EX-99.1 4 file002.htm PRESS RELEASE


Contacts:		April 18, 2005
Investors Greg Ketron (404) 827-6714	Media Barry Koling (404) 230-5268

SunTrust Reports First Quarter 2005 Earnings
Company Says Positive Trends Continue and NCF Merger Integration Remains on Track

ATLANTA— SunTrust Banks, Inc. (NYSE: STI) today reported net income for the first quarter of 2005 of $492.3 million, up from $361.8 million in the first quarter of 2004. Net income per diluted share was $1.36, up 6% from the $1.28 per diluted share earned in the first quarter of 2004. Operating income per diluted share was $1.40, up 9% from the first quarter of 2004. Operating income does not include $16.0 million of after-tax merger charges incurred in the first quarter associated with SunTrust's acquisition of National Commerce Financial Corporation (NCF), which closed on October 1, 2004. Included in the net income and operating income per diluted share for the first quarter was a net gain on the sale of factoring assets from a division of SunTrust, Receivables Capital Management (RCM), to CIT Group, Inc. The net gain on a pre-tax basis was $19.9 million and on an after-tax basis was $12.3 million, and it accounted for a $.03 increase in net income and operating net income per diluted share in the first quarter of 2005.

"We are pleased to report that during the first quarter SunTrust continued to build on the positive trends established in 2004," said L. Phillip Humann, SunTrust Chairman and Chief Executive Officer. "Our first quarter results benefited from increasingly robust net interest income growth, excellent credit quality and a continuation of effective cost control." Mr. Humann said net interest income growth in the first quarter resulted from a continuation of strong overall loan growth. He also noted that credit quality trends are the best experienced in a number of years, and that noninterest expenses decreased from the prior quarter.

Mr. Humann also noted that the NCF merger integration is proceeding according to plan and reiterated the Company's expectation that all business, customer and financial merger goals will be met.

Discussion of Historical Results and Estimated Historical Combined Results

In order to assist investors in comparing the financial results of the now-combined SunTrust and National Commerce Financial Corporation, estimated historical combined information for first quarter 2004 is presented as if the merger had been completed at the beginning of the period presented. In management's view, the estimated historical combined financial results assist investors in better understanding the comparative performance and underlying growth dynamics of the combined Company. For further information regarding the estimated historical combined financial information, including reconciliations of certain financial information, please see Appendix B.

First Quarter 2005 Summary:


	1st Quarter 2005			1st Quarter 2004			Reported % Change			Estimated Historical Combined 1st Quarter 2004		Estimated Historical Combined % Change
Income statement
(Dollars in millions except per share data)
Net income	$	492.3		$	361.8			36	%	$	452.1		9	%
Operating net income (1)		508.3			361.8			40	%		452.1		12	%
Adjusted operating net income (2)		495.9			361.8			37	%		452.1		10	%
Net income per diluted share	$	1.36		$	1.28			6	%		NR
Operating net income per diluted share (3)		1.40			1.28			9	%		NR
Adjusted operating net income per diluted share (4)		1.37			1.28			7	%		NR
Revenue	$	1,883.0		$	1,459.0			29	%	$	1,772.1		6	%
Revenue excluding securities gains and losses and net gain on RCM	$	1,868.8		$	1,454.1			29	%	$	1,756.3		6	%
Efficiency ratio %		60.22			60.98						NR
Adjusted operating efficiency ratio % (5)		59.48			60.98						NR
Balance Sheet
(Dollars in billions)
Average loans	$	103.2		$	79.9			29	%	$	93.1		11	%
Average customer deposits		91.0			70.4			29	%		83.6		9	%
Asset Quality
Net charge-offs as a % of average loans		0.14	%		0.30	%					NR
Net charge-offs	$	36.8		$	58.8			(37	)%		NR


•	Net income increased 9% from the first quarter of 2004 on an estimated historical combined basis. Adjusted operating net income, which excludes merger expenses and the net gain on sale of factoring assets, increased 10% from the first quarter of 2004 on an estimated historical combined basis.


•	Total revenue increased 6% from the first quarter of 2004 on an estimated historical combined basis, driven principally by strong loan and deposit growth. Noninterest income contributed $38.8 million or 35% of the growth.


•	Total average loans increased 11% from the first quarter of 2004 on an estimated historical combined basis, driven by strong home equity line and residential real estate loan growth of 31% and 25%, respectively.


•	Average commercial and commercial real estate and construction loan growth accelerated in the first quarter of 2005, growing at 15% and 12% sequential annualized rates, respectively.


•	Total average consumer and commercial deposits increased 9% from the first quarter of 2004 on an estimated historical combined basis, driven by strong NOW and DDA growth of 21% and 11%, respectively, reflecting the effectiveness of SunTrust's company-wide sales focus.


•	The efficiency ratio for the first quarter of 2005 was 60.22%, a 156 basis point improvement from the fourth quarter of 2004. The adjusted operating efficiency ratio, which excludes merger expenses and the net gain on sale of factoring assets, was 59.48%, a 77 basis point improvement from the operating efficiency ratio in the fourth quarter of 2004.


•	Credit quality was outstanding during the quarter; net charge-offs were 0.14% of average loans, down from 0.21% of average loans in the fourth quarter of 2004.


(1)	Excludes 1st quarter 2005 merger related expenses, net of taxes, which totaled $16.0 million.


(2)	Excludes 1st quarter 2005 merger related expenses, net of taxes, which totaled $16.0 million and the net gain on the sale of factoring assets (RCM), net of taxes, which totaled $12.3 million.


(3)	Excludes 1st quarter 2005 merger related expenses, net of taxes, per diluted share of $.04.


(4)	Excludes 1st quarter 2005 merger related expenses, net of taxes, per diluted share of $.04 and the net gain on the sale of factoring assets, net of taxes, per diluted share of $.03.


(5)	Excludes 1st quarter 2005 merger related expenses of $25.7 million and the net gain on the sale of factoring assets of $19.9 million.


	NR – Not reported.

Financial Performance

For the quarter, reported return on average total assets (ROA) was 1.24%, and return on average total equity (ROE) was 12.39%. Excluding realized and unrealized securities gains and losses and dividends from The Coca-Cola Company, return on average total assets was 1.23% and return on average total realized equity was 13.23%. Operating ROA and ROE, which excludes merger charges, was 1.28% and 12.79%, respectively.

Revenue

Total revenue was $1,883.0 million for the first quarter of 2005, up $424.1 million from the first quarter of 2004. On an estimated historical combined basis, total revenue was up 6% from the first quarter of 2004. On an estimated historical combined basis, total revenue excluding securities gains and losses and the net gain on sale of factoring assets was up 6% from the first quarter of 2004. Revenue growth was driven by improvements in both net interest income and noninterest income.

Net Interest Income

Fully taxable net interest income was $1,129.2 million in the first quarter of 2005, up from $863.9 million in the first quarter of 2004. On an estimated historical combined basis, fully taxable net interest income was up 7% from the first quarter of 2004. Factors driving the net interest income growth have been the improving net interest margin, strong loan growth particularly in residential real estate and home equity lending, and growth in low cost deposits. The net interest margin for the first quarter of 2005 was 3.25%, up four basis points from the fourth quarter of 2004 due to the difference in the number of days in the first quarter as compared to the fourth quarter.

Noninterest Income

Total noninterest income was $753.8 million for the first quarter of 2005, up from $595.1 million for the first quarter of 2004. On an estimated historical combined basis, total noninterest income for the first quarter was up 5% from the first quarter of 2004. Noninterest income excluding securities gains and losses was $759.5 million for the first quarter of 2005, up from $590.2 million for the first quarter of 2004. On an estimated historical combined basis, noninterest income excluding securities gains and losses for the first quarter was up 9% from the first quarter of 2004.

Included in noninterest income in the first quarter of 2005 was the net gain on the sale of factoring assets, which totaled $19.9 million. Noninterest income excluding securities gains and losses and the net gain on the sale of factoring assets for the first quarter of 2005 was up 6% from the first quarter of 2004 on an estimated historical combined basis.

A significant driver of the increase in noninterest income has been growth in trust and investment management income, which was up 8% in the first quarter of 2005 from the first quarter of 2004 on an estimated historical combined basis.

Noninterest Expense

Total noninterest expense in the first quarter of 2005 was $1,133.9 million, up from $889.7 million for the first quarter of 2004 and down from $1,149.0 in the fourth quarter of 2004. On an estimated historical combined basis, total noninterest expense was up 8% in the first quarter of 2005 from the first quarter of 2004. On an estimated historical combined basis, noninterest expense before amortization of intangible assets and merger expenses in the first quarter of 2005 was $1,077.0 million,

up 5% from $1,024.2 million in the first quarter of 2004 and down 1% from $1,088.8 million in the fourth quarter of 2004. Compared to the fourth quarter, cost control effectiveness was evident in several noninterest expense categories, with decreases in net occupancy and marketing and customer development. Cost savings from the merger integration amounted to $8 million in the first quarter of 2005. The Company's reported efficiency ratio was 60.22% for the first quarter of 2005, and its operating efficiency ratio was 58.85%. The adjusted operating efficiency ratio, which excludes merger expenses and the net gain on the sale of factoring assets, was 59.48%.

Balance Sheet

At March 31, 2005, SunTrust had total assets of $164.8 billion. Equity capital of $16.1 billion represented 10% of total assets. Book value per share was $44.59, up from $44.30 on December 31, 2004.

Loans

Average loans for the first quarter of 2005 were $103.2 billion, up from $79.9 billion for the first quarter of 2004. On an estimated historical combined basis, average loans were up 11% from the first quarter of 2004. Loan growth was strong across-the-board, with home equity and residential real estate segments continuing to be particularly robust. Commercial and commercial real estate and construction loan growth accelerated in the first quarter of 2005, growing at 15% and 12% on a sequential annualized basis, respectively. Commercial loan growth was experienced in all segments, including large corporate loans that had stabilized in the second half of 2004 and increased in the first quarter of 2005.

Deposits

Average consumer and commercial deposits for the first quarter of 2005 were $91.0 billion, up 29% from $70.4 billion for the first quarter of 2004. On an estimated historical combined basis, average consumer and commercial deposits for the first quarter were up 9% from the first quarter of 2004. The growth in deposits was driven by increases in low cost deposit segments, with NOW balances increasing 21% and DDA balances increasing 11% over the first quarter of 2004 on an estimated historical combined basis. Consumer and other time balances also experienced growth, increasing 12% over the first quarter of 2004 on an estimated historical combined basis. A significant portion of this growth can be attributed to the effective implementation of the Company's sales and customer retention initiatives.

Asset Quality

Due to the continued strength of the credit quality in SunTrust's loan and lease portfolio, there was a $26.3 million reduction in the allowance for loan and lease losses from December 31, 2004 to March 31, 2005. Net charge-offs were $36.8 million in the first quarter of 2005 and the provision for loan losses was $10.6 million. Net charge-offs in the first quarter of 2005 were 0.14% of average loans, down from 0.30% of average loans in the first quarter of 2004.

Nonperforming assets were $392.3 million at March 31, 2005 or 0.37% of loans, other real estate owned and other repossessed assets, as compared to $331.9 million or 0.42% of loans, other real estate owned and other repossessed assets at March 31, 2004. On an estimated historical combined basis, nonperforming assets were down 1% from March 31, 2004. Nonperforming assets at March 31, 2005 included $357.1 million in nonperforming loans, $27.6 million in other real estate owned and $7.7 million in other repossessed assets. The allowance for loan and lease losses at March 31, 2005 was $1,023.7 million and represented 0.98% of loans and 286.7% of nonperforming loans. SunTrust believes its net charge-off and nonperforming asset levels continue to compare very favorably with the most recently published industry averages.

Corresponding Financial Tables and Information

To view the corresponding financial tables and information, please refer to the Investor Relations section located under "About SunTrust" on our Web site at www.suntrust.com. This information may

also be directly accessed via the quick link entitled "1st Quarter Earnings Release" located at the lower right hand corner of the SunTrust homepage.

Conference Call

SunTrust management will host a conference call on April 18, 2005 at 8:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Individuals are encouraged to call in beginning at 7:45 a.m. (Eastern Time) by dialing 1-888-972-7805 (Passcode: 1Q05; Leader: Greg Ketron). Individuals calling from outside the United States should dial 1-517-308-9091 (Passcode: 1Q05; Leader: Greg Ketron). A replay of the call will be available beginning April 18, 2005 and ending May 2, 2005 at 5:00 p.m. (Eastern Time) by dialing 1-866-380-6722 (domestic) or 1-203-369-0343 (international).

Alternatively, individuals may listen to the live webcast of the presentation by visiting the SunTrust Web site at www.suntrust.com. The webcast will be hosted under "Investor Relations" located under "About SunTrust" or may be accessed directly from the SunTrust home page by clicking on the earnings-related link, "1st Quarter Earnings Release". Beginning the afternoon of April 18, 2005, listeners may access an archived version of the presentation in the "Webcasts and Presentations" subsection found under "Investor Relations". A link to the Investor Relations page is also found in the footer of the SunTrust home page.

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest commercial banking organizations. The Company operates an extensive distribution network primarily in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and the District of Columbia, and also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services. SunTrust's Internet address is www.suntrust.com.

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Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, SunTrust's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of SunTrust's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause SunTrust's results to differ materially from those described in the forward-looking statements can be found in the 2004 Annual Report on Form 10-K of SunTrust, in the Quarterly Reports on Form 10-Q and 10-Q/A of SunTrust and the Quarterly Reports on Form 10-Q of NCF, and in the Current Reports filed on Form 8-K of SunTrust and NCF filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's internet site (http://www.sec.gov). The forward-looking statements in this press release speak only as of the date of the filing, and SunTrust does not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.

This press release contains certain non-GAAP measures to describe our Company's performance. The reconciliation of those measures to the most directly comparable GAAP measures can be found in the financial information contained in Appendix A of this press release.

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SunTrust Banks, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS


	Three Months Ended						% Change
	2005			2004			% Change
EARNINGS & DIVIDENDS
Period Ended March 31
(Dollars in millions except per share data)
Net income	$	492.3		$	361.8			36.1	%
Total revenue		1,883.0			1,459.0			29.1
Total revenue excluding securities gains and losses and net gain on sale of RCM assets¹		1,868.8			1,454.1			28.5
Earnings per share
Diluted	$	1.36		$	1.28			6.3
Basic		1.37			1.29			6.2
Dividends paid per common share		0.55			0.50			10.0
Average shares outstanding (000s)
Diluted		363,138			283,523			28.1
Basic		358,253			279,523			28.2
CONDENSED BALANCE SHEETS
(Dollars in millions)
Selected Average Balances
Total assets	$	161,218		$	123,854			30.2	%
Earning assets		140,853			111,038			26.9
Loans		103,216			79,905			29.2
Consumer and commercial deposits		90,968			70,361			29.3
Deposits		104,392			80,362			29.9
Shareholders' equity		16,119			9,840			63.8
Period Ended March 31
Total assets	$	164,811		$	125,250			31.6
Earning assets		143,678			111,870			28.4
Loans		104,761			79,213			32.3
Allowance for loan and lease losses		1,024			937			9.3
Consumer and commercial deposits		93,035			72,449			28.4
Deposits		107,535			80,870			33.0
Shareholders' equity		16,104			10,094			59.5
FINANCIAL RATIOS
Return on average total assets		1.24	%		1.18	%		5.1	%
Return on average assets less net unrealized securities gains¹		1.23			1.15			7.0
Return on average total equity		12.39			14.79			(16.2	)
Return on average realized equity ¹		13.23			17.07			(22.5	)
Total average shareholders' equity to total average assets		10.00			7.95			25.8
Net interest margin²		3.25			3.13			3.8
Efficiency ratio²		60.22			60.98			(1.2	)
Book value per share		44.59			35.75			24.7
CAPITAL ADEQUACY
Tier 1 capital ratio		7.05	³		8.28			(14.9	)
Total capital ratio		10.45	³		12.26			(14.8	)
Tier 1 leverage ratio		6.59	³		7.66			(14.0	)


¹	See Appendix A for a reconcilement of non-GAAP performance measures.


²	The net interest margin and efficiency ratios are presented on a fully taxable-equivalent (FTE) basis. The FTE basis adjusts for the tax-favored status of income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.


³	Current period tier 1 capital, total capital and tier 1 leverage ratios are estimated as of the press release date.

SunTrust Banks, Inc. and Subsidiaries
FIVE QUARTER FINANCIAL HIGHLIGHTS


	1st Quarter 2005			4th Quarter 2004			3rd Quarter 2004			2nd Quarter 2004			1st Quarter 2004
EARNINGS & DIVIDENDS
(Dollars in millions except per share data)
Net income	$	492.3		$	455.7		$	368.8		$	386.6		$	361.8
Total revenue		1,883.0			1,859.9			1,521.4			1,507.8			1,459.0
Total revenue excluding securities gains and losses and net gain on sale of RCM assets¹		1,868.8			1,879.3			1,539.6			1,516.8			1,454.1
Earnings per share
Diluted	$	1.36		$	1.26		$	1.30		$	1.36		$	1.28
Basic		1.37			1.27			1.31			1.39			1.29
Dividends paid per common share		0.55			0.50			0.50			0.50			0.50
Average shares outstanding (000s)
Diluted		363,138			362,661			283,502			283,116			283,523
Basic		358,253			357,524			280,185			279,840			279,523
CONDENSED BALANCE SHEETS
(Dollars in millions)
Selected Average Balances
Total assets	$	161,218		$	156,570		$	127,128		$	127,287		$	123,854
Earning assets		140,853			136,450			114,334			113,657			111,038
Loans		103,216			100,137			83,753			80,936			79,905
Consumer and commercial deposits		90,968			90,601			74,122			73,166			70,361
Deposits		104,392			101,272			83,463			83,320			80,362
Shareholders' equity		16,119			15,819			9,993			10,194			9,840
Period Ended
Total assets	$	164,811		$	158,870		$	127,786		$	128,177		$	125,250
Earning assets		143,678			138,727			114,748			114,404			111,870
Loans		104,761			101,426			84,618			82,540			79,213
Allowance for loan and lease losses		1,024			1,050			893			902			937
Consumer and commercial deposits		93,035			92,110			74,956			73,855			72,449
Deposits		107,535			103,361			83,096			85,529			80,870
Shareholders' equity		16,104			15,987			10,129			10,060			10,094
FINANCIAL RATIOS
Return on average total assets		1.24	%		1.16	%		1.15	%		1.22	%		1.18	%
Return on average assets less net unrealized securities gains ¹		1.23			1.18			1.18			1.23			1.15
Return on average total equity		12.39			11.46			14.68			15.25			14.79
Return on average realized equity ¹		13.23			12.54			16.96			18.30			17.07
Total average shareholders' equity to total average assets		10.00			10.10			7.86			8.01			7.95
Net interest margin²		3.25			3.21			3.11			3.13			3.13
Efficiency ratio²		60.22			61.78			61.12			61.58			60.98
Book value per share		44.59			44.30			35.79			35.58			35.75
CAPITAL ADEQUACY
Tier 1 capital ratio		7.053	³		7.16			8.26			8.18			8.28
Total capital ratio		10.453	³		10.36			11.57			11.87			12.26
Tier 1 leverage ratio		6.593	³		6.64			7.71			7.53			7.66


¹	See Appendix A for a reconcilement of non-GAAP performance measures.


²	The net interest margin and efficiency ratios are presented on a fully taxable-equivalent (FTE) basis. The FTE basis adjusts for the tax-favored status of income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.


³	Current period tier 1 capital, total capital and tier 1 leverage ratios are estimated as of the press release date.

SunTrust Banks, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)


	As of March 31						Increase/(Decrease)
	2005			2004			Amount			%
ASSETS
Cash and due from banks	$	4,178,424		$	3,364,176		$	814,248			24.2	%
Interest-bearing deposits in other banks		17,456			16,398			1,058			6.5
Trading assets		2,516,512			2,139,399			377,113			17.6
Securities available for sale¹		29,374,017			26,122,547			3,251,470			12.4
Funds sold and securities purchased under agreements to resell		1,764,554			1,314,231			450,323			34.3
Loans held for sale		6,955,538			5,852,118			1,103,420			18.9
Loans		104,760,859			79,212,829			25,548,030			32.3
Allowance for loan and lease losses		(1,023,746	)		(936,972	)		(86,774	)		9.3
Net loans		103,737,113			78,275,857			25,461,256			32.5
Goodwill		6,861,721			1,079,640			5,782,081			535.6
Other intangible assets		1,073,154			628,223			444,931			70.8
Other assets		8,332,465			6,457,463			1,875,002			29.0
Total assets ²	$	164,810,954		$	125,250,052		$	39,560,902			31.6
LIABILITIES
Noninterest-bearing consumer and commercial deposits	$	24,448,291		$	20,136,810		$	4,311,481			21.4
Interest-bearing consumer and commercial deposits		68,587,192			52,312,167			16,275,025			31.1
Total consumer and commercial deposits		93,035,483			72,448,977			20,586,506			28.4
Brokered deposits		8,183,776			3,568,493			4,615,283			129.3
Foreign deposits		6,315,625			4,852,124			1,463,501			30.2
Total deposits		107,534,884			80,869,594			26,665,290			33.0
Funds purchased and securities sold under agreements to repurchase		10,113,705			10,197,739			(84,034	)		(0.8	)
Other short-term borrowings		2,167,383			1,148,290			1,019,093			88.7
Long-term debt		22,498,447			16,809,810			5,688,637			33.8
Trading liabilities		1,051,095			1,028,592			22,503			2.2
Other liabilities		5,341,181			5,102,217			238,964			4.7
Total liabilities		148,706,695			115,156,242			33,550,453			29.1
SHAREHOLDERS' EQUITY
Preferred stock, no par value		—			—			—			—
Common stock, $1.00 par value		370,578			294,163			76,415			26.0
Additional paid in capital		6,754,301			1,293,732			5,460,569			422.1
Retained earnings		8,412,574			7,369,994			1,042,580			14.1
Treasury stock and other		(523,790	)		(645,739	)		121,949			(18.9	)
Accumulated other comprehensive income		1,090,596			1,781,660			(691,064	)		(38.8	)
Total shareholders' equity		16,104,259			10,093,810			6,010,449			59.5
Total liabilities and shareholders' equity	$	164,810,954		$	125,250,052		$	39,560,902			31.6
Common shares outstanding		361,176,868			282,331,789			78,845,079			27.9
Common shares authorized		750,000,000			750,000,000			—			—
Treasury shares of common stock		9,401,530			11,830,968			(2,429,438	)		(20.5	)
____________
¹Includes net unrealized gains of	$	1,710,792		$	2,787,148		$	(1,076,356	)		(38.6	)
²Includes earning assets of		143,678,144			111,870,374			31,807,770			28.4

SunTrust Banks, Inc. and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)


	March 31 2005			December 31 2004			September 30 2004			June 30 2004			March 31 2004
ASSETS
Cash and due from banks	$	4,178,424		$	3,876,741		$	3,642,401		$	4,068,693		$	3,364,176
Interest-bearing deposits in other banks		17,456			15,929			19,144			17,196			16,398
Trading assets		2,516,512			2,183,645			1,885,894			1,807,320			2,139,399
Securities available for sale¹		29,374,017			28,941,080			24,508,764			25,587,978			26,122,547
Funds sold and securities purchased under agreements to resell		1,764,554			1,596,269			1,162,032			1,679,403			1,314,231
Loans held for sale		6,955,538			6,580,223			4,602,916			5,030,617			5,852,118
Loans		104,760,859			101,426,172			84,617,875			82,540,230			79,212,829
Allowance for loan and lease losses		(1,023,746	)		(1,050,024	)		(892,974	)		(902,243	)		(936,972	)
Net loans		103,737,113			100,376,148			83,724,901			81,637,987			78,275,857
Goodwill		6,861,721			6,806,013			1,165,036			1,164,846			1,079,640
Other intangible assets		1,073,154			1,061,451			723,401			721,428			628,223
Other assets		8,332,465			7,432,285			6,351,496			6,461,055			6,457,463
Total assets ²	$	164,810,954		$	158,869,784		$	127,785,985		$	128,176,523		$	125,250,052
LIABILITIES
Noninterest-bearing consumer and commercial deposits	$	24,448,291		$	24,878,314		$	21,009,255		$	20,610,429		$	20,136,810
Interest-bearing consumer and commercial deposits		68,587,192			67,231,381			53,946,300			53,244,549			52,312,167
Total consumer and commercial deposits		93,035,483			92,109,695			74,955,555			73,854,978			72,448,977
Brokered deposits		8,183,776			6,100,911			3,380,458			4,050,525			3,568,493
Foreign deposits		6,315,625			5,150,645			4,760,048			7,623,200			4,852,124
Total deposits		107,534,884			103,361,251			83,096,061			85,528,703			80,869,594
Funds purchased and securities sold under agreements to repurchase		10,113,705			9,342,831			8,735,483			8,099,685			10,197,739
Other short-term borrowings		2,167,383			2,062,549			1,328,445			1,438,908			1,148,290
Long-term debt		22,498,447			22,127,166			18,756,590			17,441,487			16,809,810
Trading liabilities		1,051,095			1,098,563			816,486			1,072,125			1,028,592
Other liabilities		5,341,181			4,890,525			4,924,403			4,535,856			5,102,217
Total liabilities		148,706,695			142,882,885			117,657,468			118,116,764			115,156,242
SHAREHOLDERS' EQUITY
Preferred stock, no par value		—			—			—			—			—
Common stock, $1.00 par value		370,578			370,578			294,163			294,163			294,163
Additional paid in capital		6,754,301			6,749,219			1,303,024			1,297,555			1,293,732
Retained earnings		8,412,574			8,118,710			7,843,069			7,615,503			7,369,994
Treasury stock and other		(523,790	)		(528,558	)		(609,245	)		(625,137	)		(645,739	)
Accumulated other comprehensive income		1,090,596			1,276,950			1,297,506			1,477,675			1,781,660
Total shareholders' equity		16,104,259			15,986,899			10,128,517			10,059,759			10,093,810
Total liabilities and shareholders' equity	$	164,810,954		$	158,869,784		$	127,785,985		$	128,176,523		$	125,250,052
Common shares outstanding		361,176,868			360,840,710			283,001,181			282,726,614			282,331,789
Common shares authorized		750,000,000			750,000,000			750,000,000			750,000,000			750,000,000
Treasury shares of common stock		9,401,530			9,737,688			11,161,576			11,436,143			11,830,968
____________
¹Includes net unrealized gains of	$	1,710,792		$	2,010,165		$	2,048,776		$	2,258,984		$	2,787,148
²Includes earning assets of		143,678,144			138,733,153			114,747,849			114,403,760			111,870,374

SunTrust Banks, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)


	Three Months Ended
	March 31					Increase/(Decrease)
	2005			2004		Amount			%
Interest income	$	1,716,022		$	1,173,864	$	542,158			46.2	%
Interest expense		604,462			322,216		282,246			87.6
NET INTEREST INCOME		1,111,560			851,648		259,912			30.5
Provision for loan losses		10,556			53,837		(43,281	)		(80.4	)
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		1,101,004			797,811		303,193			38.0
NONINTEREST INCOME
Service charges on deposit accounts		184,103			163,218		20,885			12.8
Trust and investment management income		164,515			136,218		28,297			20.8
Retail investment services		55,143			45,738		9,405			20.6
Other charges and fees		111,375			92,747		18,628			20.1
Investment banking income		50,007			44,813		5,194			11.6
Trading account profits and commissions		44,046			29,390		14,656			49.9
Card fees		48,156			31,694		16,462			51.9
Gain on sale of RCM assets, net of related expenses		19,874			—		19,874			100.0
Other noninterest income		82,254			46,341		35,913			77.5
Securities (losses)/gains		(5,659	)		4,927		(10,586	)		(214.9	)
Total noninterest income		753,814			595,086		158,728			26.7
NONINTEREST EXPENSE
Personnel expense		634,793			506,796		127,997			25.3
Net occupancy expense		75,851			61,859		13,992			22.6
Outside processing and software		82,848			65,626		17,222			26.2
Equipment expense		52,882			45,085		7,797			17.3
Marketing and customer development		31,629			30,219		1,410			4.7
Amortization of intangible assets		31,217			15,640		15,577			99.6
Merger expense		25,738			—		25,738			100.0
Other noninterest expense		198,948			164,523		34,425			20.9
Total noninterest expense		1,133,906			889,748		244,158			27.4
INCOME BEFORE INCOME TAXES		720,912			503,149		217,763			43.3
Provision for income taxes		228,618			141,314		87,304			61.8
NET INCOME	$	492,294		$	361,835	$	130,459			36.1
Net interest income (taxable-equivalent) ¹	$	1,129,226		$	863,904	$	265,322			30.7
Earnings per share
Diluted		1.36			1.28		0.08			6.3
Basic		1.37			1.29		0.08			6.2
Cash dividends paid per common share		0.55			0.50		0.05			10.0
Average shares outstanding (000s)
Diluted		363,138			283,523		79,615			28.1
Basic		358,253			279,523		78,730			28.2


¹	Net interest income includes the effects of taxable-equivalent adjustments using a federal tax rate of 35% and state income taxes where applicable to increase tax-exempt interest income to a taxable-equivalent basis.

SunTrust Banks, Inc. and Subsidiaries
FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)


	1st Quarter 2005			4th Quarter 2004			3rd Quarter 2004			2nd Quarter 2004			1st Quarter 2004
Interest income	$	1,716,022		$	1,604,267		$	1,252,177		$	1,188,074		$	1,173,864
Interest expense		604,462			520,063			375,303			315,645			322,216
NET INTEREST INCOME		1,111,560			1,084,204			876,874			872,429			851,648
Provision for loan losses		10,556			37,099			41,774			2,827			53,837
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		1,101,004			1,047,105			835,100			869,602			797,811
NONINTEREST INCOME
Service charges on deposit accounts		184,103			196,960			171,140			168,704			163,218
Trust and investment management income		164,515			160,526			149,673			140,366			136,218
Retail investment services		55,143			53,185			44,049			49,839			45,738
Other charges and fees		111,375			110,509			92,472			94,766			92,747
Investment banking income		50,007			61,671			45,916			54,330			44,813
Trading account profits and commissions		44,046			44,032			23,343			31,034			29,390
Card fees		48,156			49,308			34,716			37,721			31,694
Gain on sale of RCM assets, net of related expenses		19,874			—			—			—			—
Other noninterest income		82,254			102,189			84,576			54,953			46,341
Securities (losses)/gains		(5,659	)		(19,377	)		(18,193	)		(9,048	)		4,927
Total noninterest income		753,814			759,003			627,692			622,665			595,086
NONINTEREST EXPENSE
Personnel expense		634,793			612,861			527,734			520,922			506,796
Net occupancy expense		75,851			78,218			66,542			61,629			61,859
Outside processing and software		82,848			81,368			68,657			70,619			65,626
Equipment expense		52,882			50,765			43,275			45,740			45,085
Marketing and customer development		31,629			34,389			32,028			31,655			30,219
Amortization of intangible assets		31,217			31,759			15,593			14,590			15,640
Merger expense		25,738			28,401			—			—			—
Other noninterest expense		198,948			231,231			176,020			183,294			164,523
Total noninterest expense		1,133,906			1,148,992			929,849			928,449			889,748
INCOME BEFORE INCOME TAXES		720,912			657,116			532,943			563,818			503,149
Provision for income taxes		228,618			201,387			164,177			177,247			141,314
NET INCOME	$	492,294		$	455,729		$	368,766		$	386,571		$	361,835
Net interest income (taxable-equivalent) ¹	$	1,129,226		$	1,100,888		$	893,695		$	885,066		$	863,904
Earnings per share
Diluted		1.36			1.26			1.30			1.36			1.28
Basic		1.37			1.27			1.31			1.39			1.29
Cash dividends paid per common share		0.55			0.50			0.50			0.50			0.50
Average shares outstanding (000s)
Diluted		363,138			362,661			283,502			283,116			283,523
Basic		358,253			357,524			280,185			279,840			279,523


¹	Net interest income includes the effects of taxable-equivalent adjustments using a federal tax rate of 35% and state income taxes where applicable to increase tax-exempt interest income to a taxable-equivalent basis.

SunTrust Banks, Inc. and Subsidiaries
CONSOLIDATED DAILY AVERAGE BALANCES,
AVERAGE YIELDS EARNED AND RATES PAID
(Dollars in millions; yields on taxable-equivalent basis)


	1st Quarter 2005								4th Quarter 2004
	Average Balances			Interest Income/ Expense		Yields/ Rates			Average Balances			Interest Income/ Expense		Yields/ Rates
ASSETS
Loans:
Real estate 1-4 family	$	23,435.7		$	300.5		5.13	%	$	22,461.0		$	285.8		5.09	%
Real estate construction		9,621.2			134.8		5.68			9,054.6			121.0		5.32
Real estate equity		11,573.7			152.8		5.35			11,016.4			133.3		4.81
Real estate commercial		9,537.0			124.8		5.31			9,547.2			120.7		5.03
Commercial		33,423.9			394.9		4.79			32,223.1			360.5		4.45
Business credit card		197.7			3.4		6.81			192.6			3.2		6.69
Consumer — direct		6,767.2			96.6		5.79			6,706.9			93.6		5.55
Consumer — indirect		8,384.4			112.1		5.42			8,661.6			120.1		5.52
Nonaccrual and restructured		275.0			2.8		4.19			274.1			3.4		4.90
Total loans		103,215.8			1,322.7		5.20			100,137.5			1,241.6		4.93
Securities available for sale:
Taxable		26,477.7			288.3		4.36			26,389.5			275.1		4.17
Tax-exempt		836.1			12.7		6.10			848.6			13.0		6.11
Total securities available for sale		27,313.8			301.0		4.41			27,238.1			288.1		4.23
Funds sold and securities purchased under agreement to resell		1,604.3			9.7		2.41			1,301.2			6.0		1.82
Loans held for sale		6,393.2			86.1		5.39			5,607.0			74.7		5.33
Interest-bearing deposits		17.5			0.1		1.60			20.9			0.1		1.35
Trading assets		2,308.2			14.1		2.48			2,145.7			10.5		1.94
Total earning assets		140,852.8			1,733.7		4.99			136,450.4			1,621.0		4.73
Allowance for loan losses		(1,065.5	)							(1,094.5	)
Cash and due from banks		4,309.5								4,136.4
Premises and equipment		1,862.9								1,839.9
Other assets		13,225.7								13,181.2
Unrealized gains on securities available for sale		2,032.8								2,056.7
Total assets	$	161,218.2							$	156,570.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits:
NOW accounts	$	17,479.8		$	33.8		0.78	%	$	16,940.7		$	28.3		0.66	%
Money Market accounts		24,767.4			82.1		1.34			24,507.0			66.3		1.08
Savings		7,506.9			15.5		0.84			8,139.3			16.8		0.82
Consumer time		12,324.0			75.1		2.47			12,083.9			73.6		2.42
Other time		5,166.6			34.9		2.74			4,748.8			30.2		2.53
Total interest-bearing consumer and commercial deposits		67,244.7			241.4		1.46			66,419.7			215.2		1.29
Brokered deposits		6,462.1			41.1		2.54			5,966.1			32.3		2.11
Foreign deposits		6,962.3			40.0		2.30			4,704.5			23.0		1.91
Total interest-bearing deposits		80,669.1			322.5		1.62			77,090.3			270.5		1.40
Funds purchased and securities sold under agreements to repurchase		10,134.0			56.2		2.22			9,407.1			40.3		1.68
Other short-term borrowings		2,591.3			17.0		2.65			2,219.7			11.5		2.06
Long-term debt		22,197.7			208.8		3.82			21,961.6			197.8		3.58
Total interest-bearing liabilities		115,592.1			604.5		2.12			110,678.7			520.1		1.87
Noninterest-bearing deposits		23,723.1								24,181.7
Other liabilities		5,783.6								5,890.7
Shareholders' equity		16,119.4								15,819.0
Total liabilities and shareholders' equity	$	161,218.2							$	156,570.1
Interest Rate Spread							2.87	%							2.86	%
Net Interest Income — FTE				$	1,129.2							$	1,100.9
Net Interest Margin							3.25	%							3.21	%

SunTrust Banks, Inc. and Subsidiaries
CONSOLIDATED DAILY AVERAGE BALANCES,
AVERAGE YIELDS EARNED AND RATES PAID
(Dollars in millions; yields on taxable-equivalent basis)


	3^rd quarter 2004								2nd quarter 2004								1st Quarter 2004
	Average Balances			Interest Income/ Expense		Yields/ Rates			Average Balances			Interest Income/ Expense		Yields/ Rates			Average Balances			Interest Income/ Expense		Yields/ Rates
ASSETS
Loans:
Real estate 1-4 family	$	20,722.7		$	262.9		5.07	%	$	18,870.1		$	235.9		5.00	%	$	17,758.0		$	230.5		5.19	%
Real estate construction		4,727.8			55.5		4.67			4,558.9			49.5		4.37			4,546.3			49.3		4.36
Real estate equity		8,238.6			85.1		4.11			7,619.1			78.1		4.12			7,111.8			73.9		4.18
Real estate commercial		9,441.9			112.3		4.73			9,426.0			106.2		4.53			9,295.0			106.9		4.63
Commercial		27,630.5			276.3		3.98			27,510.8			247.4		3.62			28,464.1			250.2		3.54
Business credit card		158.0			2.7		6.80			151.0			2.5		6.55			140.0			2.4		6.74
Consumer - direct		3,666.8			44.1		4.78			3,576.9			41.6		4.68			3,533.1			42.2		4.81
Consumer - indirect		8,882.9			124.5		5.58			8,938.3			126.6		5.70			8,727.4			130.3		6.01
Nonaccrual and restructured		284.0			3.8		5.38			285.3			5.8		8.14			329.2			6.0		7.33
Total loans		83,753.2			967.2		4.59			80,936.4			893.6		4.44			79,904.9			891.7		4.49
Securities available for sale:
Taxable		22,068.4			215.4		3.90			22,781.2			213.7		3.75			22,462.5			212.9		3.79
Tax-exempt		800.9			12.6		6.27			449.7			6.5		5.81			364.6			5.7		6.21
Total securities available for sale		22,869.3			228.0		3.99			23,230.9			220.2		3.79			22,827.1			218.6		3.83
Funds sold and securities purchased under agreement to resell		1,403.3			5.1		1.42			1,562.8			4.1		1.04			1,240.5			3.3		1.06
Loans held for sale		4,650.8			62.6		5.39			6,141.2			76.8		5.01			5,316.1			67.1		5.05
Interest-bearing deposits		18.5			—		0.88			17.9			—		0.76			15.2			—		0.85
Trading assets		1,639.0			6.1		1.47			1,767.9			6.0		1.36			1,734.4			5.4		1.24
Total earning assets		114,334.1			1,269.0		4.42			113,657.1			1,200.7		4.25			111,038.2			1,186.1		4.30
Allowance for loan losses		(955.4	)							(953.7	)							(953.7	)
Cash and due from banks		3,687.5								3,732.5								3,371.2
Premises and equipment		1,620.4								1,617.4								1,612.0
Other assets		6,386.4								6,430.3								6,205.7
Unrealized gains on securities available for sale		2,055.0								2,803.9								2,580.3
Total assets	$	127,128.0							$	127,287.5							$	123,853.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits:
NOW accounts	$	12,999.5		$	17.6		0.54	%	$	12,811.6		$	13.4		0.42	%	$	12,332.1		$	11.8		0.38	%
Money Market accounts		22,434.4			47.3		0.84			22,367.4			42.9		0.77			22,136.8			42.3		0.77
Savings		7,424.7			15.8		0.85			6,990.9			12.7		0.73			6,334.2			10.1		0.64
Consumer time		6,967.3			36.3		2.07			6,988.0			34.5		1.98			7,268.8			37.6		2.08
Other time		3,805.7			23.1		2.41			3,416.6			19.7		2.32			3,392.4			19.9		2.36
Total interest-bearing consumer and commercial deposits		53,631.6			140.1		1.04			52,574.5			123.2		0.94			51,464.3			121.7		0.95
Brokered deposits		3,546.1			16.0		1.77			3,668.2			17.1		1.84			3,903.1			22.5		2.28
Foreign deposits		5,795.2			21.5		1.45			6,485.7			17.1		1.04			6,097.5			16.5		1.07
Total interest-bearing deposits		62,972.9			177.6		1.12			62,728.4			157.4		1.01			61,464.9			160.7		1.05
Funds purchased and securities sold under agreements to repurchase		9,448.8			28.6		1.18			10,163.3			19.9		0.78			10,175.6			19.8		0.77
Other short-term borrowings		880.6			4.1		1.84			1,004.6			3.6		1.44			2,738.5			11.0		1.62
Long-term debt		18,099.9			165.0		3.63			16,784.1			134.7		3.23			15,412.9			130.7		3.41
Total interest-bearing liabilities		91,402.2			375.3		1.63			90,680.4			315.6		1.40			89,791.9			322.2		1.44
Noninterest-bearing deposits		20,490.2								20,591.6								18,896.7
Other liabilities		5,242.7								5,821.3								5,324.8
Shareholders' equity		9,992.9								10,194.2								9,840.3
Total liabilities and shareholders' equity	$	127,128.0							$	127,287.5							$	123,853.7
Interest Rate Spread							2.79	%							2.85	%							2.86	%
Net Interest Income — FTE				$	893.7							$	885.1							$	863.9
Net Interest Margin							3.11	%							3.13	%							3.13	%

SunTrust Banks, Inc. and Subsidiaries
FIVE QUARTER OTHER FINANCIAL DATA


	1st Quarter 2005			4th Quarter 2004			% Change			3rd Quarter 2004			2nd Quarter 2004			1st Quarter 2004
CREDIT DATA (Dollars in thousands)
Allowance for loan and lease losses - beginning	$	1,050,024		$	892,974			17.6		$	902,243		$	936,972		$	941,922
Allowance from acquisitions and other activity - net		—			173,844			(100.0	)		—			—			—
Provision for loan losses		10,556			37,099			(71.5	)		41,774			2,827			53,837
Charge-offs
Commercial		(16,610	)		(24,335	)		(31.7	)		(36,709	)		(20,024	)		(33,540	)
Real estate
Construction		(797	)		(1,002	)		(20.5	)		(2,310	)		(102	)		(701	)
Residential mortgages		(8,473	)		(7,912	)		7.1			(5,652	)		(8,647	)		(10,611	)
Other		(825	)		(1,218	)		(32.3	)		(1,032	)		(1,756	)		(1,509	)
Consumer loans		(38,388	)		(51,352	)		(25.2	)		(32,524	)		(36,665	)		(38,480	)
Total charge-offs		(65,093	)		(85,819	)		(24.2	)		(78,227	)		(67,194	)		(84,841	)
Recoveries
Commercial		9,737			14,295			(31.9	)		11,511			12,520			11,617
Real estate
Construction		191			61			213.1			29			19			4
Residential mortgages		1,974			2,826			(30.1	)		2,738			2,176			1,928
Other		338			679			(50.2	)		350			248			115
Consumer loans		16,019			14,065			13.9			12,556			14,675			12,390
Total recoveries		28,259			31,926			(11.5	)		27,184			29,638			26,054
Net charge-offs		(36,834	)		(53,893	)		(31.7	)		(51,043	)		(37,556	)		(58,787	)
Allowance for loan and lease losses – ending	$	1,023,746		$	1,050,024			(2.5	)	$	892,974		$	902,243		$	936,972
Net charge-offs to average loans		0.14	%		0.21	%		(33.3	)		0.24	%		0.19	%		0.30	%

Period Ended
Nonaccrual loans
Commercial	$	116,386		$	130,961			(11.1	)	$	114,793		$	143,071		$	116,405
Real estate
Construction		36,793			32,842			12.0			24,341			20,363			18,675
Residential mortgages		112,166			104,452			7.4			69,812			63,919			79,899
Other		45,192			36,684			23.2			32,699			37,778			41,300
Consumer loans		26,520			49,302			(46.2	)		21,482			17,779			27,639
Total nonaccrual loans		337,057			354,241			(4.9	)		263,127			282,910			283,918
Restructured loans		20,071			19,049			5.4			19,725			18,189			18,661
Total nonperforming loans		357,128			373,290			(4.3	)		282,852			301,099			302,579
Other real estate owned (OREO)		27,555			28,619			(3.7	)		10,934			14,246			18,380
Other repossessed assets		7,662			8,749			(12.4	)		10,431			9,076			10,953
Total nonperforming assets	$	392,345		$	410,658			(4.5	)	$	304,217		$	324,421		$	331,912
Total nonperforming loans to total loans		0.34	%		0.37	%		(8.1	)		0.33	%		0.36	%		0.38	%
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.37			0.40			(7.5	)		0.36			0.39			0.42
Allowance to period-end loans		0.98			1.04			(5.8	)		1.06			1.09			1.18
Allowance to nonperforming loans		286.7			281.3			1.9			315.7			299.7			309.7

SunTrust Banks, Inc. and Subsidiaries
RECONCILEMENT OF NON-GAAP MEASURES
APPENDIX A TO THE PRESS RELEASE


	Quarter - to - Quarter Comparison
	1st Quarter 2005			4th Quarter 2004			3rd Quarter 2004			2nd Quarter 2004			1st Quarter 2004
NON-GAAP MEASURES PRESENTED IN THE PRESS RELEASE (Dollars in thousands)
Net income	$	492,294		$	455,729		$	368,766		$	386,571		$	361,835
Securities losses/(gains), net of tax		3,509			12,595			11,825			5,881			(3,203	)
Net income excluding securities gains and losses		495,803			468,324			380,591			392,452			358,632
The Coca-Cola Company dividend, net of tax		(12,028	)		(10,739	)		(10,740	)		(10,739	)		(10,740	)
Net income excluding securities gains and losses and The Coca-Cola Company dividend	$	483,775		$	457,585		$	369,851		$	381,713		$	347,892
Total average assets	$	161,218,222		$	156,570,092		$	127,127,968		$	127,287,458		$	123,853,747
Average net unrealized securities gains		(2,032,787	)		(2,056,737	)		(2,054,978	)		(2,803,917	)		(2,580,304	)
Average assets less net unrealized securities gains	$	159,185,435		$	154,513,355		$	125,072,990		$	124,483,541		$	121,273,443
Total average equity	$	16,119,430		$	15,818,968		$	9,992,905		$	10,194,201		$	9,840,282
Average accumulated other comprehensive income		(1,285,278	)		(1,304,553	)		(1,318,332	)		(1,804,833	)		(1,645,712	)
Total average realized equity	$	14,834,152		$	14,514,415		$	8,674,573		$	8,389,368		$	8,194,570
Return on average total assets		1.24	%		1.16	%		1.15	%		1.22	%		1.18	%
Impact of excluding net realized and unrealized securities gains/losses and The Coca-Cola Company dividend		(0.01	)		0.02			0.03			0.01			(0.03	)
Return on average total assets less net unrealized securities gains¹		1.23	%		1.18	%		1.18	%		1.23	%		1.155
Return on average total shareholders' equity		12.39	%		11.46	%		14.68	%		15.25	%		14.79	%
Impact of excluding net unrealized securities gains		0.84			1.08			2.28			3.05			2.28
Return on average realized shareholders' equity²		13.23	%		12.54	%		16.96	%		18.30	%		17.07	%
Net interest income	$	1,111,560		$	1,084,204		$	876,874		$	872,429		$	851,648
FTE adjustment		17,666			16,684			16,821			12,637			12,256
Net interest income – FTE		1,129,226			1,100,888			893,695			885,066			863,904
Noninterest income		753,814			759,003			627,692			622,665			595,086
Total revenue		1,883,040			1,859,891			1,521,387			1,507,731			1,458,990
Securities losses/(gains)		5,659			19,377			18,193			9,048			(4,927	)
Gain on sale of RCM assets, net of related expenses		(19,874	)		—			—			—			—
Total revenue excluding securities gains and losses and net gain on sale of RCM assets³	$	1,868,825		$	1,879,268		$	1,539,580		$	1,516,779		$	1,454,063

SunTrust Banks, Inc. and Subsidiaries
RECONCILEMENT OF NON-GAAP MEASURES
APPENDIX A TO THE PRESS RELEASE, continued


	Quarter - to - Quarter Comparison
	1st Quarter 2005		4th Quarter 2004		Change %⁴			1st Quarter 2005		1st Quarter 2004		Change %
AVERAGE LOW COST CONSUMER AND COMMERCIAL DEPOSIT RECONCILEMENT (Dollars in thousands)
Noninterest bearing deposits	$	23,723,080	$	24,181,729		(1.9	)	$	23,723,080	$	18,896,711		25.5
NOW accounts		17,479,848		16,940,751		3.2			17,479,848		12,332,083		41.7
Savings		7,506,923		8,139,263		(7.8	)		7,506,923		6,334,231		18.5
Total average low cost consumer and commercial deposits	$	48,709,851	$	49,261,743		(1.1	)	$	48,709,851	$	37,563,025		29.7


									Estimated Historical Combined⁶
	1st Quarter 2005		1st Quarter 2004			Change %			1st Quarter 2005		1st Quarter 2004			Change %
NON-GAAP DISCLOSURES FOR IMPACTS OF THREE PILLARS⁵ (Dollars in millions)
Average loans – reported	$	103,216	$	79,905			29.2		$	103,216	$	93,145			10.8
Impact of Three Pillars		—		(1,430	)		(100.0	)		—		(1,430	)		(100.0	)
Average loans excluding Three Pillars	$	103,216	$	78,475			31.5		$	103,216	$	91,715			12.5
Average commercial loans – reported	$	33,424	$	28,464			17.4		$	33,518	$	32,598			2.8
Impact of Three Pillars		—		(1,430	)		(100.0	)		—		(1,430	)		(100.0	)
Average commercial loans excluding Three Pillars	$	33,424	$	27,034			23.6		$	33,518	$	31,168			7.5

SunTrust presents a return on average assets less net unrealized gains on securities. The foregoing numbers reflect primarily adjustments to remove the effects of the Company's securities portfolio which includes the ownership by the Company of 48.3 million shares of The Coca-Cola Company. The Company uses this information internally to gauge its actual performance in the industry. The Company believes that the return on average assets less the net unrealized securities gains is more indicative of the Company's return on assets because it more accurately reflects the return on the assets that are related to the Company's core businesses which are primarily customer relationship and customer transaction driven. The return on average assets less net unrealized gains on securities is computed by dividing annualized net income, excluding securities gains/losses and The Coca-Cola Company dividend, by average assets less net unrealized securities gains.

The Company also believes that the return on average realized equity is more indicative of the Company's return on equity because the excluded equity relates primarily to a long term holding of a specific security. The return on average realized shareholders' equity is computed by dividing annualized net income, excluding securities gains/losses and The Coca-Cola Company dividend, by average realized shareholders' equity.

SunTrust presents total revenue excluding realized securities gains and losses and the net gain on the sale of RCM assets. The Company believes total revenue without securities gains and losses is more indicative of the Company's performance because it isolates income that is primarily customer relationship and customer transaction driven. SunTrust further excludes the net gain on the sale of RCM assets because the Company believes the exclusion of the net gain is more indicative of normalized operations.


⁴	Multiply by 4 to calculate sequential annualized growth or reductions discussed in the earnings call.


⁵	Under the provisions of FASB Interpretation No. 46, SunTrust consolidated its commercial paper conduit, Three Pillars, effective July 1, 2003. As of March 1, 2004, Three Pillars was restructured and deconsolidated. Adjustments were made to reported figures for comparability purposes.


⁶	SunTrust's average nonaccrual and restructured loans are included in the respective categories to conform to the NCF presentation.

SunTrust Banks, Inc. and Subsidiaries
RECONCILEMENT OF NON-GAAP MEASURES
APPENDIX A TO THE PRESS RELEASE, continued


	1st Quarter 2005			4th Quarter 2004
SELECTED NON-GAAP OPERATING MEASURES AND ADJUSTED OPERATING MEASURES PRESENTED IN THE PRESS RELEASE¹ (Dollars in thousands)
Net income	$	492,294		$	455,729
Merger expense, net of tax		15,958			18,461
Operating net income		508,252		$	474,190
Net gain on sale of RCM assets, net of tax		(12,322	)		—
Adjusted operating net income	$	495,930		$	474,190
Diluted earnings per share	$	1.36		$	1.26
Impact of excluding merger expense		0.04			0.05
Operating diluted earnings per share		1.40			1.31
Impact of net gain on sale of RCM assets		(0.03	)		—
Adjusted operating diluted earnings per share	$	1.37		$	1.31
Total revenue	$	1,883,040
Securities losses		5,659
Net gain on sale of RCM assets		(19,874	)
Adjusted total revenue	$	1,868,825
Noninterest income	$	753,814
Net gain on sale of RCM assets		(19,874	)
Noninterest income excluding net gain on sale of RCM assets	$	733,940
Noninterest expense	$	1,133,906		$	1,148,992
Merger expense		(25,738	)		(28,401	)
Noninterest expense excluding merger expense	$	1,108,168		$	1,120,591
Efficiency ratio		60.22	%		61.78	%
Impact of excluding merger expense		(1.37	)		(1.53	)
Operating efficiency ratio		58.85	%		60.25	%
Impact of net gain on sale of RCM assets		0.63			—
Adjusted operating efficiency ratio		59.48	%		60.25	%
Return on average total assets		1.24	%		1.16	%
Impact of excluding merger expense		0.04			0.04
Operating return on average total assets²		1.28	%		1.20	%
Return on average total shareholders' equity		12.39	%		11.46	%
Impact of excluding merger expense		0.40			0.47
Operating return on average total shareholders' equity³		12.79	%		11.93	%

SunTrust presents selected financial data on an operating basis that excludes merger charges, which represent incremental costs to integrate NCF's operations. The Company also presents selected financial data on an adjusted operating basis, which further excludes the net gain related to the sale of RCM assets. The Company believes the exclusion of these two measures is more reflective of normalized operations.


²	Computed by dividing annualized operating net income by average total assets.


³	Computed by dividing annualized operating net income by average total shareholders' equity.

SunTrust Banks, Inc. and Subsidiaries
QUARTER-TO-QUARTER COMPARISON — ACTUAL AND HISTORICAL COMBINED GROWTH
APPENDIX B TO THE PRESS RELEASE

The 1st quarter 2004 figures represent SunTrust and NCF on a historical combined basis. See page 13 for a reconcilement of these historical combined amounts.


	ACTUAL															HISTORICAL COMBINED
	1st Quarter			4th quarter			Increase/(Decrease)						Sequential Annualized			1st Quarter			1st Quarter			Increase/(Decrease)
	2005			2004			Amount			%			%			2005			2004			Amount			%
STATEMENTS OF INCOME (Dollars in thousands)
NET INTEREST INCOME	$	1,111,560		$	1,084,204		$	27,356			2.5	%		10.1	%	$	1,111,560		$	1,042,719		$	68,841			6.6	%
Provision for loan losses		10,556			37,099			(26,543	)		(71.5	)		(286.2	)		10,556			65,925			(55,369	)		(84.0	)
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		1,101,004			1,047,105			53,899			5.1			20.6			1,101,004			976,794			124,210			12.7
NONINTEREST INCOME
Deposit and other fees¹		343,634			356,777			(13,143	)		(3.7	)		(14.7	)		343,634			337,122			6,512			1.9
Trust and investment management income		164,515			160,526			3,989			2.5			9.9			164,515			152,716			11,799			7.7
Broker / dealer revenue²		149,196			158,888			(9,692	)		(6.1	)		(24.4	)		149,196			145,703			3,493			2.4
Other noninterest income		82,254			102,189			(19,935	)		(19.5	)		(78.0	)		82,254			63,638			18,616			29.3
Noninterest income before securities (losses)/gains and net gain on sale of RCM assets³		739,599			778,380			(38,781	)		(5.0	)		(19.9	)		739,599			699,179			40,420			5.8
Gain on sale of RCM assets, net of related expenses		19,874			—			19,874			100.0			400.0			19,874			—			19,874			100.0
Noninterest income before securities (losses)/gains		759,473			778,380			(18,907	)		(2.4	)		(9.7	)		759,473			699,179			60,294			8.6
Securities (losses)/gains		(5,659	)		(19,377	)		13,718			70.8			283.2			(5,659	)		15,845			(21,504	)		(135.7	)
Total noninterest income		753,814			759,003			(5,189	)		(0.7	)		(2.7	)		753,814			715,024			38,790			5.4
NONINTEREST EXPENSE
Personnel expense		634,793			612,861			21,932			3.6			14.3			634,793			585,917			48,876			8.3
Net occupancy expense		75,851			78,218			(2,367	)		(3.0	)		(12.1	)		75,851			75,266			585			0.8
Outside processing and software		82,848			81,368			1,480			1.8			7.3			82,848			72,216			10,632			14.7
Equipment expense		52,882			50,765			2,117			4.2			16.7			52,882			52,318			564			1.1
Marketing and customer development		31,629			34,389			(2,760	)		(8.0	)		(32.1	)		31,629			33,248			(1,619	)		(4.9	)
Other noninterest expense		198,948			231,231			(32,283	)		(14.0	)		(55.8	)		198,948			205,230			(6,282	)		(3.1	)
Noninterest expense before amortization of intangible assets and merger expense⁴		1,076,951			1,088,832			(11,881	)		(1.1	)		(4.4	)		1,076,951			1,024,195			52,756			5.2
Amortization of intangible assets		31,217			31,759			(542	)		(1.7	)		(6.8	)		31,217			29,279			1,938			6.6
Merger expense		25,738			28,401			(2,663	)		(9.4	)		(37.5	)		25,738			—			25,738			100.0
Total noninterest expense		1,133,906			1,148,992			(15,086	)		(1.3	)		(5.3	)		1,133,906			1,053,474			80,432			7.6
INCOME BEFORE INCOME TAXES		720,912			657,116			63,796			9.7			38.8			720,912			638,344			82,568			12.9
Provision for income taxes		228,618			201,387			27,231			13.5			54.1			228,618			186,265			42,353			22.7
NET INCOME		492,294			455,729			36,565			8.0			32.1			492,294			452,079			40,215			8.9
Merger expense, net of tax		15,958			18,461			(2,503	)		(13.6	)		(54.2	)		15,958			—			15,958			100.0
OPERATING NET INCOME		508,252			474,190			34,062			7.2			28.7			508,252			452,079			56,173			12.4
Net gain on sale of RCM assets, net of tax		(12,322	)		—			(12,322	)		100.0			400.0			(12,322	)		—			(12,322	)		100.0
ADJUSTED OPERATING NET INCOME	$	495,930		$	474,190		$	21,740			4.6	%		18.3	%	$	495,930		$	452,079		$	43,851			9.7	%
REVENUE (Dollars in thousands)
Net interest income	$	1,111,560		$	1,084,204		$	27,356			2.5	%		10.1	%	$	1,111,560		$	1,042,719		$	68,841			6.6	%
FTE adjustment⁵		17,666			16,684			982			5.9			23.5			17,666			14,361			3,305			23.0
Net interest income – FTE		1,129,226			1,100,888			28,338			2.6			10.3			1,129,226			1,057,080			72,146			6.8
Noninterest income		753,814			759,003			(5,189	)		(0.7	)		(2.7	)		753,814			715,024			38,790			5.4
Total revenue		1,883,040			1,859,891			23,149			1.2			5.0			1,883,040			1,772,104			110,936			6.3
Securities losses/(gains)		5,659			19,377			(13,718	)		(70.8	)		(283.2	)		5,659			(15,845	)		21,504			135.7
Net gain on sale of RCM assets		(19,874	)		—			(19,874	)		100.0			400.0			(19,874	)		—			(19,874	)		100.0
Total revenue excluding securities gains and losses and net gain on sale of RCM assets	$	1,868,825		$	1,879,268			($10,443	)		(0.6	)%		(2.2	)%	$	1,868,825		$	1,756,259		$	112,566			6.4	%


	ACTUAL															HISTORICAL COMBINED
	1st Quarter			4th quarter			Increase/(Decrease)						Sequential Annualized			1st Quarter			1st Quarter			Increase/(Decrease)
	2005			2004			Amount			%			%			2005			2004			Amount			%
SELECTED AVERAGE BALANCES (Dollars in millions)
Average Loans⁶
Commercial	$	33,518		$	32,343		$	1,175			3.6	%		14.5	%	$	33,518		$	32,598		$	920			2.8	%
Real estate 1-4 family		23,527			22,535			992			4.4			17.6			23,527			18,804			4,723			25.1
Real estate commercial and construction		19,224			18,660			564			3.0			12.1			19,224			17,670			1,554			8.8
Real estate equity		11,574			11,016			558			5.1			20.3			11,574			8,844			2,730			30.9
Consumer⁷		15,175			15,390			(215	)		(1.4	)		(5.6	)		15,175			15,074			101			0.7
Credit cards		198			193			5			2.4			9.6			198			155			43			27.7
Total loans	$	103,216		$	100,137		$	3,079			3.1	%		12.3	%	$	103,216		$	93,145		$	10,071			10.8	%
Average deposits
Noninterest bearing deposits	$	23,723		$	24,182		$	(459	)		(1.9	)%		(7.6	)%	$	23,723		$	21,412		$	2,311			10.8	%
NOW accounts		17,480			16,941			539			3.2			12.7			17,480			14,494			2,986			20.6
Money market accounts		24,767			24,507			260			1.1			4.2			24,767			24,071			696			2.9
Savings		7,507			8,139			(632	)		(7.8	)		(31.1	)		7,507			8,054			(547	)		(6.8	)
Consumer and other time		17,491			16,832			659			3.9			15.7			17,491			15,575			1,916			12.3
Total consumer and commercial deposits		90,968			90,601			367			0.4			1.6			90,968			83,606			7,362			8.8
Brokered and foreign deposits		13,424			10,671			2,753			25.8			103.2			13,424			12,292			1,132			9.2
Total deposits	$	104,392		$	101,272		$	3,120			3.1	%		12.3	%	$	104,392		$	95,898		$	8,494			8.9	%
SELECTED CREDIT DATA (Dollars in thousands)
Nonaccrual loans	$	337,057		$	354,241		$	(17,184	)		(4.9	)%		(19.4	)%	$	337,057		$	318,643		$	18,414			5.8	%
Restructured loans		20,071			19,049			1,022			5.4			21.5			20,071			18,661			1,410			7.6
Total nonperforming loans		357,128			373,290			(16,162	)		(4.3	)		(17.3	)		357,128			337,304			19,824			5.9
Other real estate owned (OREO)		27,555			28,619			(1,064	)		(3.7	)		(14.9	)		27,555			41,605			(14,050	)		(33.8	)
Other repossessed assets		7,662			8,749			(1,087	)		(12.4	)		(49.7	)		7,662			17,061			(9,399	)		(55.1	)
Total nonperforming assets	$	392,345		$	410,658		$	(18,313	)		(4.5	)%		(17.8	)%	$	392,345		$	395,970		$	(3,625	)		(0.9	)%
Allowance for loan and lease losses	$	(1,023,746	)	$	(1,050,024	)	$	26,278			(2.5	)%		(10.0	)%	$	(1,023,746	)		($1,110,356	)	$	86,610			(7.8	)%


¹	Includes service charges on deposits, card and other charges and fees.


²	Includes retail investment services, investment banking income and trading account profits and commissions.

SunTrust presents noninterest income before securities (losses)/gains and the net gain on the sale of RCM assets. The Company believes noninterest income before securities gains and losses is more indicative of the Company's performance because it isolates income that is primarily customer relationship and customer transaction driven. SunTrust further excludes the net gain on the sale of RCM assets because the Company believes the exclusion of the net gain provides better comparability and is more indicative of normalized operations.


⁴	The Company presents noninterest expense before amortization of intangible assets and merger expense. The Company believes the exclusion of these measures provides better comparability and is more reflective of normalized operations.


⁵	NCF's FTE adjustments were reduced $4,712 from the first quarter of 2004 to conform to SunTrust's methodology.


⁶	SunTrust's average nonaccrual and restructured loans are included in the respective categories to conform to the NCF presentation.


⁷	Includes consumer direct and consumer indirect loans.

SunTrust Banks, Inc. and Subsidiaries
SUNTRUST / NCF — SELECTED HISTORICAL FINANCIAL DATA
APPENDIX B TO THE PRESS RELEASE, continued


	1st Quarter 2004
	SunTrust			NCF			Pro Forma Combined
STATEMENTS OF INCOME (Dollars in thousands)
NET INTEREST INCOME	$	851,648		$	191,071		$	1,042,719
Provision for loan losses		53,837			12,088			65,925
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		797,811			178,983			976,794
NONINTEREST INCOME
Deposit and other fees¹		287,659			49,463			337,122
Trust and investment management income		136,218			16,498			152,716
Broker / dealer revenue²		119,941			25,762			145,703
Other noninterest income		46,341			17,297			63,638
Noninterest income before securities (losses)/gains		590,159			109,020			699,179
Securities gains		4,927			10,918			15,845
Total noninterest income		595,086			119,938			715,024
NONINTEREST EXPENSE
Personnel expense		506,796			79,121			585,917
Net occupancy expense		61,859			13,407			75,266
Outside processing and software		65,626			6,590			72,216
Equipment expense		45,085			7,233			52,318
Marketing and customer development		30,219			3,029			33,248
Other noninterest expense		164,523			40,707			205,230
Noninterest expense before amortization of intangible assets		874,108			150,087			1,024,195
Amortization of intangible assets		15,640			13,639			29,279
Total noninterest expense		889,748			163,726			1,053,474
INCOME BEFORE INCOME TAXES		503,149			135,195			638,344
Provision for income taxes		141,314			44,951			186,265
NET INCOME	$	361,835		$	90,244		$	452,079
REVENUE (Dollars in thousands)
Net interest income	$	851,648		$	191,071		$	1,042,719
FTE adjustment³		12,256			2,105			14,361
Net interest income – FTE		863,904			193,176			1,057,080
Noninterest income		595,086			119,938			715,024
Total revenue		1,458,990			313,114			1,772,104
Securities (gains)		(4,927	)		(10,918	)		(15,845	)
Total revenue excluding securities gains and losses	$	1,454,063		$	302,196		$	1,756,259


	1st Quarter 2004
	SunTrust			NCF			Pro Forma Combined
SELECTED AVERAGE BALANCES (Dollars in millions)
Average Loans⁴
Commercial	$	28,599		$	3,999		$	32,598
Real estate 1-4 family		17,850			954			18,804
Real estate commercial and construction		13,910			3,760			17,670
Real estate equity		7,112			1,732			8,844
Consumer⁵		12,294			2,780			15,074
Credit cards		140			15			155
Total loans	$	79,905		$	13,240		$	93,145
Average deposits
Noninterest bearing deposits	$	18,897		$	2,515		$	21,412
NOW accounts		12,332			2,162			14,494
Money market accounts		22,137			1,934			24,071
Savings		6,334			1,720			8,054
Consumer and other time		10,661			4,914			15,575
Total consumer and commercial deposits		70,361			13,245			83,606
Brokered and foreign deposits		10,001			2,291			12,292
Total deposits	$	80,362		$	15,536		$	95,898
SELECTED CREDIT DATA (Dollars in thousands)
Nonaccrual loans	$	283,918		$	34,725		$	318,643
Restructured loans		18,661			—			18,661
Total nonperforming loans		302,579			34,725			337,304
Other real estate owned (OREO)		18,380			23,225			41,605
Other repossessed assets		10,953			6,108			17,061
Total nonperforming assets	$	331,912		$	64,058		$	395,970
Allowance for loan and lease losses	$	(936,972	)		($173,384	)		($1,110,356	)


¹	Includes service charges on deposits, card and other charges and fees.


²	Includes retail investment services, investment banking income and trading account profits and commissions.


³	NCF's FTE adjustments were reduced $4,712 from the 1st quarter of 2004 to conform to SunTrust methodology.


⁴	SunTrust's average nonaccrual and restructured loans are included in the respective categories to conform to the NCF presentation.


⁵	Includes consumer direct and consumer indirect loans.