-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PzGZ07ayr2OnaTM6DuBIJuxGJEvaGbd3LvkR1Fito9YT6TG5Zr7mzofdxDJMct/0 0cjn7/pKWjPpa+43aZzfWQ== 0000750556-97-000004.txt : 19970513 0000750556-97-000004.hdr.sgml : 19970513 ACCESSION NUMBER: 0000750556-97-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970512 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNTRUST BANKS INC CENTRAL INDEX KEY: 0000750556 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 581575035 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08918 FILM NUMBER: 97600569 BUSINESS ADDRESS: STREET 1: 303 PEACHTREE STREET NE CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045887711 MAIL ADDRESS: STREET 1: 303 PEACHTREE STREET NE CITY: ATLANTA STATE: GA ZIP: 30308 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 1997 Commission File Number 1-8918 SUNTRUST BANKS, INC. (Exact name of registrant as specified in its charter) Georgia 58-1575035 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 303 Peachtree Street, N.E., Atlanta, Georgia 30308 (Address of principal executive offices) (Zip Code) (404) 588-7711 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No _____ At April 30, 1997, 213,840,110 shares of the Registrant's Common Stock, $1.00 par value were outstanding. Page 1 PART I - FINANCIAL INFORMATION Item 1. Financial Statements Statement Description Page No. Consolidated Statements of Income Three months ended March 31, 1997 and 1996 4 Consolidated Balance Sheets March 31, 1997, December 31, 1996 and March 5 31, 1996 Consolidated Statements of Cash Flow Three months ended March 31, 1997 and 1996 6 Consolidated Statements of Shareholders' Equity Three months ended March 31, 1997 and 1996 7 The above mentioned financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and accordingly do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 1997 are not necessarily indicative of the results that may be expected for the full year 1997. Fully diluted per common share data have not been presented because there were no material differences between such amounts and the per common share data as presented. Earnings per common share were based on the weighted average common equivalent shares outstanding for the periods presented. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations MD&A of the Registrant is included on pages 9 through 20. Page 2 CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31 (Dollars in thousands except per share data) 1997 1996 Interest Income Interest and fees on loans $ 716,152 $ 646,405 Interest and dividends on investment securities Taxable interest 110,690 103,854 Tax-exempt interest 10,650 12,237 Dividends (1) 9,205 8,089 Interest on funds sold 14,048 8,970 Interest on deposits in other banks 274 261 Other interest 2,064 706 Total interest income 863,083 780,522 Interest Expense Interest on deposits 276,964 267,880 Interest on funds purchased 77,707 55,884 Interest on other short-term borrowings 18,438 15,264 Interest on long-term debt 27,498 18,296 Total interest expense 400,607 357,324 Net Interest Income 462,476 423,198 Provision for loan losses 26,190 25,028 Net interest income after provision for loan losses 436,286 398,170 Noninterest Income Trust income 78,370 70,672 Service charges on deposit accounts 59,742 55,705 Other charges and fees 51,139 39,546 Credit card fees 18,805 17,017 Securities gains (losses) 1,391 17,262 Other noninterest income 16,355 13,474 Total noninterest income 225,802 213,676 Noninterest Expense Salaries and other compensation 202,408 180,830 Employee benefits 32,382 29,424 Net occupancy expense 32,530 33,683 Equipment expense 30,147 27,516 FDIC premiums 9,601 9,743 Marketing and community relations 16,802 15,245 Postage and delivery 11,338 10,019 Other noninterest expense 78,796 94,555 Total noninterest expense 414,004 401,015 Income before income taxes 248,084 210,831 Provision for income taxes 87,028 60,412 Net Income $ 161,056 $ 150,419 Average common equivalent shares 218,226,968 225,388,229 Net income per average common share $ 0.74 $ 0.66 Dividends declared per common share 0.225 0.20 (1) Includes dividends on common stock of The Coca-Cola Company 6,757 6,033 See notes to consolidated financial statements
Page 3 CONSOLIDATED BALANCE SHEETS
March 31 December 31 March 31 (Dollars in thousands) 1997 1996 1996 Assets Cash and due from banks $ 2,755,113 $ 3,037,309 $ 2,362,603 Interest-bearing deposits in other banks 58,522 13,461 22,487 Trading account 346,819 80,377 78,305 Investment securities 10,747,319 10,551,166 10,239,617 Funds sold 1,310,143 1,721,845 529,295 Loans 36,428,048 35,404,171 31,786,084 Reserve for loan losses (734,501) (725,849) (712,447) Net loans 35,693,547 34,678,322 31,073,637 Premises and equipment 944,314 768,266 735,183 Intangible assets 277,216 277,736 280,011 Customers' acceptance liability 488,917 507,554 371,027 Other assets 1,111,369 832,213 893,234 Total assets $ 53,733,279 $ 52,468,249 $ 46,585,399 Liabilities Noninterest-bearing deposits $ 8,176,616 $ 8,900,260 $ 7,362,086 Interest-bearing deposits 28,484,693 27,990,129 27,115,258 Total deposits 36,661,309 36,890,389 34,477,344 Funds purchased 6,285,390 6,047,692 3,897,189 Other short-term borrowings 1,765,397 867,961 823,922 Long-term debt 1,721,319 1,565,341 1,103,852 Acceptances outstanding 488,917 507,554 371,027 Other liabilities 1,995,097 1,709,332 1,496,832 Total liabilities 48,917,429 47,588,269 42,170,166 Shareholders' Equity Preferred stock, no par value; 50,000,000 shares authorized; none issued - - - Common stock, $1.00 par value; 350,000,000 shares authorized 225,608 225,608 243,644 Additional paid in capital 302,749 310,612 321,399 Retained earnings 3,085,532 2,972,900 3,523,040 Treasury stock and other (465,914) (230,918) (922,469) Realized shareholders' equity 3,147,975 3,278,202 3,165,614 Unrealized gains (losses) on investment securities, net of taxes 1,667,875 1,601,778 1,249,619 Total shareholders' equity 4,815,850 4,879,980 4,415,233 Total liabilities and shareholders'equity $ 53,733,279 $ 52,468,249 $ 46,585,399 Includes unrealized gains (losses) on investment securities $ 2,695,129 $ 2,588,907 $ 2,019,446 Common shares outstanding 215,889,057 220,469,001 225,256,829 Treasury shares of common stock 9,719,000 5,139,056 18,387,455
Page 4 CONSOLIDATED STATEMENTS OF CASH FLOW
Three Months Ended March 31 (In thousands) 1997 1996 Cash flow from operating activities: Net income $ 161,056 $ 150,419 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 36,878 31,138 Provision for loan losses 26,190 25,028 Provision for losses on other real estate 536 1,033 Amortization of compensation element of restricted stock 2,330 2,111 Securities (gains) and losses, net (1,391) (17,262) (Gains) and losses on sale of equipment, other real estate and repossessed assets, net (5,856) (5,112) Recognition of unearned loan income (58,310) (46,515) Change in period-end balances of: Trading account (266,442) 18,308 Interest receivable (3,743) 2,741 Prepaid expenses (22,647) (21,766) Other assets (254,489) 14,181 Taxes payable 79,310 45,833 Interest payable (9,377) (29,384) Other accrued expenses 182,456 27,197 Net cash provided by operating activities (133,499) 197,950 Cash flow from investing activities: Proceeds from maturities of investment securities 326,174 519,494 Proceeds from sales of investment securities 320,484 54,224 Purchase of investment securities (734,382) (962,424) Net (increase) decrease in loans (979,802) (379,638) Capital expenditures (204,434) (26,256) Proceeds from sale of equipment, other real estate and repossessed assets 2,369 1,128 Net inflow (outflow) from bank acquisitions (1,207) Other (7,503) (5,921) Net cash provided(used) by investing activities (1,277,094) (800,600) Cash flow from financing activities: Net increase (decrease) in deposits (229,080) 1,215,771 Net increase (decrease) in funds purchased and other short-term borrowings 1,135,134 (1,660,017) Proceeds from the issuance of long-term debt 240,798 200,355 Repayment of long-term debt (84,820) (98,872) Proceeds from the exercise of stock options 2,722 1,989 Payments to acquire treasury stock (254,574) (66,599) Dividends paid (48,424) (45,151) Net cash provided by financing activities 761,756 (452,524) Net decrease in cash and cash equivalents (648,837) (1,055,174) Cash and cash equivalents at beginning of period 4,772,615 3,969,559 Cash and cash equivalents at end of period $ 4,123,778 $ 2,914,385 Supplemental Disclosure Interest paid $ 391,230 $ 327,940 Taxes paid 7,286 15,709 See notes to consolidated financial statements.
Page 5 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Unrealized Additional Treasury Gains (Losses) Common Paid in Retained Stock and on Securities (In thousands) Stock Capital Earnings Other Net of Taxes Total Balance, January 1, 1996 $ 130,461 $ 434,724 $ 3,417,801 $ (871,953) $ 1,158,548 $ 4,269,581 Stock dividend 113,183 (113,183) - - - - Balance, January 1, 1996, adjusted 243,644 321,541 3,417,801 (871,953 1,158,548 4,269,581 Net income - - 150,419 - - 150,419 Cash dividends declared on common stock, $0.20 per share - - (45,180) - - (45,180) Proceeds from exercise of stock options - (5,459) - 7,448 - 1,989 Acquisition of treasury stock - - - (66,599) - (66,599) Issuance of treasury stock for 401(k) - 1,794 - 4,411 - 6,205 Issuance, net of forfeitures, of treasury stock as restricted stock - 3,523 - 6,338 - 9,861 Issuance of treasury stock for acquisition - - - 5,636 - 5,636 Compensation element of restricted stock - - - (9,861) - (9,861) Amortization of compensation element of restricted stock - - - 2,111 - 2,111 Change in unrealized gains (losses) on securities, net of taxes - - - - 91,071 91,071 Balance, March 31, 1996 $ 243,644 $ 321,399 $ 3,523,040 $ (922,469) $ 1,249,619 $ 4,415,233 Balance, January 1, 1997 $ 225,608 $ 310,612 $ 2,972,900 $ (230,918) $ 1,601,778 $ 4,879,980 Net income - - 161,056 - - 161,056 Cash dividends declared on common stock, $0.225 per share - - (48,424) - - (48,424) Proceeds from exercise of stock options - (8,973) - 11,695 - 2,722 Acquisition of treasury stock - - - (254,574) - (254,574) Issuance of treasury stock for 401(k) - 1,110 - 5,553 - 6,663 Issuance, net of forfeitures, of treasury stock as restricted stock - - - (1,017) - (1,017) Issuance of treasury stock for acquisition - - - - - - Compensation element of restricted stock - - - 1,017 - 1,017 Amortization of compensation element of restricted stock - - - 2,330 - 2,330 Change in unrealized gains (losses) on securities, net of taxes - - - - 66,097 66,097 Balance, March 31, 1997 $ 225,608 $ 302,749 $ 3,085,532 $ (465,914) $ 1,667,875 $ 4,815,850 See notes to consolidated financial statements. * Balance at March 31, 1997 includes $419,796 for Treasury Stock and $46,118 for Deferred Compensation.
Page 6 Notes to Consolidated Financial Statements Note 1 - Accounting Policies The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. These financial statements should be read in conjunction with the Company's annual financial statements and related notes for the year ended December 31, 1996. Note 2 - Stock Dividend On May 21, 1996, the Company paid a stock dividend of one share of SunTrust common stock for each outstanding share of SunTrust common stock to shareholders of record on May 1, 1996. The consolidated financial statements for prior periods have been restated for the effect of this stock dividend. Note 3 - Recent Accounting Developments In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 (SFAS No. 128), Earnings Per Share. SFAS No. 128 establishes standards for computing and presenting earnings per share (EPS) and applies to entities with publicly held common stock. SFAS No. 128 simplifies the standards for computing earnings per share previously found in APB Opinion No. 15 and makes them comparable to international EPS standards. It replaces the presentation of primary EPS with a presentation of basic EPS. It also requires dual presentation of basic and diluted EPS on the face of the statement of earnings for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. SFAS No. 128 is effective for financial statements issued for periods ending after December 15, 1997, earlier application is not permitted. The pro forma basic and diluted EPS calculated under SFAS No. 128 were not materially different from the primary and fully-diluted earnings per share presented for the periods ended March 31, 1997 and 1996. Page 7 TABLE 1 - SELECTED QUARTERLY FINANCIAL DATA (Dollars in millions except per share data)
Quarters 1997 1996 1 4 3 2 1 Summary of Operations Interest and dividend income $ 863.1 $ 846.5 $ 820.4 $ 798.6 $ 780.5 Interest expense 400.6 384.2 366.0 354.3 357.3 Net interest income 462.5 462.3 454.4 444.3 423.2 Provision for loan losses 26.2 34.7 30.0 26.2 25.0 Net interest income after provision for loan losses 436.3 427.6 424.4 418.1 398.2 Noninterest income 225.8 207.0 197.2 200.1 213.7 Noninterest expense 414.0 399.1 389.6 393.4 401.0 Income before provision for income taxes 248.1 235.5 232.0 224.8 210.9 Provision for income taxes 87.0 77.0 76.4 72.7 60.5 Net income $ 161.1 $ 158.5 $ 155.6 $ 152.1 $ 150.4 Per common share Net income $ 0.74 $ 0.72 $ 0.70 $ 0.68 $ 0.66 Dividends declared 0.23 0.23 0.20 0.20 0.20 Book value 22.31 22.13 21.43 20.73 19.60 Common stock market price High 54.75 52.50 41.50 38.00 38.38 Low 46.13 40.88 34.88 33.25 32.00 Close 46.38 49.25 41.00 37.00 35.00 Selected Average Balances Total assets $51,906.5 $50,061.1 $48,122.6 $47,019.5 $45,641.9 Earning assets 45,054.0 43,763.9 42,179.2 41,241.8 40,114.0 Loans 35,894.2 34,416.9 33,029.6 32,265.2 31,437.9 Total deposits 35,519.5 34,840.7 34,652.8 34,378.8 33,081.9 Realized shareholders' equity 3,229.2 3,334.0 3,281.7 3,232.0 3,206.8 Total shareholders' equity 4,966.6 4,841.3 4,713.7 4,522.2 4,405.3 Common equivalent shares (thousands) 218,227 221,840 222,683 224,061 225,388 Financial Ratios and Other ROA 1.33 % 1.32 % 1.35 % 1.36 % 1.38 % ROE 20.23 18.91 18.86 18.93 18.87 Net interest margin 4.25 4.29 4.38 4.43 4.35 Net interest income - taxable-equivalent $ 472.0 $ 472.2 $ 464.2 $ 454.2 $ 433.7 ROA, ROE and net interest margin are calculated excluding unrealized gains on investment securities because the unrealized gains are not included in income.
Page 8 The following is an analysis of the financial performance of SunTrust Banks, Inc. (SunTrust or Company) for the first quarter of 1997 and provides comments on earlier periods. In this discussion net interest income and net interest margin are presented on a taxable-equivalent basis. Also all ratios are presented on an annualized basis. TABLE 2A - CONSOLIDATED DAILY AVERAGE BALANCES, INCOME/EXPENSE AND AVERAGE YIELDS EARNED AND RATES PAID (Dollars in millions; yields on a taxable-equivalent basis)
Quarter Ended March 31, 1997 December 31, 1996 September 30, 1996 Average Income/ Yields/ Average Income/ Yields/ Average Income/ Yields/ Balances Expense Rates Balances Expense Rates Balances Expense Rates Assets Loans Taxable $35,193.9 $707.2 8.15 % $33,669.4 $688.4 8.13 % $32,389.3 $666.9 8.19 % Tax-exempt 700.3 13.4 7.77 747.5 14.5 7.75 640.3 13.4 8.28 Total loans 35,894.2 720.6 8.14 34,416.9 702.9 8.13 33,029.6 680.3 8.19 Investment securities: Taxable 7,275.6 119.9 6.68 7,330.4 120.1 6.52 7,648.4 123.1 6.41 Tax-exempt 731.1 15.7 8.70 733.8 16.0 8.69 747.2 16.5 8.76 Total investment securities 8,006.7 135.6 6.87 8,064.2 136.1 6.71 8,395.6 139.6 6.62 Funds sold 969.4 14.0 5.88 1,177.5 15.9 5.36 670.3 9.1 5.42 Other short-term investments 183.7 2.4 5.24 105.3 1.5 5.57 83.7 1.2 5.80 Total earning assets 45,054.0 872.6 7.85 43,763.9 856.4 7.78 42,179.2 830.2 7.83 Reserve for loan losses (728.1) (724.8) (723.1) Cash and due from banks 2,259.8 2,320.1 2,167.9 Premises and equipment 885.4 759.4 750.6 Other assets 1,629.2 1,506.4 1,435.6 Unrealized gains(losses) on investment securities 2,806.2 2,436.1 2,312.4 Total assets $51,906.5 $50,061.1 $48,122.6 Liabilities and Shareholders' Equity Interest-bearing deposits: NOW/Money market accounts $10,489.4 $ 71.0 2.75 % $10,369.1 $ 70.4 2.70 % $10,270.4 $ 69.8 2.70 % Savings 5,403.2 47.8 3.59 5,437.8 48.9 3.57 5,580.5 49.9 3.56 Consumer time 7,050.2 89.5 5.15 7,062.1 91.3 5.15 7,120.1 91.9 5.13 Other time 5,142.7 68.7 5.41 4,487.4 60.7 5.39 4,579.7 62.3 5.40 Total interest-bearing deposits 28,085.5 277.0 4.00 27,356.4 271.3 3.95 27,550.7 273.9 3.95 Funds purchased 6,108.1 77.7 5.16 5,788.3 74.3 5.11 4,782.0 60.8 5.06 Other short-term borrowings 1,358.9 18.4 5.50 874.8 12.3 5.58 658.7 9.3 5.63 Long-term debt 1,659.0 27.5 6.72 1,568.4 26.3 6.67 1,333.0 22.0 6.59 Total interest-bearing liabilities 37,211.5 400.6 4.37 35,587.9 384.2 4.30 34,324.4 366.0 4.24 Noninterest-bearing deposits 7,434.0 7,484.3 7,102.1 Other liabilities 2,294.4 2,147.6 1,982.4 Realized shareholders' equity 3,229.2 3,334.0 3,281.7 Net unrealized gains(losses) on investment securities 1,737.4 1,507.3 1,432.0 Total liabilities and shareholders' equity $51,906.5 $50,061.1 $48,122.6 Interest rate spread 3.48 % 3.48 % 3.59 % Net Interest Income $472.0 $472.2 $464.2 Net Interest Margin 4.25 % 4.29 % 4.38 % Page 9 Interest income includes loan fees of $23.2, $24.7, $24.1, $24.7 and $21.8 in the quarters ended March 31, 1997, and December 31, September 30, June 30, and March 31, 1996. Nonaccrual loans are included in average balances and income on such loans, if recognized, is recorded on a cash basis. Interest income includes the effects of taxable-equivalent adjustments (reduced by the nondeductible portion of interest expense) using a federal income tax rate of 35%, and, where applicable, state income taxes, to increase tax-exempt interest income to a taxable-equivalent basis. The net taxable-equivalent adjustment amounts included in the above table aggregated $9.5, $9.9, $9.8, $9.9 and $10.5 in the quarters ended March 31, 1997, and December 31, September 30, June 30, and March 31, 1996. Interest rate swap transactions used to help balance the Company's interest-sensitivity position increased interest expense by $0.4 in the quarter ended March 31, 1997, and $0.1, $0.4, $0.5 and $0.3 in the quarters ended December 31, September 30, June 30, and March 31, 1996. Without these swaps, the rate on other time deposits and the net interest margin would have been 5.38% and 4.25%, 5.40% and 4.28%, 5.35% and 4.37%, 5.39% and 4.42%, and 5.58% and 4.34%, respectively.
Page 10 TABLE 2b - CONSOLIDATED DAILY AVERAGE BALANCES, INCOME/EXPENSE AND AVERAGE YIELDS EARNED AND RATES PAID (Dollars in millions; yields on a taxable-equivalent basis)
June 30, 1996 March 31, 1996 Average Income/ Yields/ Average Income/ Yields/ Balances Expense Rates Balances Expense Rates Assets Loans Taxable $31,645.9 $649.3 8.25 % $30,805.7 $637.4 8.32 % Tax-exempt 619.3 13.0 8.42 632.2 13.5 8.57 Total loans 32,265.2 662.3 8.26 31,437.9 650.9 8.33 Investment securities: Taxable 7,605.0 120.8 6.39 7,131.0 112.1 6.32 Tax-exempt 783.9 17.4 8.91 810.4 18.0 8.95 Total investment securities 8,388.9 138.2 6.63 7,941.4 130.1 6.59 Funds sold 515.7 6.9 5.39 668.7 9.0 5.40 Other short-term investments 72.0 1.1 6.14 66.0 1.0 6.00 Total earning assets 41,241.8 808.5 7.88 40,114.0 791.0 7.93 Reserve for loan losses (715.6) (704.9) Cash and due from banks 2,256.2 2,216.2 Premises and equipment 742.4 732.6 Other assets 1,408.3 1,349.0 Unrealized gains(losses) on investment securities 2,086.4 1,935.0 Total assets $47,019.5 $45,641.9 Liabilities and Shareholders' Equity Interest-bearing deposits: NOW/Money market accounts $10,488.3 $ 73.4 2.82 % $10,056.4 $ 72.6 2.90 % Savings 5,769.2 53.8 3.75 4,705.7 44.1 3.77 Consumer time 7,231.3 92.5 5.14 7,719.8 101.4 5.28 Other time 3,705.0 50.3 5.46 3,557.7 49.8 5.63 Total interest-bearing deposits 27,193.8 270.0 3.99 26,039.6 267.9 4.14 Funds purchased 4,352.3 54.5 5.04 4,351.5 55.9 5.17 Other short-term borrowings 848.4 11.4 5.41 1,062.4 15.2 5.78 Long-term debt 1,106.6 18.4 6.68 1,063.0 18.3 6.92 Total interest-bearing liabilities 33,501.1 354.3 4.25 32,516.5 357.3 4.42 Noninterest-bearing deposits 7,185.0 7,042.3 Other liabilities 1,811.2 1,677.8 Realized shareholders' equity 3,232.0 3,206.8 Net unrealized gains(losses) on investment securities 1,290.2 1,198.5 Total liabilities and shareholders' equity $47,019.5 $45,641.9 Interest rate spread 3.63 % 3.51 % Net Interest Income $454.2 $433.7 Net Interest Margin 4.43 % 4.35 % See note on table 2A. See note on table 2A. See note on table 2A.
Page 11 Net Interest Income/Margins. The Company's net interest margin of 4.25% for the first quarter of 1997 was 10 and 4 basis points lower than the first quarter and fourth quarter of last year, respectively. Interest rate swaps helped increase last year's net interest margin (see the discussion entitled "Derivitaves" on page 17). Interest income which the Company was unable to recognize on nonperforming loans had a negative impact of 3 basis points on the net interest margin in the first three months of both 1997 and 1996. Table 2 contains more detailed information concerning average balances and interest yields earned and rates paid. Noninterest Income. Noninterest income in the first three months of 1997, adjusted to exclude the effect of securities gains (losses), increased 14.3% from the comparable period a year ago. Trust income, the Company's largest source of noninterest income, increased 10.9% over the same period. Other charges and fees were 23.3% higher in the first quarter of this year compared to the same period last year. Mortgage fees increased 5.8% over the same period due to higher volume in our mortgage banking business. Credit card fees also increased 10.5%. TABLE 3 - NONINTEREST INCOME (In millions)
Quarters 1997 1996 1 4 3 2 1 Trust income $ 78.4 $ 69.0 $ 68.1 $ 70.5 $ 70.7 Service charges on deposit accounts 59.7 60.7 57.9 58.1 55.7 Corporate and institutional investment income 5.0 4.8 3.4 3.3 2.8 Retail investment income 8.0 5.1 6.3 6.2 4.6 Credit card fees 18.8 17.0 15.7 16.6 17.0 Mortgage fees 9.2 8.8 8.7 9.8 8.7 Other charges and fees 29.0 25.9 23.8 25.6 23.5 Securities gains (losses) 1.4 (0.4) (0.5) (2.2) 17.3 Trading account profits and commissions 4.0 4.1 3.5 3.1 2.6 Other income 12.3 12.0 10.3 9.1 10.8 Total noninterest income $225.8 $207.0 $197.2 $200.1 $213.7
Page 12 Noninterest Expense. Noninterest expense increased 3.2% in the first quarter of 1997 compared to the same period last year. Personnel expense, consisting of salaries, other compensation and employee benefits, increased 11.7% over the aforementioned period. The increase in other noninterest expense is due to expenditures made in connection with various projects to stimulate business growth and development. TABLE 4 - NONINTEREST EXPENSE (In millions)
Quarters 1997 1996 1 4 3 2 1 Salaries $167.0 $165.6 $161.7 $156.0 $151.7 Other compensation 35.4 34.2 32.9 32.3 29.1 Employee benefits 32.4 28.8 26.0 26.4 29.4 Net occupancy expense 32.5 35.2 34.9 34.4 33.7 Equipment expense 30.1 30.4 29.5 28.0 27.5 FDIC premiums 1.8 1.4 14.1 1.4 1.2 Marketing and community relations 16.8 23.3 19.2 18.7 15.2 Postage and delivery 11.3 10.3 10.5 9.7 10.0 Operating supplies 9.6 9.4 8.9 9.9 9.7 Other real estate expense (1.2) (1.1) 0.4 (0.5) 0.8 Communications 9.1 8.6 8.3 7.8 7.7 Consulting and legal 5.7 8.5 5.8 6.1 5.1 Amortization of intangible assets 7.7 7.3 6.8 6.5 6.1 Other expense 55.8 37.2 30.6 56.7 73.8 Total noninterest expense $414.0 $399.1 $389.6 $393.4 $401.0 Efficiency ratio 59.3 % 58.8 % 58.9 % 60.1 % 62.0 %
Provision for Loan Losses. The Company raised its provision for loan losses in the first quarter of 1997 to $26.2 million from $25.0 million in the same period last year, yet the provision still exceeded net charge-offs by $8.7 million. Net loan charge-offs were $17.5 million in the first three months of this year, representing 0.20% of average loans. The comparable net charge-off amount in 1996 was $12.7 million or 0.16% of average loans. Consumer loan charge-offs account for almost all 1997 first quarter charge- offs. The Company maintains a reserve for loan losses to absorb possible losses in the loan portfolio. The reserve consists of three elements; (i) reserves established on specific loans, (ii) reserves based on historical loan loss experience, and (iii) reserves based on economic conditions in the Company's individual markets. The specific reserve element is based on a regular analysis of all loans and commitments over a fixed dollar amount where the internal credit rating is at or below a pre-determined classification. The historical loan loss element represents a projection of future credit problems and is determined statistically using a loss migration analysis that examines loss experience and the related internal gradings of loans charged-off. The general economic condition element is determined by management at the individual subsidiary banks and is based on a subjective evaluation of specific economic factors in their markets that might affect the collectibility of loans. SunTrust is committed to the early recognition of possible problems and to a strong, conservative reserve. The Company's reserve for loan losses totaled $734.5 million at March 31, 1997, which was 2.02% of quarter-end loans and 384.7% of total nonperforming loans. These ratios at December 31, 1996 were 2.05% and 342.0% and at March 31, 1996 were 2.24% and 373.8%. Page 13 TABLE 5 - SUMMARY OF LOAN LOSS EXPERIENCE (Dollars in millions)
Quarters 1997 1996 1 4 3 2 1 Reserve for Loan Losses Balances - beginning of quarter $ 725.8 $ 724.7 $ 722.6 $ 712.4 $ 698.9 Reserve of purchased banks - - - - 1.2 Provision for loan losses 26.2 34.7 30.0 26.2 25.0 Charge-offs: Commercial (4.8) (14.4) (12.2) (5.2) (4.4) Real estate: Construction (0.1) (1.1) (0.2) 0.0 (0.1) Mortgage, 1-4 family (1.1) (1.5) (2.3) (1.1) (1.4) Other (1.4) (3.0) (2.8) (1.5) (0.9) Lease financing (0.3) (0.3) (0.2) (0.4) (0.3) Credit card (11.6) (11.7) (10.6) (9.5) (9.0) Other consumer loans (12.7) (13.9) (12.6) (10.9) (10.5) Total charge-offs (32.0) (45.9) (40.9) (28.6) (26.6) Recoveries: Commercial 4.6 3.7 4.6 3.1 4.2 Real estate: Construction 0.1 0.1 0.1 0.1 0.1 Mortgage, 1-4 family 0.6 0.4 0.3 0.5 0.3 Other 1.3 1.5 1.2 2.1 2.7 Lease financing 0.1 0.1 0.1 0.2 0.1 Credit card 2.4 1.7 1.7 1.7 1.8 Other consumer loans 5.4 4.8 5.0 4.9 4.7 Total recoveries 14.5 12.3 13.0 12.6 13.9 Net charge-offs (17.5) (33.6) (27.9) (16.0) (12.7) Balance - end of quarter $ 734.5 $ 725.8 $ 724.7 $ 722.6 $ 712.4 Quarter-end loans outstanding: Domestic $36,148.1 $35,154.8 $33,567.4 $32,124.4 $31,517.2 International 279.9 249.4 256.9 276.8 268.9 Total $36,428.0 $35,404.2 $33,824.3 $32,401.2 $31,786.1 Ratio of reserve to quarter-end loan 2.02 % 2.05 % 2.14 % 2.23 % 2.24 % Average loans $35,894.2 $34,416.9 $33,029.6 $32,265.2 $31,437.9 Ratio of net charge-offs (annualized) to average loans 0.20 % 0.39 % 0.34 % 0.20 % 0.16 %
Page 14 TABLE 6 - NONPERFORMING ASSETS (Dollars in millions)
1997 1996 March 31 December 31 September 30 June 30 March 31 Nonperforming Assets Nonaccrual loans: Domestic: Commercial $ 36.5 $ 45.6 $ 29.1 $ 34.6 $ 36.0 Real Estate: Construction 13.6 13.3 14.9 3.7 4.7 Mortgage, 1-4 family 59.5 49.6 49.7 49.5 50.6 Other 59.9 81.0 80.1 93.2 86.9 Lease financing 1.3 2.3 0.1 0.2 Consumer loans 10.2 10.5 10.9 10.9 9.3 Total nonaccrual loans 181.0 202.3 184.9 192.0 187.7 Restructured loans 9.9 9.9 2.7 2.8 2.9 Total nonperforming loans 190.9 212.2 187.6 194.8 190.6 Other real estate owned 43.9 43.6 51.9 53.5 58.8 Total Nonperforming Assets $ 234.8 $ 255.8 $ 239.5 $ 248.3 $ 249.4 Ratios: Nonperforming loans to total loans 0.52 % 0.60 % 0.55 % 0.60 % 0.60 % Nonperforming assets to total loans plus other real estate owned 0.64 0.72 0.71 0.77 0.78 Reserve to nonperforming loans $384.68 342.03 386.23 371.01 373.78 Accruing Loans Past Due 90 Days or More $ 33.9 $ 34.2 $ 28.0 $ 29.9 $ 26.0
Nonperforming Assets. Nonperforming assets consist of nonaccrual and restructured loans and other real estate owned. Nonperforming assets have decreased $21.0 million since December 31, 1996 and $14.6 million since March 31, 1996. Included in nonperforming loans at March 31, 1997 are loans aggregating $37.2 million which are current as to the payment of principal and interest but have been placed in nonperforming status because of uncertainty over the borrowers' ability to make future payments. In management's opinion, all known material potential problem loans are included in Table 6. Interest income on nonaccrual loans, if recognized, is recorded on a cash basis. During the first three months of 1997, the gross amount of interest income that would have been recorded on nonaccrual loans and restructured loans at March 31, 1997, if all such loans had been accruing interest at the original contractual rate, was $5.2 million. Interest income recognized in the three months ended March 31, 1997 on all such nonperforming loans at March 31, 1997, was $1.7 million. Page 15 Table 7 - Loan Portfolio by Types of Loans (in millions)
1997 1996 March 31 December 31 September 30 June 30 March 31 Commercial: Domestic $12,267.0 $11,725.5 $10,985.2 $10,405.4 $10,449.4 International 268.4 240.6 247.7 269.4 270.5 Real estate: Construction 1,416.5 1,384.8 1,330.2 1,246.4 1,239.3 Mortgage, 1-4 family 11,839.2 11,508.2 11,018.1 10,524.1 10,087.9 Other 4,656.1 4,585.8 4,547.6 4,540.3 4,526.9 Lease financing 607.9 607.5 598.3 569.4 565.2 Credit card 904.9 946.8 857.2 770.6 732.0 Other consumer loans 4,468.0 4,405.0 4,240.0 4,075.6 3,914.9 Loans $36,428.0 $35,404.2 $33,824.3 $32,401.2 $31,786.1
Loans. During the first three months of 1997, average loans increased 14.2% over the same period a year ago. Since December 31, 1996, the two loan categories experiencing significant growth were 1-4 family residential mortgage loans (most of which are variable rate loans) and domestic commercial loans. The average loan to deposit ratio was 101.1% in the first quarter of 1997 compared with 95.0% in the same period of 1996. At March 31, 1997, international outstandings, which include loans, acceptances, deposits in other banks, foreign guarantees and accrued interest, net of write-downs totaled $308.5 million, an increase of 12.8% from $273.5 million at December 31, 1996. Income Taxes. The provision for income taxes was $87.0 million in the first quarter of 1997 compared to $60.5 million in the same period last year. Investment Securities. The investment portfolio continues to be managed to maximize yield over an entire interest rate cycle while providing liquidity and minimizing risk. The portfolio yield increased from an average of 6.59% in the first quarter of 1996 to 6.87% in the first quarter of this year. The portfolio size (measured at cost) increased slightly to $7.8 billion while the growth in liabilities was used to fund loan growth. The average life of the portfolio was approximately 2.5 years at March 31, 1997; however, adjustable-rate securities in the portfolio reduced the average time to repricing to 2.1 years. At March 31, 1997, approximately 33.5% of the portfolio consisted of U.S. Treasury securities, 8.5% U.S. government agency securities, 49.6% mortgage-backed securities, and 8.4% municipal securities (calculated as a percent of total par value). All of the Company's holdings in mortgage-backed securities are backed by U.S. government or federal agency guarantees limiting the credit risk associated with the mortgage loans. At March 31, 1997, the carrying value of the securities portfolio was $2.7 billion over its amortized cost, consisting entirely of a $2.7 billion unrealized gain on the Company's investment in common stock of The Coca-Cola Company. Page 16 Liquidity Management. Liquidity is managed to ensure there is sufficient cash flow to satisfy demand for credit, deposit withdrawals and other attractive market opportunities. A large, stable core deposit base, strong capital position and excellent credit ratings are the solid foundation for the Company's liquidity position. It is enhanced by an investment portfolio structured to provide liquidity as needed, which occurred in several quarters in 1996 and first quarter 1997 when loan demand exceeded deposit growth. Liquidity is also strengthened by ready access to regional and national wholesale funding sources including fed funds purchased, securities sold under agreements to repurchase, negotiable certificates of deposit and offshore deposits, as well as an active bank deposit note program, commercial paper issuance by the Parent Company, and Federal Home Loan Bank (FHLB) advances for several subsidiary banks who are FHLB members. Average total deposits for the first three months of 1997 increased 7.4% over the same period a year ago. Interest-bearing deposits represented 79.1% of average deposits for the first three months of 1997, compared to 78.7% for the same period in 1996. In the first quarter of 1997, average net purchased funds (average funds purchased less average funds sold) increased $1.5 billion over the same period in 1996. Net purchased funds were 11.4% of average earning assets for the first three months of 1997 as compared to 9.2% in the same period a year ago. Derivatives. The Company enters into various derivatives contracts in a dealer capacity for customers and in managing its own interest rate risk. Where contracts have been created for customers, the Company enters into offsetting positions to eliminate its exposure to market risk. The principal derivative contract used by the Company is the interest rate swap. Interest rate swaps are contracts in which a series of interest rate flows, based on a specific notional amount and a fixed and floating interest rate, are exchanged over a prescribed period. The Company also monitors its sensitivity to changes in interest rates and uses interest rate swap contracts to limit the volatility of net interest income. Table 8 details interest rate swaps as of March 31, 1997 used for managing interest rate sensitivity. TABLE 8 - INTEREST RATE SWAPS
Average Average Average (Dollars in millions) Notional Fair Maturity Rate Rate At March 31, 1997 Value Value In Months Paid Received Gain position: Receive fixed $ 215.2 $ 1.5 106.7 5.57 % 7.18 % Pay fixed 237.3 6.0 77.6 6.13 5.69 Total gain position 452.5 7.5 Loss position: Receive fixed 1,721.4 (17.8) 29.0 5.90 5.71 Pay fixed 66.2 (0.6) 48.3 6.68 5.59 Total loss position 1,787.6 (18.4) Total $2,240.1 $(10.9)
The majority of the swaps are designated as hedges on deposits and other interest-bearing liabilities. During the three months ended March 31, 1997, hedge swaps decreased net interest income by $0.4, compared with a $0.3 decrease in the corresponding 1996 period. Page 17 TABLE 9 - CAPITAL RATIOS (Dollars in millions)
1997 1996 March 31 December 31 September 30 June 30 March 31 Tier 1 capital: Realized shareholders' equity $ 3,146.9 $ 3,278.2 $ 3,271.5 $ 3,193.7 $ 3,165.6 Intangible assets other than servicing rights (277.2) (244.1) (249.0) (251.3) (255.7) Total Tier 1 capital 2,869.7 3,034.1 3,022.5 2,942.4 2,909.9 Tier 2 capital: Allowable reserve for loan losses 526.3 510.8 487.8 470.8 461.8 Allowable long-term debt 858.2 877.1 877.9 557.2 554.2 Total Tier 2 capital 1,384.5 1,387.9 1,365.7 1,028.0 1,016.0 Total capital $ 4,254.2 $ 4,422.0 $ 4,388.2 $ 3,970.4 $ 3,925.9 Risk-weighted assets $41,900.0 $40,651.0 $38,788.8 $37,413.6 $36,694.7 Risk-based ratios: Tier 1 capital 6.84 % 7.46 % 7.78 % 7.86 % 7.92 % Total capital 10.15 10.87 11.30 10.60 10.69 Tier 1 leverage ratio 5.89 6.40 6.63 6.58 6.69 Total shareholders' equity to assets 8.96 9.30 9.63 9.64 9.48
Capital Resources. Consistent with the objective of operating a sound financial organization, SunTrust maintains capital ratios well above regulatory requirements. The rate of internal capital generation has been more than adequate to support asset growth. Table 9 presents capital ratios for the five most recent quarters. Regulatory agencies measure capital adequacy with a framework that makes capital requirements sensitive to the risk profiles of individual banking companies. The guidelines define capital as either Tier 1 (primarily shareholders' equity excluding unrealized gains and losses on investment securities) or Tier 2 (certain debt instruments and a portion of the reserve for loan losses). The Company and its subsidiary banks are subject to a minimum Tier 1 capital to risk-weighted assets ratio of 4% and total capital (Tier 1 plus Tier 2) to risk-weighted assets ratio of 8%. The Federal Reserve Board (Board) has also established an additional capital adequacy guideline referred to as the Tier 1 leverage ratio which measures the ratio of Tier 1 capital to average quarterly assets. The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) requires the establishment of a capital-based supervisory system of prompt corrective action for all depository institutions. The Board's implementation of FDICIA defines "well capitalized" institutions as those whose capital ratios equal or exceed the following minimum ratios: Tier 1 capital ratio of 6%, total risk-based capital ratio of 10%, and a Tier 1 leverage ratio of 5%. At March 31, 1997, the Company's Tier 1 capital, total risk-based capital and Tier 1 leverage ratios were 6.84%, 10.15% and 5.89%, respectively. In 1995, the Board of Directors authorized the Company to repurchase up to 20,000,000 shares of SunTrust common stock. At March 31, the Company has a remaining 4,609,018 shares that may be purchased under this authorization. In April 1996, the Board of Directors authorized the repurchase of up to another 15,000,000 shares of SunTrust Common stock. Page 18 Nonbanking Subsidiaries. SunTrust Mortgage, Inc. originates and services mortgage loans on both residential and income property, principally throughout Florida, Georgia and Tennessee. SunTrust Mortgage is primarily a mortgage banker selling to the secondary market and representing institutional investors. SunTrust Mortgage also assists various SunTrust banks in their origination of mortgage loans for sale in the secondary market and for retention in their portfolio. At March 31, 1997, the servicing portfolio was $14.4 billion, which includes $9.3 billion in loans serviced for subsidiary banks of SunTrust. SunTrust Insurance Company operates as a reinsurer for credit life and accident and health insurance sold to loan customers of SunTrust. SunTrust Securities, Inc. engages in securities brokerage services and conducts incidental activities such as offering custodial and cash management services. SunTrust Capital Markets, Inc. serves as the investment banking arm of SunTrust. It's business activities include public finance, corporate finance and the sale of investment securities to corporations, institutions and government entities. Personal Express Loans, Inc. operates as a consumer finance company. STI Credit Corporation operates as a leasing subsidiary, primarily for commercial customers. Other nonbank subsidiaries primarily support the Company's banking operations, providing data processing and other services. State Summary. SunTrust Banks, Inc. operates through three principal subsidiaries, SunTrust Banks of Florida, Inc., SunTrust Banks of Georgia, Inc. and SunTrust Banks of Tennessee, Inc., all well-established bank holding companies within their respective states. Data in Table 10 does not include financial results of SunTrust's Parent Company and certain other bank and non- bank subsidiaries (including SunTrust BankCard, N.A. which holds all the credit card balances of the company.) It is also before elimination of certain intercompany accounts and balances. Page 19 TABLE 10 - FINANCIAL HIGHLIGHTS - BANKING SUBSIDIARIES (Dollars in Millions)
SunTrust Banks SunTrust Banks SunTrust Banks of Florida, Inc. of Georgia, Inc. of Tennessee, Inc. 1997 1996 1997 1996 1997 1996 Summary of Operations Net interest income (FTE) $248.3 $228.6 $157.5 $140.3 $72.7 $65.8 Provision for loan losses 9.6 10.4 4.5 5.0 2.3 2.4 Trust income 38.4 35.8 28.5 25.5 9.7 9.2 Other noninterest income 74.2 65.3 47.0 42.8 19.9 18.4 Personnel expense 85.9 78.6 56.1 49.3 27.5 25.0 Other noninterest expense 123.7 109.8 71.0 61.4 29.9 27.6 Net income 87.1 80.0 65.6 60.1 26.3 23.5 Selected Average Balances Total assets 24,755 22,680 20,328 16,218 7,421 6,710 Earning assets 23,254 21,095 15,987 13,097 7,152 6,415 Loans 17,567 16,002 12,607 10,458 5,538 4,796 Total deposits 18,446 18,124 11,376 9,625 5,736 5,374 Realized shareholders' equity 2,044 1,934 1,413 1,312 584 552 At March 31 Total assets 25,319 23,285 20,786 16,495 7,456 6,831 Earning assets 23,403 21,650 16,456 13,006 7,137 6,546 Loans 17,690 16,077 13,007 10,578 5,589 4,881 Reserve for loan losses 375 370 198 195 114 117 Total deposits 18,783 19,082 12,070 9,849 5,879 5,582 Realized shareholders' equity 2,092 1,973 1,473 1,341 603 563 Total shareholders' equity 2,087 1,976 3,136 2,578 604 565 Credit Quality Net loan charge-offs 3.7 3.0 2.4 2.1 2.1 0.4 Nonperforming loans 114.5 125.7 54.3 54.2 21.9 10.4 Other real estate owned 25.7 33.8 4.9 7.8 13.0 17.2 Ratios ROA 1.43 % 1.42 % 1.51 % 1.69 % 1.44 % 1.41 % ROE 17.29 16.64 18.82 18.44 18.24 17.08 Net interest margin 4.33 4.35 4.00 4.31 4.12 4.12 Efficiency ratio 58.05 57.16 54.56 53.02 56.14 56.39 Total shareholders' equity/assets 8.24 8.48 15.09 15.63 8.10 8.27 Net loan charge-offs to average loans 0.09 0.08 0.08 0.08 0.15 0.03 Nonperforming loans to total loans 0.66 0.80 0.42 0.52 0.40 0.22 Nonperforming assets to total loans plus other real estate owned 0.81 1.01 0.46 0.60 0.64 0.58 Reserve to loans 2.18 2.36 1.54 1.87 2.09 2.45 Reserve to nonperforming loans 327.7 294.3 364.2 359.5 520.6 1,125.7 For the three month period ended March 31. At March 31. Annualized for the first three months.
Page 20 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibit Index: Exhibit Exhibit No. Page No. Page No. Statement re: Computation of Per Share Earnings 11 22 (b) SunTrust did not file any reports on Form 8-K during the first quarter of 1997. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized this 8th day of May, 1997. SunTrust Banks, Inc. (Registrant) /s/ W.P. O'Halloran William P. O'Halloran Senior Vice President and Controller (Chief Accounting Officer) Page 21 EX-11 2 EXHIBIT 11 Statement re: Computation of Per Share Earnings (In thousands, except per share data)
Three Months Ended March 31 1997 1996 Primary Net income $161,056 $150,419 Average common shares outstanding 218,378 225,796 Average common share equivalents outstanding : Stock options 1,509 1,431 Restricted stock (1,660) (1,839) Average primary common shares 218,227 225,388 Earnings per common share - Primary $ 0.74 $ 0.66 Fully Diluted Net income $161,056 $150,419 Average common shares outstanding 218,378 225,796 Average common share equivalents outstanding : Stock options 1,520 1,458 Restricted stock (1,627) (1,832) Average fully diluted common shares 218,271 225,422 Earnings per common share - Fully Diluted $ 0.74 $ 0.66 Includes the incremental effect of stock options and restricted stock outstanding computed under the treasury stock method.
EX-27 3 ARTICLE 9 FDS FOR 10Q
9 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 2,755,113 58,522 1,310,143 346,819 10,747,319 0 0 36,428,048 734,501 53,733,279 36,661,309 8,050,787 2,484,014 1,721,319 225,608 0 0 4,590,242 53,733,279 716,152 130,545 16,386 863,083 276,964 400,607 462,476 26,190 1,391 414,004 248,084 161,056 0 0 161,056 0.74 0.74 4.25 180,990 33,942 9,949 0 712,447 32,045 14,507 734,501 0 0 734,501
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