in billions Ⴠ Totals shown above may not foot due to rounding Ⴠ 1Source for peer data: S&P Global Market Intelligence Ⴠ 2Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets 19 'HSRVLWV Deposit rates decreased 16 basis points as prudently adjust pricing $YHUDJH'HSRVLWV $YHUDJHGHSRVLWVUHODWLYHO\VWDEOH LQELOOLRQV ƒ 6HDVRQDOLW\SDUWO\RIIVHWE\FXVWRPHUV Deposit Rates1 LQFUHDVLQJOLTXLGLW\ t 00RWKHUWLPH EURNHUHG 57.2 56.8 57.3 57.4 t 00QRQLQWHUHVWEHDULQJ 55.0 55.7 54.0 0000,$ LQWHUHVWFKHFNLQJ 00FXVWRPHU&'V 5HODWLYHWR4 DYHUDJHJURZWKRI% %00,$ LQWHUHVWFKHFNLQJ 00FXVWRPHU&'V 7RWDO'HSRVLW&RVW EDVLVSRLQWV 4 89 0.94 0.99 0.92 0.78 0.76 72 61 65 66 51 52 43 35 36 39 23 1Q19 2Q19 3Q19 4Q19 1Q20 4Q19 1Q20 $YHUDJH%DODQFHV 3HULRGHQG RF CFR KEY FHN SNV CFG MTB FITB CMA ZION BOKF HBAN 1Q20 compared to 4Q19 Ⴠ 1Interest costs on interest-bearing deposits Ⴠ 2Source for peer data: S&P Global Market Intelligence; Interest incurred on liabilities as a percent of average noninterest–bearing deposits and interest-bearing liabilities 20
$YHUDJH'HSRVLWV %\/LQHRI%XVLQHVV 4 4 4 'HSRVLWVE\*HRJUDSK\ Middle Market 2% General $14.3 $14.1 $13.3 36% Finance / Michigan 0.5 0.4 0.5 2 Energy Other $20.7 National Dealer Services 0.3 0.3 0.3 $1.3 Entertainment 0.1 0.1 0.1 14% Total Other $56.8 Tech. & Life Sciences 5.1 5.1 5.0 1 Markets 32% Equity Fund Services 0.9 0.8 0.8 $8.0 16% California 0.1 0.1 0.2 Environmental Services Texas $17.5 Total Middle Market $21.4 $21.1 $20.1 $9.2 Corporate Banking US Banking 2.0 2.3 1.8 'HSRVLW*URZWK International 1.5 1.6 1.6 SHUFHQWDJHV 4YV4 $YHUDJH Commercial Real Estate 1.7 1.8 1.5 16 Mortgage Banker Finance 0.6 0.7 0.6 15 Business Banking 3.0 3.1 2.9 COMMERCIAL BANK $30.2 $30.5 $28.5 7 Retail Banking 21.2 21.1 20.5 6 5 5 5 RETAIL BANK $21.2 $21.1 $20.5 3 2 2 1 Private Banking 3.7 3.7 3.5 0 WEALTH MANAGEMENT $4.0 $4.0 $3.8 2 Finance/Other 1.3 1.5 1.3 RF CFR KEY SNV FHN CFG MTB FITB CMA ZION BOKF TOTAL $56.8 $57.2 $54.0 HBAN $ 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 Ⴠ 3Source for peer data: S&P Global Market Intelligence 21 6HFXULWLHV3RUWIROLR Yields stable 6HFXULWLHV3RUWIROLR LQELOOLRQV $YHUDJH Treasury Securities Mortgage-backed Securities (MBS) Securities Yields 'XUDWLRQRI\HDUV 13.0 12.3 12.4 12.0 12.1 12.2 12.2 ƒ ([WHQGVWR\HDUVXQGHUDESV LQVWDQWDQHRXVUDWHLQFUHDVH 1HWXQUHDOL]HGSUHWD[JDLQRI00 10.2 9.5 9.6 1HWXQDPRUWL]HGSUHPLXPRI00 9.2 9.3 9.4 9.4 ([SHFWWRPDLQWDLQSRUWIROLRDWf% ƒ 3UHSXUFKDVHGDSRUWLRQ4H[SHFWHG SD\PHQWVDWDWWUDFWLYH\LHOGV 2.45 2.45 2.45 2.39 2.43 1Q19 2Q19 3Q19 4Q19 1Q20 4Q19 1Q20 $YHUDJH%DODQFHV 3HULRGHQG 3/31/20 Ɣ 1Estimated as of 3/31/20 Ɣ 2Net unamortized premium on the MBS portfolio Ɣ 3Outlook as of 6/8/20 22
/LTXLGLW\0DQDJHPHQW Multiple funding sources /RDQWR'HSRVLW5DWLR Available Liquidity Sources (in billions; 1Q20 Period-end) 3HULRGHQG 130% 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% 70% ƒ ,QDGGLWLRQUHDG\DFFHVVWREURNHUHGGHSRVLWV 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 XQVHFXUHGGHEWPDUNHW 1Q20 'HEW0DWXULWLHV 3ULPDULO\)XQGHGZLWK5HODWLRQVKLS'HSRVLWV ([FOXGHVVKRUWWHUPERUURZLQJ RI% LQPLOOLRQV 43HULRGHQG LQPLOOLRQV 43HULRGHQG Senior Notes Subordinated Notes FHLB Advance Interest- bearing Equity, Total Deposits, 3,800 10% Liabilities 39% & Equity $76,337 Other Noninterest 876 Liabilities -bearing 675 917 524 642 & Debt, Deposits, 15% 36% 2020 2021 2022 2023 2024 2025+ 3/31/20 Ⴠ 1$4.6B drawn at Federal Home Loan Bank Ⴠ 2FHLB Advance & Overnight Fed Funds 23 &UHGLW 1Q20 results $OORZDQFHIRU/RDQ/RVV $VDRI43(/RDQV &(&/PRGHOLQJ 1.96 1.90 Peer Average: 1.56% 1.76 1.72 1.71 1.66 ƒ 8VHGHFRQRPLFIRUHFDVWVXSWR 1.47 1.46 1.39 1.31 1.29 1.29 WRKHOSLQIRUPRXUPRGHOV ƒ 4XDQWLWDWLYHIRUHFDVWFHQWHUHGRQ VLJQLILFDQWHFRQRPLFGHWHULRUDWLRQ UHFHVVLRQIROORZHGE\SDUWLDO RF UHFRYHU\ FHN KEY SNV CFR CFG MTB FITB CMA ZION BOKF HBAN ƒ 4XDOLWDWLYHDGMXVWPHQWVEDVHGRQ $ in millions Energy Ex-Energy Total PRUHEHQLJQRUVHYHUHIRUHFDVWVIRU Total PE loans $2,114 $51,344 $53,458 FHUWDLQVHFWRUV % of total 4% 96% 100% ƒ &RQVLGHUHGPRUHVHYHUH Criticized2 493 1,964 2,457 DVVXPSWLRQVIRU ƒ (QHUJ\ Ratio 23.34% 3.83% 4.60% ƒ &29,' UHODWHGVRFLDOGLVWDQFLQJ Nonperforming loans 65 174 239 ƒ $XWRSURGXFWLRQ /HYHUDJHGORDQV Ratio 3.09% 0.34% 0.45% ƒ ƒ (FRQRPLFWURXJKGHSHQGVRQVHFWRU Net charge-offs3 67 17 84 ƒ %HWZHHQ *'3 Allowance Ratio 10.5% 1.3% 1.7% ƒ 9 8VKDSHGUHFRYHULHV 1Source for peer data: S&P Global Market Intelligence Ɣ 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Ɣ 3Net credit-related charge-offs 24
0RUWJDJH%DQNHU)LQDQFH 55+ years experience with reputation for consistent, reliable approach $YHUDJH/RDQV LQPLOOLRQV Actual MBA Mortgage Origination Volumes ƒ 3URYLGHZDUHKRXVHILQDQFLQJ EULGJHIURP UHVLGHQWLDOPRUWJDJHRULJLQDWLRQWRVDOHWR 600 HQGPDUNHW 500 400 ƒ ([WHQVLYHEDFNURRPSURYLGHVFROODWHUDO 300 2,681 2,544 2,521 2,352 200 2,145 2,042 2,044 1,974 1,961 PRQLWRULQJDQGFXVWRPHUVHUYLFH 1,861 1,784 1,780 1,677 1,674 1,450 100 1,435 1,335 ƒ )RFXVRQIXOOEDQNLQJUHODWLRQVKLSV 0 ƒ *UDQXODUSRUWIROLRZLWKfUHODWLRQVKLSV 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 $VRI4 0%$0RUWJDJH2ULJLQDWLRQV)RUHFDVW ƒ &RPHULFD f SXUFKDVH LQELOOLRQV Purchase Refinance ƒ ,QGXVWU\ SXUFKDVH 792 ƒ 6WURQJFUHGLWTXDOLW\ 563 575 ƒ 1RFKDUJHRIIVVLQFH 509 489 ƒ 3HULRGHQGORDQV % 1Q20 2Q20 3Q20 4Q20 1Q21 3/31/20 Ɣ 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 5/15/20. Estimated; 1Q20 is actual 25 7HFKQRORJ\ /LIH6FLHQFHV Deep expertise & strong relationships with top-tier investors $YHUDJH/RDQV $YHUDJH'HSRVLWV LQPLOOLRQV LQPLOOLRQV 4,992 5,149 5,126 4,652 4,637 1,323 1,305 1,251 1,181 1,193 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 &XVWRPHU6HJPHQW2YHUYLHZ ƒ fFXVWRPHUV $SSUR[LPDWH 43HULRGHQGORDQV ƒ 0DQDJHFRQFHQWUDWLRQWRQXPHURXV YHUWLFDOVWRHQVXUHZLGHO\GLYHUVLILHG Growth SRUWIROLR Late Stage 49% ƒ &ORVHO\PRQLWRUFDVKEDODQFHV 14% Total $1.5B PDLQWDLQUREXVWEDFNURRPRSHUDWLRQ Leveraged Finance ƒ RIILFHVWKURXJKRXW86 &DQDGD Early Stage 17% 20% 3/31/20 26
(TXLW\)XQG6HUYLFHV Deep expertise & strong relationships with top-tier investors $YHUDJH/RDQV LQPLOOLRQV ƒ &XVWRPL]HGFUHGLWWUHDVXU\PDQDJHPHQW LQYHVWPHQWVROXWLRQVIRUYHQWXUHFDSLWDO 2,606 SULYDWHHTXLW\ILUPV 2,570 2,408 ƒ 1DWLRQDOVFRSHZLWKFXVWRPHUVLQ VWDWHV &DQDGD ƒ fFXVWRPHUV 1,782 ƒ 'ULYHFRQQHFWLYLW\ZLWKRWKHUWHDPV ƒ (QHUJ\ 1,421 ƒ 0LGGOH0DUNHW ƒ 7/6 1,094 ƒ (QYLURQPHQWDO6HUYLFHV ƒ 3ULYDWH%DQNLQJ ƒ 6WURQJFUHGLWSURILOH ƒ 1RFKDUJHRIIV ƒ 1RFULWLFL]HGORDQV 2015 2016 2017 2018 2019 1Q20 3/31/20 27 1HW,QWHUHVW,QFRPH 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 -0.02 3.79 -4MM Lower yield 3.67 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 1Q19 2Q19 3Q19 4Q19 1Q20 $513MM 1Q20 3.06% 1Q20 compared to 4Q19 28
1RQLQWHUHVW,QFRPH Impacted by noncustomer-related activity 1RQLQWHUHVW,QFRPH LQPLOOLRQV t 00&RPPHUFLDOOHQGLQJIHHV V\QGLFDWLRQ 266 t00&DUG 256 00)LGXFLDU\ 250 238 237 t 002WKHUQRQLQWHUHVWLQFRPH t 00'HIHUUHGFRPS RIIVHWLQ QRQLQWHUHVWH[SHQVH t 004 JDLQRQVDOHRI+6$EXVLQHVV t 00FXVWRPHUGHULYDWLYHLQFRPH 5HFRUGFXVWRPHUGHULYDWLYHDFWLYLW\ PRUHWKDQRIIVHWE\00GHFOLQHLQ FUHGLWYDOXDWLRQDGMXVWPHQW 1Q19 2Q19 3Q19 4Q19 1Q20 1Q20 compared to 4Q19 Ɣ 1Losses related to repositioning of securities portfolio of $(8)MM in 2Q19 29 1RQLQWHUHVW([SHQVH Declined $26MM with careful control of expenses 1RQLQWHUHVW([SHQVH LQPLOOLRQV 451 t 006DODULHV EHQHILWV 433 435 424 425 t00'HIHUUHGFRPS RIIVHWLQQRQLQWHUHVW LQFRPH t 00,QFHQWLYHFRPS QHWRIDQQXDO VKDUHEDVHGFRPS t 007HFKQRORJ\UHODWHGFRQWLQJHQWODERU t 006WDIILQVXUDQFH VHDVRQDO 003D\UROOWD[HV VHDVRQDO 1Q19 2Q19 3Q19 4Q19 1Q20 t 002XWVLGHSURFHVVLQJ (IILFLHQF\5DWLR t00VRIWZDUHH[SHQVH UHFODVVLILFDWLRQ SHUFHQWDJHV 4 65.2 t 004 YHQGRUWUDQVLWLRQIHH 62.3 59.4 60.1 57.7 57.9 58.6 58.9 59.1 t 002FFXSDQF\ 55.4 56.6 56.7 t000DUNHWLQJ 006RIWZDUH UHFODVVLILFDWLRQ RF SNV CFR KEY FHN CFG MTB FITB CMA ZION BOKF HBAN 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 2Source for peer data: S&P Global Market Intelligence Ⴠ 3Reclassification from Outside Processing to Software for certain costs related to hosting arrangements (new accounting standard) 30
/HDGHUVKLS7HDP Curtis Farmer Chairman, President & CEO 11 / 34 Years John Buchanan Megan Burkhart Greg Carr Melinda Chausse Megan Crespi Chief Legal Officer Chief HR Officer EVP, Wealth Management Chief Credit Officer Chief Enterprise Tech. & Ops. 5 / 28 Years 22 / 22 Years 0 / 30 Years 32 / 32 Years Services Officer 0/ 11 Years James Herzog Cassandra McKinney Christine Moore Jay Oberg Peter Sefzik James Weber Chief Financial Officer EVP, Retail Bank General Auditor Chief Risk Officer EVP, Commercial Bank Chief Experience Officer 35 / 35 Years 14 / 24 Years 25 / 25 Years 28 / 28 Years 21 / 21 Years 13 / 13 Years 3/6/20; Years with Comerica / Years in Banking 31 &RPPLWPHQWWR&RPPXQLW\'LYHUVLW\ 6XVWDLQDELOLW\ (QYLURQPHQWDO PHDOVSURYLGHGLQ *RDOVUHDFKHG FRQMXQFWLRQZLWKRXUFRPPXQLW\ 6KUHG'D\HYHQWVZKLFK • UHGXFWLRQLQJUHHQKRXVHJDV JDWKHUHG!OEVRISDSHU HPLVVLRQV JRDO • UHGXFWLRQLQZDWHUFRQVXPSWLRQ JRDO !00GRQDWHGWRFKDULWDEOH RUJDQL]DWLRQVYLDPRUHWKDQ • UHGXFWLRQLQZDVWHWRODQGILOO JUDQWVVSRQVRUVKLSV JRDO • UHGXFWLRQLQRIILFHFRS\SDSHU XVDJH JRDO RI86HPSOR\HHVDUHZRPHQ 5DQNHG WK LQ1HZVZHHNbV LQDXJXUDOUDQNLQJRI$PHULFDbV RI86HPSOR\HHVDUH 0RVW5HVSRQVLEOH&RPSDQLHV UDFLDOHWKQLFPLQRULWLHV 2YHU KRXUVRI RIFROOHDJXHVHQUROOHGLQ YROXQWHHUWLPHGRQDWHGE\ WKHYROXQWDU\0DVWHUVRI FROOHDJXHVWRQRQSURILWV 'LYHUVLW\$ZDUHQHVVWUDLQLQJ 12/31/19 Ⴠ 12019 results versus 2012 baseline 32
+ROGLQJ&RPSDQ\'HEW5DWLQJ 6HQLRU8QVHFXUHG/RQJ7HUP,VVXHU5DWLQJ 0RRG\bV 6 3 )LWFK Cullen Frost A3 A- - M&T Bank A3 A- A BOK Financial A3 BBB+ A Comerica A3 BBB+ A- Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- KeyCorp Baa1 BBB+ A- Regions Financial Baa2 BBB+ BBB+ Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 BBB- BBB Citizens Financial Group - BBB+ BBB+ Synovus Financial - BBB- BBB Debt Ratings as of 6/8/20 Ɣ Source: S&P Global Market Intelligence Ɣ Debt Ratings are not a recommendation to buy, sell, or hold securities Ɣ Zions Bancorporation ratings are for the bank 33