8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 12, 2004

SunTrust Banks, Inc.

(Exact name of registrant as specified in its charter)

Georgia	001-08918	58-1575035
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

303 Peachtree St., N.E., Atlanta, Georgia 30308    

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (404) 588-7711

Item 5.    Other Events and Required FD Disclosure

On January 12, 2004, SunTrust Banks, Inc. (the “Registrant”) announced financial results for the fourth quarter ended December 31, 2003, reporting net income of $342.5 million and net income per diluted share of $1.21. A copy of the press release announcing the Registrant’s results for the fourth quarter ended December 31, 2003, is attached hereto as Exhibit 99.1.

Item 7.    Financial Statements and Exhibits

(c) Exhibits

99.1 The News Release.

99.2 Supplemental Schedules prepared for use with The News Release.

Item 9.    Regulation FD Disclosure.

The Registrant is furnishing the information required by Item 12 of Form 8-K, “Results of Operation and Financial Condition,” under this Item 9.

On January 12, 2004, the Registrant will hold an investor call and webcast to disclose financial results for the fourth quarter and year ended December 31, 2003. The Supplemental Information package for use at this conference is furnished herewith as Exhibit 99.2 and incorporated by reference in Item 9. All information in the Supplemental Information is presented as of the News Release date and the Registrant does not assume any obligation to correct or update said information in the future.

The information in the preceding paragraph, as well as in Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

SIGNATURE

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.

		SUNTRUST BANKS, INC.             (Registrant)
Date:	January 12, 2004	By:    /s/ Jorge Arrieta
		Jorge Arrieta Senior Vice President and Controller

EX-99.1

Exhibit 99.1

News

SunTrust

Contact:
Investors	Media
Gary Peacock	Barry Koling
(404) 658-4879	(404) 230-5268

For Immediate Release

January 12, 2004

SunTrust Reports Fourth Quarter and Full-Year 2003 Earnings

Company Says Strong Final Quarter Indicates SunTrust Now “On Track”

For Return To Historical Performance Levels

ATLANTA—SunTrust Banks, Inc. (NYSE: STI) today reported net income for the fourth quarter of 2003 of $342.5 million, up 1% from the fourth quarter of 2002 and up 3% from the third quarter of 2003. Net income per diluted share was $1.21, up 1% from the $1.20 per diluted share earned in the fourth quarter of 2002 and up 10% annualized from this year’s third quarter.

“For much of 2003 we have been saying that SunTrust, although doing relatively well, was poised for an acceleration in performance as the impact of a slow economy and low interest rates recedes. Now it is beginning to happen,” said L. Phillip Humann, SunTrust Chairman, President and Chief Executive Officer. “With strong fourth quarter results, we are winding up 2003 on a much more positive note than when the year began. But that’s not all. Key revenue trends evident in the year’s final quarter, notably a resurgence of net interest income growth coupled with continued solid fee income growth, indicate that SunTrust is now on track to deliver the consistently strong performance for which we historically have been known.”

Mr. Humann cited as “particularly encouraging” the following fourth quarter revenue trends:

• An 11 basis point improvement in the net interest margin compared with the prior quarter.

• Total revenues up 12% on an annualized basis from prior quarter.

• Total revenues less securities gains up 16% on an annualized basis from prior quarter.

• Net interest income and fee income less securities gains each up 16% on an annualized basis from prior quarter.

2

For the quarter, reported return on average total assets (ROA) was 1.09%, and return on average total equity (ROE) was 14.40%. Return on average assets less net unrealized gains on securities was 1.11% and return on average realized equity was 17.13%. The Company believes ROA and ROE excluding net unrealized gains of the Company’s securities portfolio are more relevant performance measures due to SunTrust’s ownership of 48 million shares of The Coca-Cola Company.

For the full year 2003, the Company reported net income of $1,332.3 million, up slightly over the $1,331.8 million earned in 2002. Net income per diluted share was $4.73, up 2% from the full year 2002. ROA was 1.09% and ROE was 14.67%. Return on average assets less net unrealized gains on securities was 1.11% and return on average realized equity was 17.54%.

Fully taxable-equivalent net interest income was $877.5 million in the fourth quarter, up 5% from the fourth quarter of 2002 and up 16% annualized from the third quarter of 2003. The net interest margin for the quarter was 3.09%, up 11 basis points from the third quarter of 2003. SunTrust said the improvement in net interest margin illustrates the Company’s reduced vulnerability to a low interest rate environment compared with earlier 2003 quarters. For the full year 2003, fully taxable-equivalent net interest income was $3,365.3 million, up 3% compared to 2002.

Average loans for the fourth quarter were $79.4 billion, up 9% from the fourth quarter of 2002, and average earning assets were $112.7 billion, up 11% from the fourth quarter of 2002. SunTrust noted that excluding the impact of compliance with FASB Interpretation No. 46, which required the consolidation of Three Pillars Funding Corp (Three Pillars), a multi-seller commercial paper conduit, average loans in the fourth quarter were up 6% and average earning assets were up 8% from the fourth quarter of 2002. Average consumer and commercial deposits for the fourth quarter was $70.3 billion, up 4% from the fourth quarter of 2002.

3

Noninterest income excluding net securities gains was $564.6 million in the quarter, up 16% from the fourth quarter of 2002. Total noninterest income including net securities gains was $584.1 million for the quarter, up 11% from the fourth quarter of 2002. Noninterest income excluding net securities gains represented 39% of total revenue for the fourth quarter of 2003. For the full year 2003, noninterest income excluding net securities gains was $2,179.1 million, up 6% from 2002. For the full year 2003, noninterest income including net securities gains was $2,303.0 million, up 2% from 2002.

Total noninterest expense in the fourth quarter was $884.8 million, up 6% from the fourth quarter of 2002. For the full year of 2003, total noninterest expense was $3,400.6 million, up 6% from the full year of 2002. Noninterest expense excluding the impacts of Lighthouse Financial and the consolidation of certain affordable housing partnerships in the fourth quarter was up 3% from the fourth quarter of 2002.

Net charge-offs in the fourth quarter were $69.8 million or 0.35% of average loans. The provision for loan losses was $70.3 million for the fourth quarter. For the full year of 2003, net charge-offs were 0.41% of average loans compared to 0.59%of average loans for the full year of 2002. The provision for loan losses was $313.6 million, down 33% from the full year of 2002.

Nonperforming assets were $378.1 million at December 31, 2003 or 0.47% of loans, other real estate owned and other repossessed assets, down $85.7 million or 18% from the third quarter end. Nonperforming assets at December 31, 2003 included $351.4 million in nonperforming loans, $16.5 million in other real estate owned and $10.3 million in other repossessed assets. The allowance for loan losses at December 31, 2003 was $941.9 million and represented 1.17% of loans and 268.1% of nonperforming loans. SunTrust’s net charge-off and nonperforming asset levels continue to compare very favorably with the most recently published industry averages.

4

At December 31, 2003, SunTrust had total assets of $125.4 billion. Equity capital of $9.7 billion represented 7.8% of total assets. Book value per share was $34.52, up 11% from December 31, 2002.

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 “4^th Quarter Earnings Release” located at the lower right hand corner of the SunTrust homepage.

SunTrust management will host a conference call on January 12, 2004 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. by dialing 1-888-822-9863 (Passcode 4Q03; Leader: Gary Peacock.). Individuals calling from outside the United States should dial 1-484-630-1854 (Passcode 4Q03; Leader: Gary Peacock). A replay of the call will be available beginning the afternoon of January 12 by dialing 1-800-945-0819 (domestic) or 1-402-220-3454 (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” and may also be accessed directly from the SunTrust home page by clicking on the Earnings related link, “4^th Qtr. Earnings Release”, found at the lower right-hand corner of the page. Beginning the afternoon of January 12, 2004, listeners may access an archived version of the presentation on the “Investor Relations” page. A link to the Investor Relations page is also found in the footer of the SunTrust home page.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation’s largest commercial banking organizations. The Company operates through an extensive distribution network primarily in Florida, Georgia, Maryland, 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.

###

This press release may contain forward-looking statements, as defined by federal securities law, which involve significant risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario; significant changes in regulatory requirements; and significant changes in securities markets. SunTrust does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Any such statements are made in reliance on the safe harbor protections provided under the Private Securities Act of 1995. For further information regarding SunTrust, please read the SunTrust reports filed with the SEC and available at www.sec.gov.

EX-99.2

SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

	Three Months Ended						% Change		Twelve Months Ended						% Change
	2003			2002					2003			2002
EARNINGS & DIVIDENDS
Period Ended December 31
(Dollars in millions except per share data)
Net income	$	342.5		$	340.3		0.7	%	$	1,332.3		$	1,331.8		—	%
Total revenue		1,461.6			1,365.1		7.1			5,668.3			5,552.1		2.1
Total revenue less securities gains1		1,442.1			1,325.5		8.8			5,544.4			5,347.5		3.7
Earnings per share
Diluted	$	1.21		$	1.20		0.8		$	4.73		$	4.66		1.5
Basic		1.23			1.21		1.7			4.79			4.71		1.7
Dividends paid per common share		0.45			0.43		4.7			1.80			1.72		4.7
Average shares outstanding (000s)
Diluted		282,537			283,595		(0.4	)		281,434			286,052		(1.6	)
Basic		278,852			280,364		(0.5	)		278,295			282,495		(1.5	)
KEY RATIOS
Return on average total assets		1.09	%		1.18	%	(7.6	)%		1.09	%		1.23	%	(11.4	)%
Return on average assets less net unrealized gains on securities2		1.11			1.20		(7.5	)		1.11			1.26		(11.9	)
Return on average total equity		14.40			15.30		(5.9	)		14.67			15.26		(3.9	)
Return on average realized equity2		17.13			18.74		(8.6	)		17.54			19.07		(8.0	)
Net interest margin3		3.09			3.26		(5.2	)		3.08			3.41		(9.7	)
Efficiency ratio3		60.54			61.27		(1.2	)		59.99			57.99		3.4
Period Ended December 31
Book value per share		34.52			31.04		11.2
Equity to assets		7.76			7.47		3.9
Tier 1 capital ratio		7.804			7.47		4.4
Total capital ratio		11.704			11.62		0.7
Tier 1 leverage ratio		7.344			7.30		0.5
CONDENSED BALANCE SHEETS (Dollars in millions)
Average Balances
Securities available for sale	$	25,595		$	21,844		17.2	%	$	23,712		$	20,030		18.4	%
Loans held for sale		7,202			6,228		15.6			8,588			4,411		94.7
Loans		79,370			72,669		9.2			76,138			71,270		6.8
Other earning assets		2,926			3,707		(21.1	)		3,163			3,391		(6.7	)
Allowance for loan losses		(954	)		(930	)	2.6			(951	)		(924	)	2.9
Intangible assets		1,691			1,570		7.7			1,623			1,498		8.3
Other assets		8,926			9,740		(8.4	)		10,052			8,840		13.7
Total assets	$	124,756		$	114,828		8.6		$	122,325		$	108,516		12.7
Consumer and commercial deposits	$	70,313		$	67,830		3.7		$	69,444		$	65,430		6.1
Purchased liabilities5		25,018			20,103		24.4			24,474			17,028		43.7
Long-term debt		14,469			11,733		23.3			12,657			11,960		5.8
Other liabilities		5,521			6,338		(12.9	)		6,667			5,372		24.1
Total liabilities		115,321			106,004		8.8			113,242			99,790		13.5
Realized shareholders' equity		7,932			7,205		10.1			7,597			6,985		8.8
Accumulated other comprehensive income		1,503			1,619		(7.1	)		1,486			1,741		(14.6	)
Total liabilities and shareholders' equity	$	124,756		$	114,828		8.6		$	122,325		$	108,516		12.7
Period Ended December 31
Securities available for sale	$	25,607		$	23,445		9.2
Loans held for sale		5,552			7,748		(28.3	)
Loans		80,732			73,168		10.3
Other earning assets		3,243			2,820		15.0
Allowance for loan losses		(942	)		(930	)	1.3
Intangible assets		1,717			1,576		9.0
Other assets		9,484			9,496		(0.1	)
Total assets	$	125,393		$	117,323		6.9
Consumer and commercial deposits	$	72,925		$	70,227		3.8
Purchased liabilities5		21,945			21,251		3.3
Long-term debt		15,314			11,880		28.9
Other liabilities		5,478			5,195		5.4
Total liabilities		115,662			108,553		6.5
Realized shareholders' equity		8,067			7,260		11.1
Accumulated other comprehensive income		1,664			1,510		10.2
Total liabilities and shareholders' equity	$	125,393		$	117,323		6.9

1 SunTrust presents total revenue less securities gains. The Company believes total revenue without securities gains is more indicative of the Company's performance because it isolates income that is primarily customer relationship and customer transaction driven.

2 SunTrust presents a return on average assets less net unrealized gains on securities and a return on average realized equity. The foregoing numbers reflect adjustments to remove the effects of 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 gains on the securities portfolio 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. 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.

3 The net interest margin and efficiency ratios are presented on a fully taxable-equivalent (FTE) and annualized 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.

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

5 Purchased liabilities include foreign and brokered deposits, funds purchased and other short-term borrowings.

Page 1

SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

	Three Months Ended						% Change		Twelve Months Ended						% Change
	2003			2002					2003			2002
CREDIT DATA (Dollars in thousands)
Period Ended December 31
Allowance for loan losses—beginning	$	941,423		$	929,320		1.3	%	$	930,114		$	867,059		7.3	%
Allowance from acquisitions and other activity—net		—			—		—			9,324			15,531		(40.0	)
Provision for loan losses		70,286			96,500		(27.2	)		313,550			469,792		(33.3	)
Net charge-offs
Business credit card		443			520		(14.8	)		2,268			871		160.4
Consumer		39,469			48,384		(18.4	)		131,451			126,814		3.7
Residential		6,808			6,047		12.6			17,524			13,454		30.3
Commercial		23,067			40,755		(43.4	)		159,823			281,129		(43.1	)
Allowance for loan losses—ending	$	941,922		$	930,114		1.3		$	941,922		$	930,114		1.3
Total net charge-offs	$	69,787		$	95,706		(27.1	)	$	311,066		$	422,268		(26.3	)
Net charge-offs to average loans		0.35	%		0.52	%	(32.7	)		0.41	%		0.59	%	(30.5	)
Period Ended December 31
Nonaccrual loans	$	336,587		$	510,974		(34.1	)
Restructured loans		14,782			—		100.0
Total nonperforming loans		351,369			510,974		(31.2	)
Other real estate owned (OREO)		16,458			17,972		(8.4	)
Other repossessed assets		10,270			13,030		(21.2	)
Total nonperforming assets	$	378,097		$	541,976		(30.2	)
Total nonperforming loans to total loans		0.44	%		0.70	%	(37.1	)
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.47			0.74		(36.5	)
Allowance to period-end loans		1.17			1.27		(7.9	)
Allowance to nonperforming loans		268.1			182.0		47.3
RECONCILEMENT OF NON-GAAP MEASURES
(Dollars in thousands)
Return on average total assets		1.09	%		1.18	%				1.09	%		1.23	%
Impact of excluding net unrealized securities gains		0.02			0.02					0.02			0.03
Return on average assets less net unrealized gains on securities		1.11			1.20					1.11			1.26
Return on average total shareholders’ equity		14.40			15.30					14.67			15.26
Impact of excluding net unrealized securities gains		2.73			3.44					2.87			3.81
Return on average realized shareholders’ equity		17.13			18.74					17.54			19.07
Net interest income	$	865,520		$	827,101				$	3,320,303		$	3,243,709
FTE adjustment		11,981			10,240					45,014			39,522
Net interest income (taxable-equivalent)	$	877,501		$	837,341				$	3,365,317		$	3,283,231

Page 2

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	As of December 31						Increase/(Decrease)
	2003			2002			Amount			%
ASSETS
Cash and due from banks	$	3,931,653		$	4,455,776		$	(524,123	)	(11.8	)%
Interest-bearing deposits in other banks		16,329			10,238			6,091		59.5
Trading assets		1,853,137			1,717,774			135,363		7.9
Securities available for sale1		25,606,884			23,445,182			2,161,702		9.2
Funds sold and securities purchased under agreements to resell		1,373,392			1,092,281			281,111		25.7
Loans held for sale		5,552,060			7,747,793			(2,195,733	)	(28.3	)
Loans		80,732,321			73,167,935			7,564,386		10.3
Allowance for loan losses		(941,922	)		(930,114	)		(11,808	)	1.3
Net loans		79,790,399			72,237,821			7,552,578		10.5
Goodwill		1,077,638			963,761			113,877		11.8
Other intangible assets		639,619			612,158			27,461		4.5
Other assets		5,552,042			5,039,739			512,303		10.2
Total Assets2	$	125,393,153		$	117,322,523		$	8,070,630		6.9
LIABILITIES
Noninterest-bearing consumer and commercial deposits	$	21,001,324		$	18,080,496		$	2,920,828		16.2
Interest-bearing consumer and commercial deposits		51,923,322			52,146,314			(222,992	)	(0.4	)
Total consumer and commercial deposits		72,924,646			70,226,810			2,697,836		3.8
Brokered deposits		3,184,084			3,169,826			14,258		0.4
Foreign deposits		5,080,789			6,309,992			(1,229,203	)	(19.5	)
Total deposits		81,189,519			79,706,628			1,482,891		1.9
Funds purchased and securities sold under agreements to repurchase		9,505,246			10,402,536			(897,290	)	(8.6	)
Other short-term borrowings		4,175,415			1,368,425			2,806,990		205.1
Long-term debt		15,313,922			11,879,820			3,434,102		28.9
Trading liabilities		1,048,543			930,645			117,898		12.7
Other liabilities		4,429,342			4,264,973			164,369		3.9
Total liabilities		115,661,987			108,553,027			7,108,960		6.5
SHAREHOLDERS’ EQUITY
Preferred stock, no par value		—			—			—		—
Common stock, $1.00 par value		294,163			294,163			—		—
Additional paid in capital		1,288,311			1,276,110			12,201		1.0
Retained earnings		7,149,118			6,322,217			826,901		13.1
Treasury stock and other		(664,518	)		(632,464	)		(32,054	)	5.1
Realized shareholders’ equity		8,067,074			7,260,026			807,048		11.1
Accumulated other comprehensive income		1,664,092			1,509,470			154,622		10.2
Total shareholders’ equity		9,731,166			8,769,496			961,670		11.0
Total Liabilities and Shareholders’ Equity	$	125,393,153		$	117,322,523		$	8,070,630		6.9
Common shares outstanding		281,923,057			282,504,571			(581,514	)	(0.2	)
Common shares authorized		750,000,000			750,000,000			—		—
Treasury shares of common stock		12,239,700			11,658,186			581,514		5.0
1Includes net unrealized gains of:		2,614,512			2,421,562			192,950		8.0
2Includes earning assets of:		112,519,611			104,759,641			7,759,970		7.4

Page 3

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

	Three Months Ended											Twelve Months Ended
	December 31						Increase/(Decrease)					December 31						Increase/(Decrease)
	2003			2002			Amount			%		2003			2002			Amount			%
Interest income	$	1,198,936		$	1,274,939		$	(76,003	)	(6.0	)%	$	4,768,842		$	5,135,197		$	(366,355	)	(7.1	)%
Interest expense		333,416			447,838			(114,422	)	(25.5	)		1,448,539			1,891,488			(442,949	)	(23.4	)
NET INTEREST INCOME		865,520			827,101			38,419		4.6			3,320,303			3,243,709			76,594		2.4
Provision for loan losses2		70,286			96,500			(26,214	)	(27.2	)		313,550			469,792			(156,242	)	(33.3	)
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		795,234			730,601			64,633		8.8			3,006,753			2,773,917			232,836		8.4
NONINTEREST INCOME
Service charges on deposit accounts		165,298			156,196			9,102		5.8			643,103			612,918			30,185		4.9
Trust and investment management income		129,622			119,429			10,193		8.5			502,409			504,548			(2,139	)	(0.4	)
Retail investment services		43,637			32,955			10,682		32.4			161,753			136,659			25,094		18.4
Other charges and fees		79,376			74,336			5,040		6.8			326,311			296,860			29,451		9.9
Investment banking income		53,800			39,522			14,278		36.1			192,480			176,960			15,520		8.8
Trading account profits and commissions		22,680			29,726			(7,046	)	(23.7	)		109,878			103,170			6,708		6.5
Credit card and other fees		28,893			29,924			(1,031	)	(3.4	)		119,585			119,982			(397	)	(0.3	)
Mortgage production		(2,992	)		61,278			(64,270	)	(104.9	)		150,138			92,318			57,820		62.6
Mortgage servicing		2,306			(68,087	)		70,393		103.4			(177,512	)		(110,088	)		(67,424	)	(61.2	)
Other noninterest income		41,951			12,898			29,053		225.3			150,980			130,953			20,027		15.3
Securities gains		19,501			39,547			(20,046	)	(50.7	)		123,876			204,547			(80,671	)	(39.4	)
Total noninterest income		584,072			527,724			56,348		10.7			2,303,001			2,268,827			34,174		1.5
NONINTEREST EXPENSE
Personnel expense		516,171			456,189			59,982		13.1			1,944,563			1,818,532			126,031		6.9
Net occupancy expense		60,522			61,743			(1,221	)	(2.0	)		237,266			229,258			8,008		3.5
Outside processing and software		63,176			56,970			6,206		10.9			246,654			225,169			21,485		9.5
Equipment expense		45,527			45,073			454		1.0			178,443			174,809			3,634		2.1
Marketing and customer development		24,830			20,835			3,995		19.2			100,280			79,987			20,293		25.4
Amortization of intangible assets		16,379			17,455			(1,076	)	(6.2	)		64,515			58,898			5,617		9.5
Merger-related expenses2		—			—			—		—			—			15,998			(15,998	)	(100.0	)
Other noninterest expense		158,189			178,142			(19,953	)	(11.2	)		628,895			616,769			12,126		2.0
Total noninterest expense		884,794			836,407			48,387		5.8			3,400,616			3,219,420			181,196		5.6
INCOME BEFORE INCOME TAXES		494,512			421,918			72,594		17.2			1,909,138			1,823,324			85,814		4.7
Provision for income taxes		152,005			81,668			70,337		86.1			576,841			491,515			85,326		17.4
NET INCOME	$	342,507		$	340,250		$	2,257		0.7		$	1,332,297		$	1,331,809		$	488		—
Net interest income (taxable-equivalent)1		877,501			837,341			40,160		4.8			3,365,317			3,283,231			82,086		2.5
Earnings per share
Diluted	$	1.21		$	1.20			0.01		0.8		$	4.73		$	4.66			0.07		1.5
Basic		1.23			1.21			0.02		1.7			4.79			4.71			0.08		1.7
Cash dividends paid per common share		0.45			0.43			0.02		4.7			1.80			1.72			0.08		4.7
Average shares outstanding (000s)
Diluted		282,537			283,595			(1,058	)	(0.4	)		281,434			286,052			(4,618	)	(1.6	)
Basic		278,852			280,364			(1,512	)	(0.5	)		278,295			282,495			(4,200	)	(1.5	)

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.

2 Results include merger-related expenses of $16.0 million for the twelve months ended December 31, 2002, for the Company's acquisition of the Florida franchise of Huntington Bancshares. The provision for loan losses includes an additional $45.3 million for the twelve months ended December 31, 2002, to conform the Huntington-Florida portfolio to the Company's credit standards. The net of tax impact of these two items was $39.8 million.

Page 4

SunTrust Banks, Inc. and Subsidiaries

SELECTED FINANCIAL INFORMATION

	4th Quarter 2003			3rd Quarter 2003			2nd Quarter 2003			1st Quarter 2003			4th Quarter 2002			Twelve Months Ended December 31
																2003			2002
RESULTS OF OPERATIONS
(Dollars in thousands, except per share data)
Net interest income	$	865,520		$	832,800		$	799,513		$	822,470		$	827,101		$	3,320,303		$	3,243,709
Provision for loan losses		70,286			79,799			82,662			80,803			96,500			313,550			469,792
Net credit income		795,234			753,001			716,851			741,667			730,601			3,006,753			2,773,917
Securities gains		19,501			31,098			31,238			42,039			39,547			123,876			204,547
Other noninterest income		564,571			543,380			565,554			505,620			488,177			2,179,125			2,064,280
Net credit and noninterest income		1,379,306			1,327,479			1,313,643			1,289,326			1,258,325			5,309,754			5,042,744
Noninterest expense		884,794			859,865			837,728			818,229			836,407			3,400,616			3,219,420
Income before income taxes		494,512			467,614			475,915			471,097			421,918			1,909,138			1,823,324
Provision for income taxes		152,005			136,031			145,556			143,249			81,668			576,841			491,515
Net Income	$	342,507		$	331,583		$	330,359		$	327,848		$	340,250		$	1,332,297		$	1,331,809
Net interest income (taxable-equivalent)	$	877,501		$	844,388		$	810,415		$	833,013		$	837,341		$	3,365,317		$	3,283,231
Total revenue		1,461,573			1,418,866			1,407,207			1,380,672			1,365,065			5,668,318			5,552,058
Total revenue less securities gains1		1,442,072			1,387,768			1,375,969			1,338,633			1,325,518			5,544,442			5,347,511
Earnings per share
Diluted	$	1.21		$	1.18		$	1.17		$	1.17		$	1.20		$	4.73		$	4.66
Basic		1.23			1.19			1.19			1.18			1.21			4.79			4.71
Dividends paid per common share		0.45			0.45			0.45			0.45			0.43			1.80			1.72
Average shares outstanding (000s)
Diluted		282,537			281,567			280,287			281,330			283,595			281,434			286,052
Basic		278,852			278,296			277,397			278,631			280,364			278,295			282,495
SELECTED AVERAGE BALANCES
(Dollars in millions)
Total assets	$	124,756		$	126,702		$	119,448		$	118,276		$	114,828		$	122,325		$	108,516
Earning assets		112,730			112,329			106,606			105,249			101,895			109,257			96,371
Unrealized gains on securities available for sale		2,364			2,402			2,293			2,312			2,553			2,343			2,732
Loans		79,370			77,733			74,311			73,050			72,669			76,138			71,270
Interest-bearing liabilities		91,213			90,464			86,414			86,834			83,437			88,748			79,150
Total deposits		81,082			81,373			79,804			77,847			75,159			80,039			71,157
Shareholders’ equity		9,436			9,237			8,864			8,787			8,823			9,083			8,726
SELECTED RATIOS
Net interest margin2		3.09	%		2.98	%		3.05	%		3.21	%		3.26	%		3.08	%		3.41	%
Return on average total assets		1.09			1.04			1.11			1.12			1.18			1.09			1.23
Return on average assets less net unrealized gains on securities3		1.11			1.06			1.13			1.15			1.20			1.11			1.26
Return on average total equity		14.40			14.24			14.95			15.13			15.30			14.67			15.26
Return on average realized equity3		17.13			17.06			17.87			18.16			18.74			17.54			19.07
CREDIT DATA
(Dollars in thousands)
Allowance for loan losses—beginning	$	941,423		$	940,889		$	931,080		$	930,114		$	929,320		$	930,114		$	867,059
Allowance from acquisitions and other activity—net		—			—			9,324			—			—			9,324			15,531
Provision for loan losses		70,286			79,799			82,662			80,803			96,500			313,550			469,792
Net charge-offs		69,787			79,265			82,177			79,837			95,706			311,066			422,268
Allowance for loan losses—ending	$	941,922		$	941,423		$	940,889		$	931,080		$	930,114		$	941,922		$	930,114
Net charge-offs to average loans		0.35	%		0.40	%		0.44	%		0.44	%		0.52	%		0.41	%		0.59	%
Period Ended
Nonaccrual loans	$	336,587		$	423,320		$	480,582		$	520,052		$	510,974
Restructured loans		14,782			9,241			2,500			—			—
Total nonperforming loans		351,369			432,561			483,082			520,052			510,974
Other real estate owned (OREO)		16,458			19,607			20,887			18,064			17,972
Other repossessed assets		10,270			11,637			11,421			10,279			13,030
Total nonperforming assets	$	378,097		$	463,805		$	515,390		$	548,395		$	541,976
Total nonperforming loans to total loans		0.44	%		0.55	%		0.64	%		0.70	%		0.70	%
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.47			0.59			0.68			0.74			0.74
Allowance to period-end loans		1.17			1.19			1.25			1.26			1.27
Allowance to nonperforming loans		268.1			217.6			194.8			179.0			182.0

1 SunTrust presents total revenue less securities gains. The Company believes total revenue without securities gains is more indicative of the Company’s performance because it isolates income that is primarily customer relationship and customer transaction driven.

2 The net interest margin is presented on a fully taxable-equivalent (FTE) and annualized 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 SunTrust presents a return on average assets less net unrealized gains on securities and a return on average realized equity. The foregoing numbers reflect adjustments to remove the effects of 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 gains on the securities portfolio 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. 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.

Page 5

SunTrust Banks, Inc. and Subsidiaries

SELECTED FINANCIAL INFORMATION

																Twelve Months Ended
	4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			December 31
	2003			2003			2003			2003			2002			2003			2002
RECONCILEMENT OF NON-GAAP MEASURES
(Dollars in thousands)
Return on average total assets		1.09	%		1.04	%		1.11	%		1.12	%		1.18	%		1.09	%		1.23	%
Impact of excluding net unrealized securities gains		0.02			0.02			0.02			0.03			0.02			0.02			0.03
Return on average assets less net unrealized gains on securities		1.11			1.06			1.13			1.15			1.20			1.11			1.26
Return on average total shareholders’ equity		14.40			14.24			14.95			15.13			15.30			14.67			15.26
Impact of excluding net unrealized securities gains		2.73			2.82			2.92			3.03			3.44			2.87			3.81
Return on average realized shareholders’ equity		17.13			17.06			17.87			18.16			18.74			17.54			19.07
Net interest income	$	865,520		$	832,800		$	799,513		$	822,470		$	827,101		$	3,320,303		$	3,243,709
FTE adjustment		11,981			11,588			10,902			10,543			10,240			45,014			39,522
Net interest income (taxable-equivalent)		877,501			844,388			810,415			833,013			837,341			3,365,317			3,283,231
Noninterest income		584,072			574,478			596,792			547,659			527,724			2,303,001			2,268,827
Total revenue		1,461,573			1,418,866			1,407,207			1,380,672			1,365,065			5,668,318			5,552,058
Securities gains		(19,501	)		(31,098	)		(31,238	)		(42,039	)		(39,547	)		(123,876	)		(204,547	)
Total revenue less securities gains	$	1,442,072		$	1,387,768		$	1,375,969		$	1,338,633		$	1,325,518		$	5,544,442		$	5,347,511

Page 6

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED DAILY AVERAGE BALANCES,

AVERAGE YIELDS EARNED AND RATES PAID

(Dollars in millions; yields on taxable-equivalent basis)

	Three Months Ended										Twelve Months Ended
	December 31, 2003					December 31, 2002					December 31, 2003					December 31, 2002
	Average			Yields/		Average			Yields/		Average			Yields/		Average			Yields/
	Balances			Rates		Balances			Rates		Balances			Rates		Balances			Rates
Assets
Loans:
Real estate 1-4 family	$	17,117.4		5.32	%	$	14,886.5		6.53	%	$	15,689.7		5.75	%	$	14,965.0		6.88	%
Real estate construction		4,364.4		4.39			3,821.2		5.14			4,149.5		4.60			3,749.3		5.43
Real estate equity		6,740.7		4.20			5,034.1		4.95			6,098.0		4.38			4,193.7		5.08
Real estate commercial		9,286.5		4.68			8,998.8		5.58			9,203.7		4.94			8,705.8		5.87
Commercial		29,289.1		3.58			27,690.4		4.17			28,616.2		3.70			27,522.5		4.35
Business credit card		140.5		6.71			115.3		6.98			129.7		6.91			97.6		7.65
Consumer—direct		3,600.0		4.86			3,994.2		5.54			3,675.7		5.07			4,382.4		5.83
Consumer—indirect		8,435.0		6.28			7,583.2		7.52			8,103.3		6.77			7,115.7		7.86
Nonaccrual and restructured		396.5		3.89			545.1		3.87			472.1		2.98			538.4		2.89
Total loans		79,370.1		4.52			72,668.8		5.35			76,137.9		4.77			71,270.4		5.60
Securities available for sale:
Taxable		22,868.1		3.51			18,891.3		4.10			20,994.4		3.22			16,890.3		4.85
Tax-exempt		363.3		6.32			399.5		6.67			374.1		6.46			408.3		6.85
Total securities available for sale		23,231.4		3.55			19,290.8		4.15			21,368.5		3.28			17,298.6		4.89
Funds sold and securities purchased under agreement to resell		1,181.2		1.05			1,488.1		1.58			1,387.0		1.13			1,390.4		1.76
Loans held for sale		7,202.3		5.12			6,228.4		5.92			8,587.7		5.22			4,410.8		6.36
Interest-bearing deposits		13.0		1.28			557.8		1.61			10.5		1.39			404.7		1.73
Trading assets		1,731.5		0.98			1,661.6		1.26			1,765.8		0.96			1,595.9		1.54
Total earning assets		112,729.5		4.26			101,895.5		5.00			109,257.4		4.41			96,370.8		5.37
Allowance for loan losses		(954.2	)				(930.4	)				(950.8	)				(924.3	)
Cash and due from banks		3,492.3					3,558.8					3,432.1					3,343.2
Premises and equipment		1,591.3					1,617.0					1,588.7					1,621.2
Other assets		5,533.3					6,133.7					6,655.0					5,373.4
Unrealized gains on securities available for sale		2,363.9					2,552.9					2,343.0					2,731.8
Total assets	$	124,756.1				$	114,827.5				$	122,325.4				$	108,516.1
Liabilities and Shareholders' Equity
Interest-bearing deposits:
NOW accounts	$	12,102.3		0.37	%	$	11,012.5		0.67	%	$	11,702.0		0.43	%	$	10,315.4		0.72	%
Money Market accounts		22,273.8		0.75			21,451.2		1.40			22,218.5		0.92			20,470.9		1.60
Savings		6,248.9		0.60			6,230.3		1.13			6,259.3		0.75			6,310.0		1.35
Consumer time		7,600.3		2.18			9,161.2		3.39			7,975.4		2.53			9,342.4		3.72
Other time		3,501.2		2.35			3,745.2		2.33			3,461.6		2.31			3,722.8		2.74
Total interest-bearing consumer and commercial deposits		51,726.5		0.96			51,600.4		1.63			51,616.8		1.13			50,161.5		1.87
Brokered deposits		3,754.0		2.28			2,713.3		4.44			3,662.0		3.04			2,537.2		5.13
Foreign deposits		7,015.6		0.99			4,616.1		1.39			6,933.3		1.12			3,190.4		1.62
Total interest-bearing deposits		62,496.1		1.05			58,929.8		1.75			62,212.1		1.24			55,889.1		2.00
Funds purchased and securities sold under agreements to repurchase		10,497.4		0.75			11,984.8		1.19			11,666.9		0.91			10,376.2		1.35
Other short-term borrowings		3,750.6		1.56			789.1		1.23			2,211.7		1.52			924.8		1.52
Long-term debt		14,468.8		3.66			11,733.2		5.06			12,657.1		4.24			11,960.0		5.18
Total interest-bearing liabilities		91,212.9		1.45			83,436.9		2.13			88,747.8		1.63			79,150.1		2.39
Noninterest-bearing deposits		18,586.1					16,229.3					17,826.9					15,268.1
Other liabilities		5,521.3					6,338.0					6,667.7					5,372.2
Realized shareholders’ equity		7,932.4					7,204.8					7,596.9					6,984.6
Accumulated other comprehensive income		1,503.4					1,618.5					1,486.1					1,741.1
Total liabilities and shareholders’ equity	$	124,756.1				$	114,827.5				$	122,325.4				$	108,516.1
Interest rate spread				2.81	%				2.87	%				2.78	%				2.98	%
Net Interest Margin				3.09	%				3.26	%				3.08	%				3.41	%

Page 7

SunTrust Banks, Inc. and Subsidiaries

APPENDIX A TO THE PRESS RELEASE

	Quarter-to-Quarter Comparison																YTD Comparison
	4th Quarter			3rd Quarter			Change		4th Quarter			4th Quarter			Change		December 31			December 31			Change
	2003			2003			%2		2003			2002			%		2003			2002			%
RECONCILEMENTS OF NON-GAAP DISCLOSURES FOR IMPACTS OF THREE PILLARS, AFFORDABLE HOUSING CONSOLIDATION, AND LIGHTHOUSE ACQUISITION 1
(Dollars in millions)
Average loans—reported	$	79,370		$	77,733		2.1	%	$	79,370		$	72,669		9.2	%	$	76,138		$	71,270		6.8	%
Impact of Three Pillars		(2,243	)		(1,975	)				(2,243	)		—					(1,063	)		—
Average loans excluding Three Pillars	$	77,127		$	75,758		1.8		$	77,127		$	72,669		6.1		$	75,075		$	71,270		5.3
Average earning assets—reported	$	112,730		$	112,329		0.4		$	112,730		$	101,895		10.6		$	109,257		$	96,371		13.4
Impact of Three Pillars		(2,699	)		(2,490	)				(2,699	)		—					(1,308	)		—
Average earning assets excluding Three Pillars	$	110,031		$	109,839		0.2		$	110,031		$	101,895		8.0		$	107,949		$	96,371		12.0
Average commercial loans—reported	$	29,289		$	29,502		(0.7	)	$	29,289		$	27,690		5.8		$	28,616		$	27,522		4.0
Impact of Three Pillars		(2,243	)		(1,975	)				(2,243	)		—					(1,063	)		—
Average commercial loans excluding Three Pillars	$	27,046		$	27,527		(1.7	)	$	27,046		$	27,690		(2.3	)	$	27,553		$	27,522		0.1
Average commercial loan yield—reported		3.58	%		3.52	%	1.7			3.58	%		4.17	%	(14.1	)		3.70	%		4.35	%	(14.9	)
Impact of Three Pillars		0.11			0.09					0.11			—					0.06			—
Average commercial loan yield excluding Three Pillars		3.69			3.61		2.2			3.69			4.17		(11.5	)		3.76			4.35		(13.6	)
Net interest margin—reported		3.09			2.98		3.7			3.09			3.26		(5.2	)		3.08			3.41		(9.7	)
Impact of Three Pillars		0.06			0.06					0.06			—					0.03			—
Impact of affordable housing consolidation		0.01			0.02					0.01			—					0.01			—
Net interest margin excluding Three Pillars and affordable housing consolidation		3.16			3.06		3.3			3.16			3.26		(3.1	)		3.12			3.41		(8.5	)
Net charge-offs to average loans—reported		0.35			0.40		(12.5	)		0.35			0.52		(32.7	)		0.41			0.59		(30.5	)
Impact of Three Pillars		0.01			0.02					0.01			—					—			—
Net charge-offs to average loans excluding Three Pillars		0.36			0.42		(14.3	)		0.36			0.52		(30.8	)		0.41			0.59		(30.5	)
Allowance to period-end loans—reported		1.17			1.19		(1.7	)		1.17			1.27		(7.9	)
Impact of Three Pillars		0.03			0.04					0.03			—
Allowance to period-end loans excluding Three Pillars		1.20			1.23		(2.4	)		1.20			1.27		(5.5	)
Total nonperforming loans to total loans—reported		0.44			0.55		(20.0	)		0.44			0.70		(37.1	)
Impact of Three Pillars		0.01			0.01					0.01			—
Total nonperforming loans to total loans excluding Three Pillars		0.45			0.56		(19.6	)		0.45			0.70		(35.7	)
Total nonperforming assets to total loans plus OREO and other repossessed assets—reported		0.47			0.59		(20.3	)		0.47			0.74		(36.5	)
Impact of Three Pillars		0.01			0.01					0.01			—
Total nonperforming assets to total loans plus OREO and other repossessed assets excluding Three Pillars		0.48			0.60		(20.0	)		0.48			0.74		(35.1	)
(Dollars in thousands)
Noninterest expense—reported	$	884,794		$	859,865		2.9		$	884,794		$	836,407		5.8		$	3,400,616		$	3,219,420		5.6
Impact of Lighthouse Financial Services		(6,065	)		(6,090	)				(6,065	)		—					(13,455	)		—
Impact of affordable housing consolidation		(14,607	)		(14,128	)				(14,607	)		—					(28,735	)		—
Noninterest expense excluding Lighthouse Financial Services and affordable housing consolidation	$	864,122		$	839,647		2.9		$	864,122		$	836,407		3.3		$	3,358,426		$	3,219,420		4.3

1 Under the provisions of FASB Interpretation No. 46 , SunTrust was required to consolidate its commercial paper conduit, Three Pillars. Certain other affordable housing limited partnerships were also consolidated in the third and fourth quarters of 2003. Adjustments were made to reported figures for comparability purposes.

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

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