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) July 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 7. Financial Statements and Exhibits

(c) Exhibits

99.1 The News Release.

Item 12. Results of Operations and Financial Condition.

On July 12, 2004, SunTrust Banks, Inc. (the “Registrant”) announced financial results for the second quarter ended June 30, 2004, reporting net income of $364.8 million and net income per diluted share of $1.29. A copy of the press release announcing the Registrant’s results for the second quarter ended June 30, 2004, is attached hereto as Exhibit 99.1.

On July 12, 2004, the Registrant will hold an investor call and webcast to disclose financial results for the second quarter ended June 30, 2004. All information in the News Release is as of the News Release date and the Registrant does not assume any obligation to correct or update said information in the future.

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: July 12, 2004	By:	/s/ Jorge Arrieta
		Jorge Arrieta
		Senior Vice President and Controller

EX-99.1

Exhibit 99.1

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

For Immediate Release

July 12, 2004

SunTrust Reports Record Second Quarter Earnings

Strong Results Reflect Healthy Revenue Growth, Good Balance of Earnings Components

ATLANTA - SunTrust Banks, Inc. (NYSE: STI) today reported net income for the second quarter of 2004 of $364.8 million, up 10% from the $330.4 million earned in second quarter of 2003. Net income per diluted share was $1.29, up 10% from the $1.17 per diluted share earned in the second quarter of 2003.

“SunTrust’s capacity to translate the attractive demographics and high-growth profile of our markets into strong, sustainable and well-balanced earnings growth was amply demonstrated in the second quarter,” noted L. Phillip Humann, SunTrust Chairman, President and Chief Executive Officer. “Healthy revenue growth, reflecting a good balance of net interest income and fee income, coupled with excellent credit quality, produced strong bottom line results that confirm the validity of our distinctive, customer-focused business strategy.”

Mr. Humann noted that improved performance by each of SunTrust’s key business lines — retail banking, commercial banking, corporate and investment banking, mortgage banking and wealth management – contributed to the quarter’s results. Mr. Humann also said that integration planning is “well underway, on track and on schedule” for scheduled closing in the fourth quarter of the Company’s previously announced merger with Memphis-based National Commerce Financial Corporation.

For the second quarter of 2004, reported return on average total assets (ROA) was 1.15%, and return on average total equity (ROE) was 14.39%. Return on average assets less net

unrealized gains on securities was 1.20% and return on average realized equity was 17.77%. The Company believes ROA and ROE excluding net unrealized gains from the Company’s securities portfolio is the more indicative performance measure in this area due to SunTrust’s ownership of 48 million shares of The Coca-Cola Company.

For the first six months of 2004, net income was $723.3 million, up 10% from the same period in 2003. Net income per diluted share was $2.55, up 9% from the first six months of 2003. ROA was 1.16%, and ROE was 14.52%. Return on average assets less net unrealized gains on securities was 1.19% and return on average realized equity was 17.61%.

Fully taxable net interest income was $885.1 million in the second quarter, up 9% from the second quarter of 2003. The net interest margin for the quarter was 3.13%, comparable to the first quarter of 2004, up from 3.05% a year ago and in line with SunTrust’s expectations.

Average loans for the second quarter were $80.9 billion, up 9% from the second quarter of 2003, and average earning assets were $113.7 billion, up 7% from the second quarter of 2003. SunTrust noted that both consumer and overall commercial loans displayed growth momentum in the second quarter despite a continued lack of demand for bank loans by large corporate borrowers.

Average consumer and commercial deposits for the second quarter were $73.2 billion, up 6% from the second quarter of 2003. Average low cost consumer and commercial deposits for the second quarter were $40.4 billion, up 14% from the second quarter of 2003.

Total noninterest income was $622.7 million for the quarter, up 4% from the second quarter of 2003. Noninterest income, excluding net securities gains, of $631.7 million in the quarter, was up 12% from the second quarter of 2003.

Net charge-offs in the second quarter were $37.6 million or 0.19% of average loans, down from 0.30% of average loans in the first quarter of 2004. SunTrust noted that the second

quarter charge off level, while consistent with the Company’s generally improving credit quality picture, was nonetheless “unusually low.” The provision for loan losses was $38.8 million for the second quarter. In addition, the Company added $9.4 million to reserves for unfunded loan commitments during the quarter. This charge is reflected in “other noninterest expense.”

Nonperforming assets were $324.4 million at quarter end or 0.39% of loans, other real estate owned and repossessed assets, down from $331.9 million as of March 31, 2004. Nonperforming assets at June 30, 2004 included $301.1 million in nonperforming loans, $14.2 million in other real estate owned and $9.1 million in other repossessed assets. The allowance for loan losses at June 30, 2004 was $943.7 million and represented 1.14% of period-end loans and 313.4% of nonperforming loans. SunTrust’s nonperforming asset levels continue to compare very favorably with the most recently published industry averages.

Total noninterest expense in the second quarter was $928.4 million, up 11% from the second quarter of 2003. Excluding incremental incentive compensation costs related to higher business volumes and the expense to reserve for unfunded loan commitments in the second quarter of 2004, expenses for the quarter were held to first quarter levels.

At June 30, 2004, SunTrust had total assets of $128.1 billion. Equity capital of $10.0 billion represented 7.8% of total assets. Book value per share was $35.49, up 9% from June 30, 2003.

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

SunTrust management will host a conference call on July 12, 2004 at 8:30 a.m. (Eastern Time) to review earnings and performance trends. Individuals are encouraged to call in

beginning at 8:15 a.m. (Eastern Time) by dialing 1-888-822-9863 (Passcode: 2Q04; Leader: Gary Peacock.). Individuals calling from outside the United States should dial 1-484-630-1854 (Passcode: 2Q04; Leader: Gary Peacock). A replay of the call will be available beginning July 12, 2004 and ending July 26, 2004 at 5:00 p.m. (Eastern Time) by dialing 1-800-282-5736 (domestic) or 1-402-220-9727 (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, “2nd Quarter Earnings Release”. Beginning the afternoon of July 12, 2004, 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 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.

###

The information provided herein, including related questions and answers, may contain forward looking statements. Statements that are not historical facts, including statements about SunTrust’s beliefs and expectations, are forward-looking statements. These statements are based on beliefs and assumptions by SunTrust’s management, and on information currently available to such management. The forward-looking statements are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates,” “plans,” “estimates,” or

similar expressions or future conditional verbs such as “will,” “should,” “would,” and “could.” Forward-looking statements speak only as of the date they are made, and SunTrust undertakes no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. Management cautions that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Examples of such factors include, but are not limited to: changes in interest rates; changes in accounting principles, policies or guidelines; changes in the securities markets; changes in regulatory requirements; competitive pressures and changes in the economy. For a more thorough discussion of factors that could impact actual results, see the “A Warning About Forward-Looking Information” section of SunTrust’s 2003 annual report filed on Form 10-K with the SEC. For further information regarding SunTrust, please read the SunTrust reports filed with the SEC and available at www.sec.gov.

This press release could include some non-GAAP measures to describe our Company’s performance. The reconciliation of those measures to GAAP measures can be found in the financial information contained at the end of this press release.

SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

	Three Months Ended						% Change		Six Months Ended						% Change
	2004			2003					2004			2003
EARNINGS & DIVIDENDS
Period Ended June 30 (Dollars in millions except per share data)
Net income	$	364.8		$	330.4		10.4	%	$	723.3		$	658.2		9.9	%
Total revenue		1,507.7			1,407.2		7.1			2,966.7			2,787.9		6.4
Total revenue excluding securities gains and losses1		1,516.8			1,376.0		10.2			2,970.8			2,714.6		9.4
Earnings per share
Diluted	$	1.29		$	1.17		10.3		$	2.55		$	2.34		9.0
Basic		1.31			1.19		10.1			2.59			2.37		9.3
Dividends paid per common share		0.50			0.45		11.1			1.00			0.90		11.1
Average shares outstanding (000s)
Diluted		283,116			280,287		1.0			283,320			280,806		0.9
Basic		279,840			277,397		0.9			279,682			278,011		0.6
KEY RATIOS
Return on average total assets		1.15	%		1.11	%	3.6	%		1.16	%		1.12	%	3.6	%
Return on average assets less net unrealized gains on securities2		1.20			1.06		13.2			1.19			1.06		12.3
Return on average total equity		14.39			14.95		(3.7	)		14.52			15.04		(3.5	)
Return on average realized equity2		17.77			16.77		6.0			17.61			16.71		5.4
Total average shareholders’ equity to total average assets		8.01			7.42		8.0			7.98			7.42		7.5
Net interest margin3		3.13			3.05		2.6			3.13			3.13		—
Efficiency ratio3		61.58			59.53		3.4			61.29			59.40		3.2
Period Ended June 30
Book value per share		35.49			32.62		8.8
Tier 1 capital ratio		8.20	4		7.44		10.2
Total capital ratio		12.00	4		11.38		5.4
Tier 1 leverage ratio		7.60	4		7.27		4.5
CONDENSED BALANCE SHEETS (Dollars in millions)
Average Balances
Securities available for sale	$	26,035		$	22,952		13.4	%	$	25,721		$	23,103		11.3	%
Loans held for sale		6,141			8,255		(25.6	)		5,729			8,151		(29.7	)
Loans		80,936			74,311		8.9			80,421			73,684		9.1
Other earning assets		3,349			3,381		(0.9	)		3,169			3,296		(3.9	)
Allowance for loan losses		(954	)		(952	)	0.2			(954	)		(947	)	0.7
Intangible assets		1,760			1,586		11.0			1,730			1,570		10.2
Other assets		10,020			9,915		1.1			9,755			10,008		(2.5	)
Total assets	$	127,287		$	119,448		6.6		$	125,571		$	118,865		5.6
Consumer and commercial deposits	$	73,166		$	69,097		5.9		$	71,764		$	68,286		5.1
Purchased liabilities5		21,322			23,005		(7.3	)		22,118			23,386		(5.4	)
Long-term debt		16,784			11,860		41.5			16,099			11,822		36.2
Other liabilities		5,821			6,622		(12.1	)		5,573			6,545		(14.9	)
Total liabilities		117,093			110,584		5.9			115,554			110,039		5.0
Shareholder’s equity		10,194			8,864		15.0			10,017			8,826		13.5
Total liabilities and shareholders’ equity	$	127,287		$	119,448		6.6		$	125,571		$	118,865		5.6
Period Ended June 30
Securities available for sale	$	25,588		$	22,211		15.2
Loans held for sale		5,031			9,037		(44.3	)
Loans		82,540			75,262		9.7
Other earning assets		3,504			4,283		(18.2	)
Allowance for loan losses		(944	)		(941	)	0.3
Intangible assets		1,886			1,676		12.5
Other assets		10,530			9,329		12.9
Total assets	$	128,135		$	120,857		6.0
Consumer and commercial deposits	$	73,855		$	71,133		3.8
Purchased liabilities5		21,212			22,228		(4.6	)
Long-term debt		17,441			11,990		45.5
Other liabilities		5,592			6,328		(11.6	)
Total liabilities		118,100			111,679		5.7
Shareholder’s equity		10,035			9,179		9.3
Total liabilities and shareholders’ equity	$	128,135		$	120,858		6.0

¹ SunTrust presents total revenue excluding realized securities gains and losses. 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. See Appendix A for a reconcilement of this non-GAAP performance measure.

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 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 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 which are primarily customer relationship and customer transaction driven. 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.

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

³ 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.

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		Six Months Ended						% Change
	2004			2003					2004			2003
CREDIT DATA (Dollars in thousands)
Period Ended June 30
Allowance for loan losses - beginning	$	942,523		$	931,080		1.2	%	$	941,922		$	930,114		1.3	%
Allowance from acquisitions and other activity - net		—			9,324		(100.0	)		—			9,324		(100.0	)
Provision for loan losses		38,751			82,662		(53.1	)		98,139			163,465		(40.0	)
Net charge-offs
Consumer		21,990			24,702		(11.0	)		48,080			60,476		(20.5	)
Real estate		8,062			4,607		75.0			18,836			6,901		172.9
Commercial		7,504			52,868		(85.8	)		29,427			94,637		(68.9	)
Allowance for loan losses - ending	$	943,718		$	940,889		0.3		$	943,718		$	940,889		0.3
Total net charge-offs	$	37,556		$	82,177		(54.3	)	$	96,343		$	162,014		(40.5	)
Net charge-offs to average loans		0.19	%		0.44	%	(56.8	)		0.24	%		0.44	%	(45.5	)
Period Ended June 30
Nonaccrual loans	$	282,909		$	480,582		(41.1	)
Restructured loans		18,189			2,500		627.6
Total nonperforming loans		301,098			483,082		(37.7	)
Other real estate owned (OREO)		14,246			20,887		(31.8	)
Other repossessed assets		9,076			11,421		(20.5	)
Total nonperforming assets	$	324,420		$	515,390		(37.1	)
Total nonperforming loans to total loans		0.36	%		0.64	%	(43.8	)
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.39			0.68		(42.6	)
Allowance to period-end loans		1.14			1.25		(8.8	)
Allowance to nonperforming loans		313.4			194.8		60.9

Page 2

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	As of June 30						Increase/(Decrease)
	2004			2003			Amount			%
ASSETS
Cash and due from banks	$	4,068,693		$	4,098,009		$	(29,316	)	(0.7	) %
Interest-bearing deposits in other banks		17,196			8,701			8,495		97.6
Trading assets		1,807,320			2,122,225			(314,905	)	(14.8	)
Securities available for sale1		25,587,978			22,211,036			3,376,942		15.2
Funds sold and securities purchased under agreements to resell		1,679,403			2,151,606			(472,203	)	(21.9	)
Loans held for sale		5,030,617			9,037,490			(4,006,873	)	(44.3	)
Loans		82,540,230			75,261,756			7,278,474		9.7
Allowance for loan losses		(943,718	)		(940,889	)		(2,829	)	0.3
Net loans		81,596,512			74,320,867			7,275,645		9.8
Goodwill		1,164,846			1,059,720			105,126		9.9
Other intangible assets		721,428			616,137			105,291		17.1
Other assets		6,461,055			5,231,508			1,229,547		23.5
Total Assets2	$	128,135,048		$	120,857,299		$	7,277,749		6.0
LIABILITIES
Noninterest-bearing consumer and commercial deposits	$	20,610,429		$	19,077,066		$	1,533,363		8.0
Interest-bearing consumer and commercial deposits		53,244,549			52,055,755			1,188,794		2.3
Total consumer and commercial deposits		73,854,978			71,132,821			2,722,157		3.8
Brokered deposits		4,050,525			3,207,876			842,649		26.3
Foreign deposits		7,623,200			2,934,963			4,688,237		159.7
Total deposits		85,528,703			77,275,660			8,253,043		10.7
Funds purchased and securities sold under agreements to repurchase		8,099,685			15,089,770			(6,990,085	)	(46.3	)
Other short-term borrowings		1,438,908			995,147			443,761		44.6
Long-term debt		17,441,487			11,989,592			5,451,895		45.5
Trading liabilities		1,072,125			1,179,121			(106,996	)	(9.1	)
Other liabilities		4,519,473			5,149,306			(629,833	)	(12.2	)
Total liabilities		118,100,381			111,678,596			6,421,785		5.8
SHAREHOLDERS’ EQUITY
Preferred stock, no par value		—			—			—		—
Common stock, $1.00 par value		294,163			294,163			—		—
Additional paid in capital		1,297,555			1,288,657			8,898		0.7
Retained earnings		7,590,411			6,727,923			862,488		12.8
Treasury stock and other		(625,137	)		(696,517	)		71,380		(10.2	)
Accumulated other comprehensive income		1,477,675			1,564,477			(86,802	)	(5.5	)
Total shareholders’ equity		10,034,667			9,178,703			855,964		9.3
Total Liabilities and Shareholders’ Equity	$	128,135,048		$	120,857,299		$	7,277,749		6.0
Common shares outstanding		282,726,614			281,392,725			1,333,889		0.5
Common shares authorized		750,000,000			750,000,000			—		—
Treasury shares of common stock		11,436,143			12,770,032			(1,333,889	)	(10.4	)
1Includes net unrealized gains of:	$	2,258,984		$	2,474,229		$	(215,245	)	(8.7	)
2Includes earning assets of:		114,403,760			108,318,585			6,085,175		5.6

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SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

	Three Months Ended										Six Months Ended
	June 30					Increase/(Decrease)					June 30					Increase/(Decrease)
	2004			2003		Amount			%		2004			2003		Amount			%
Interest income	$	1,188,074		$	1,174,040	$	14,034		1.2	%	$	2,361,938		$	2,392,161	$	(30,223	)	(1.3	)%
Interest expense		315,645			374,527		(58,882	)	(15.7	)		637,861			770,178		(132,317	)	(17.2	)
NET INTEREST INCOME		872,429			799,513		72,916		9.1			1,724,077			1,621,983		102,094		6.3
Provision for loan losses		38,751			82,662		(43,911	)	(53.1	)		98,139			163,465		(65,326	)	(40.0	)
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		833,678			716,851		116,827		16.3			1,625,938			1,458,518		167,420		11.5
NONINTEREST INCOME
Service charges on deposit accounts		168,704			157,954		10,750		6.8			331,922			315,775		16,147		5.1
Trust and investment management income		140,366			124,215		16,151		13.0			276,584			245,010		31,574		12.9
Retail investment services		49,839			41,991		7,848		18.7			95,577			79,459		16,118		20.3
Other charges and fees		94,766			82,574		12,192		14.8			187,513			160,845		26,668		16.6
Investment banking income		54,330			57,167		(2,837	)	(5.0	)		99,143			90,979		8,164		9.0
Trading account profits and commissions		31,034			29,583		1,451		4.9			60,424			60,376		48		0.1
Credit card and other fees		37,721			32,376		5,345		16.5			69,415			61,049		8,366		13.7
Other noninterest income		54,953			39,694		15,259		38.4			101,294			57,681		43,613		75.6
Securities (losses)/gains		(9,048	)		31,238		(40,286	)	(129.0	)		(4,121	)		73,277		(77,398	)	(105.6	)
Total noninterest income		622,665			596,792		25,873		4.3			1,217,751			1,144,451		73,300		6.4
NONINTEREST EXPENSE
Personnel expense		520,922			482,599		38,323		7.9			1,027,718			956,324		71,394		7.5
Net occupancy expense		61,629			58,563		3,066		5.2			123,488			116,285		7,203		6.2
Outside processing and software		70,619			61,022		9,597		15.7			136,245			118,076		18,169		15.4
Equipment expense		45,740			44,546		1,194		2.7			90,825			88,016		2,809		3.2
Marketing and customer development		31,655			25,583		6,072		23.7			61,874			50,462		11,412		22.6
Amortization of intangible assets		14,590			15,208		(618	)	(4.1	)		30,230			31,925		(1,695	)	(5.3	)
Other noninterest expense		183,294			150,207		33,087		22.0			347,817			294,869		52,948		18.0
Total noninterest expense		928,449			837,728		90,721		10.8			1,818,197			1,655,957		162,240		9.8
INCOME BEFORE INCOME TAXES		527,894			475,915		51,979		10.9			1,025,492			947,012		78,480		8.3
Provision for income taxes		163,057			145,556		17,501		12.0			302,178			288,805		13,373		4.6
NET INCOME	$	364,837		$	330,359	$	34,478		10.4		$	723,314		$	658,207	$	65,107		9.9
Net interest income (taxable-equivalent)1	$	885,066		$	810,415	$	74,651		9.2		$	1,748,970		$	1,643,428	$	105,542		6.4
Earnings per share
Diluted		1.29			1.17		0.12		10.3			2.55			2.34		0.21		9.0
Basic		1.31			1.19		0.12		10.1			2.59			2.37		0.22		9.3
Cash dividends paid per common share		0.50			0.45		0.05		11.1			1.00			0.90		0.10		11.1
Average shares outstanding (000s)
Diluted		283,116			280,287		2,829		1.0			283,320			280,806		2,514		0.9
Basic		279,840			277,397		2,443		0.9			279,682			278,011		1,671		0.6

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.

Page 4

SunTrust Banks, Inc. and Subsidiaries

SELECTED FINANCIAL INFORMATION

																Six Months Ended
	2nd Quarter 2004			1st Quarter 2004			4th Quarter 2003			3rd Quarter 2003			2nd Quarter 2003			June 30 2004			June 30 2003
RESULTS OF OPERATIONS (Dollars in thousands, except per share data)
Net interest income	$	872,429		$	851,648		$	865,520		$	832,800		$	799,513		$	1,724,077		$	1,621,983
Provision for loan losses		38,751			59,388			70,286			79,799			82,662			98,139			163,465
Net credit income		833,678			792,260			795,234			753,001			716,851			1,625,938			1,458,518
Securities (losses)/gains		(9,048	)		4,927			19,501			31,098			31,238			(4,121	)		73,277
Other noninterest income		631,713			590,159			564,571			543,380			565,554			1,221,872			1,071,174
Net credit and noninterest income		1,456,343			1,387,346			1,379,306			1,327,479			1,313,643			2,843,689			2,602,969
Noninterest expense		928,449			889,748			884,794			859,865			837,728			1,818,197			1,655,957
Income before income taxes		527,894			497,598			494,512			467,614			475,915			1,025,492			947,012
Provision for income taxes		163,057			139,121			152,005			136,031			145,556			302,178			288,805
Net Income	$	364,837		$	358,477		$	342,507		$	331,583		$	330,359		$	723,314		$	658,207
Net interest income (taxable-equivalent)	$	885,066		$	863,904		$	877,501		$	844,388		$	810,415		$	1,748,970		$	1,643,428
Total revenue		1,507,731			1,458,990			1,461,573			1,418,866			1,407,207			2,966,721			2,787,879
Total revenue excluding securities gains and losses1		1,516,779			1,454,063			1,442,072			1,387,768			1,375,969			2,970,842			2,714,602
Earnings per share
Diluted	$	1.29		$	1.26		$	1.21		$	1.18		$	1.17		$	2.55		$	2.34
Basic		1.31			1.28			1.23			1.19			1.19			2.59			2.37
Dividends paid per common share		0.50			0.50			0.45			0.45			0.45			1.00			0.90
Average shares outstanding (000s)
Diluted		283,116			283,523			282,537			281,567			280,287			283,320			280,806
Basic		279,840			279,523			278,852			278,296			277,397			279,682			278,011
SELECTED AVERAGE BALANCES (Dollars in millions)
Total assets	$	127,287		$	123,854		$	124,756		$	126,702		$	119,448		$	125,571		$	118,865
Earning assets		113,657			111,038			112,730			112,329			106,606			112,348			105,931
Unrealized gains on securities available for sale		2,804			2,580			2,364			2,402			2,293			2,692			2,302
Loans		80,936			79,905			79,370			77,733			74,311			80,421			73,684
Interest-bearing liabilities		90,680			89,792			91,213			90,464			86,414			90,236			86,623
Total deposits		83,320			80,362			81,082			81,373			79,804			81,841			78,831
Shareholders’ equity		10,194			9,840			9,436			9,237			8,864			10,017			8,826
SELECTED RATIOS
Net interest margin2		3.13	%		3.13	%		3.09	%		2.98	%		3.05	%		3.13	%		3.13	%
Return on average total assets		1.15			1.16			1.09			1.04			1.11			1.16			1.12
Return on average assets less net unrealized gains on securities3		1.20			1.18			1.07			0.99			1.06			1.19			1.06
Return on average total equity		14.39			14.65			14.40			14.24			14.95			14.52			15.04
Return on average realized equity3		17.77			17.44			16.50			16.02			16.77			17.61			16.71
CREDIT DATA (Dollars in thousands)
Allowance for loan losses - beginning	$	942,523		$	941,922		$	941,423		$	940,889		$	931,080		$	941,922		$	930,114
Allowance from acquisitions and other activity - net		—			—			—			—			9,324			—			9,324
Provision for loan losses		38,751			59,388			70,286			79,799			82,662			98,139			163,465
Net charge-offs		37,556			58,787			69,787			79,265			82,177			96,343			162,014
Allowance for loan losses-ending	$	943,718		$	942,523		$	941,922		$	941,423		$	940,889		$	943,718		$	940,889
Net charge-offs to average loans		0.19	%		0.30	%		0.35	%		0.40	%		0.44	%		0.24	%		0.44	%
Period Ended
Nonaccrual loans	$	282,909		$	283,918		$	336,587		$	423,320		$	480,582
Restructured loans		18,189			18,661			14,782			9,241			2,500
Total nonperforming loans		301,098			302,579			351,369			432,561			483,082
Other real estate owned (OREO)		14,246			18,380			16,458			19,607			20,887
Other repossessed assets		9,076			10,953			10,270			11,637			11,421
Total nonperforming assets	$	324,420		$	331,912		$	378,097		$	463,805		$	515,390
Total nonperforming loans to total loans		0.36	%		0.38	%		0.44	%		0.55	%		0.64	%
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.39			0.42			0.47			0.59			0.68
Allowance to period-end loans		1.14			1.19			1.17			1.19			1.25
Allowance to nonperforming loans		313.4			311.5			268.1			217.6			194.8

¹ SunTrust presents total revenue excluding realized securities gains and losses. 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.

See Appendix A for a reconcilement of this non-GAAP performance measure.

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 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 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 which are primarily customer relationship and customer transaction driven. 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. See Appendix A for a reconcilement of these non-GAAP performance measures.

Page 5

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
	June 30, 2004							June 30, 2003
	Average Balances			Interest Income/ Expense		Yields/ Rates		Average Balances			Interest Income/ Expense		Yields/ Rates
Assets
Loans:
Real estate 1-4 family	$	18,870.1		$	235.9	5.00	%	$	15,064.2		$	224.1	5.95	%
Real estate construction		4,558.9			49.5	4.37			4,057.8			47.7	4.72
Real estate equity		7,619.1			78.1	4.12			5,874.6			66.1	4.51
Real estate commercial		9,426.0			106.2	4.53			9,192.9			115.7	5.05
Commercial		27,510.8			247.4	3.62			27,810.4			263.9	3.81
Business credit card		151.0			2.5	6.55			126.4			2.1	6.84
Consumer - direct		3,576.9			41.6	4.68			3,693.7			47.5	5.16
Consumer - indirect		8,938.3			126.6	5.70			7,993.1			139.0	6.98
Nonaccrual and restructured		285.3			5.8	8.14			498.4			3.0	2.39
Total loans		80,936.4			893.6	4.44			74,311.5			909.1	4.91
Securities available for sale:
Taxable		22,781.2			213.7	3.75			20,276.8			152.1	3.00
Tax-exempt		449.7			6.5	5.81			381.4			6.2	6.53
Total securities available for sale		23,230.9			220.2	3.79			20,658.2			158.3	3.07
Funds sold and securities purchased under agreement to resell		1,562.8			4.1	1.04			1,476.2			4.3	1.17
Loans held for sale		6,141.2			76.8	5.01			8,255.4			108.4	5.25
Interest-bearing deposits		17.9			—	0.76			10.7			0.1	1.27
Trading assets		1,767.9			6.0	1.36			1,894.4			4.7	0.99
Total earning assets		113,657.1			1,200.7	4.25			106,606.4			1,184.9	4.46
Allowance for loan losses		(953.7	)						(952.0	)
Cash and due from banks		3,732.5							3,300.5
Premises and equipment		1,617.4							1,582.1
Other assets		6,430.3							6,617.6
Unrealized gains on securities available for sale		2,803.9							2,293.4
Total assets	$	127,287.5						$	119,448.0
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
NOW accounts	$	12,811.6		$	13.4	0.42	%	$	11,576.8		$	13.6	0.47	%
Money Market accounts		22,367.4			42.9	0.77			22,284.1			57.0	1.03
Savings		6,990.9			12.7	0.73			6,253.3			12.7	0.82
Consumer time		6,988.0			34.5	1.98			8,039.4			51.7	2.58
Other time		3,416.6			19.7	2.32			3,395.4			23.1	2.73
Total interest-bearing consumer and commercial deposits		52,574.5			123.2	0.94			51,549.0			158.1	1.23
Brokered deposits		3,668.2			17.1	1.84			3,573.5			30.7	3.40
Foreign deposits		6,485.7			17.1	1.04			7,133.7			22.2	1.23
Total interest-bearing deposits		62,728.4			157.4	1.01			62,256.2			211.0	1.36
Funds purchased and securities sold under agreements to repurchase		10,163.3			19.9	0.78			11,694.4			29.8	1.01
Other short-term borrowings		1,004.6			3.6	1.44			603.2			1.8	1.17
Long-term debt		16,784.1			134.7	3.23			11,860.1			131.9	4.46
Total interest-bearing liabilities		90,680.4			315.6	1.40			86,413.9			374.5	1.74
Noninterest-bearing deposits		20,591.6							17,548.1
Other liabilities		5,821.3							6,621.9
Shareholders’ equity		10,194.2							8,864.1
Total liabilities and shareholders’ equity	$	127,287.5						$	119,448.0
Interest rate spread						2.85	%						2.72	%
Net Interest Income				$	885.1						$	810.4
Net Interest Margin						3.13	%						3.05	%
	Six Months Ended
	June 30, 2004							June 30, 2003
	Average Balances			Interest Income/ Expense		Yields/ Rates		Average Balances			Interest Income/ Expense		Yields/ Rates
Assets
Loans:
Real estate 1-4 family	$	18,314.0		$	466.4	5.09	%	$	14,844.6		$	454.4	6.12	%
Real estate construction		4,552.6			98.8	4.36			4,002.9			95.2	4.79
Real estate equity		7,365.5			152.0	4.15			5,647.5			127.7	4.56
Real estate commercial		9,360.5			213.1	4.58			9,149.3			233.5	5.15
Commercial		27,987.5			497.6	3.58			27,824.0			534.3	3.87
Business credit card		145.5			4.8	6.64			123.1			4.3	7.04
Consumer - direct		3,555.0			83.8	4.74			3,724.3			97.2	5.26
Consumer - indirect		8,832.9			256.9	5.85			7,852.8			278.2	7.14
Nonaccrual and restructured		307.2			11.8	7.71			515.6			5.6	2.20
Total loans		80,420.7			1,785.2	4.46			73,684.1			1,830.4	5.01
Securities available for sale:
Taxable		22,621.9			426.6	3.77			20,414.8			333.4	3.27
Tax-exempt		407.1			12.2	5.99			385.7			12.6	6.55
Total securities available for sale		23,029.0			438.8	3.81			20,800.5			346.0	3.33
Funds sold and securities purchased under agreement to resell		1,401.7			7.4	1.05			1,474.6			9.0	1.21
Loans held for sale		5,728.6			144.0	5.03			8,150.7			219.4	5.38
Interest-bearing deposits		16.6			0.1	0.80			11.2			0.1	1.21
Trading assets		1,751.1			11.3	1.30			1,810.4			8.7	0.97
Total earning assets		112,347.7			2,386.8	4.27			105,931.5			2,413.6	4.59
Allowance for loan losses		(953.7	)						(947.0	)
Cash and due from banks		3,551.8							3,387.5
Premises and equipment		1,614.7							1,592.7
Other assets		6,318.0							6,598.3
Unrealized gains on securities available for sale		2,692.1							2,302.4
Total assets	$	125,570.6						$	118,865.4
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
NOW accounts	$	12,571.8		$	25.1	0.40	%	$	11,452.4		$	28.4	0.50	%
Money Market accounts		22,252.1			85.2	0.77			22,071.4			117.4	1.07
Savings		6,662.6			22.9	0.69			6,236.0			26.7	0.86
Consumer time		7,128.4			72.1	2.03			8,236.2			112.7	2.76
Other time		3,404.5			39.6	2.34			3,418.7			39.1	2.31
Total interest-bearing consumer and commercial deposits		52,019.4			244.9	0.95			51,414.7			324.3	1.27
Brokered deposits		3,785.6			39.6	2.07			3,743.1			64.7	3.44
Foreign deposits		6,291.7			33.5	1.05			6,801.4			42.2	1.23
Total interest-bearing deposits		62,096.7			318.0	1.03			61,959.2			431.2	1.40
Funds purchased and securities sold under agreements to repurchase		10,169.4			39.7	0.77			12,166.9			62.3	1.02
Other short-term borrowings		1,871.5			14.6	1.57			674.8			3.9	1.16
Long-term debt		16,098.5			265.5	3.32			11,821.7			272.8	4.65
Total interest-bearing liabilities		90,236.1			637.8	1.42			86,622.6			770.2	1.79
Noninterest-bearing deposits		19,744.2							16,871.7
Other liabilities		5,573.1							6,545.6
Shareholders’ equity		10,017.2							8,825.5
Total liabilities and shareholders’ equity	$	125,570.6						$	118,865.4
Interest rate spread						2.85	%						2.80	%
Net Interest Income				$	1,749.0						$	1,643.4
Net Interest Margin						3.13	%						3.13	%

Page 6

SunTrust Banks, Inc. and Subsidiaries

RECONCILEMENT OF NON-GAAP MEASURES

APPENDIX A TO THE PRESS RELEASE

	Quarter - to - Quarter Comparison															YTD Comparison
	2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			2nd Quarter			June 30
	2004			2004			2003			2003			2003			2004			2003
NON-GAAP MEASURES PRESENTED IN THE PRESS RELEASE (Dollars in thousands)
Net income	$	364,837		$	358,477		$	342,507		$	331,583		$	330,359		$	723,314		$	658,207
Securities losses/(gains), net of tax		9,048			(4,927	)		(19,501	)		(31,098	)		(31,238	)		4,121			(73,277	)
Net income excluding securities gains and losses	$	373,885		$	353,550		$	323,006		$	300,485		$	299,121		$	727,435		$	584,930
Total average assets	$	127,287,458		$	123,853,747		$	124,756,099		$	126,701,810		$	119,448,042		$	125,570,602		$	118,865,352
Average net unrealized gains on securities		(2,803,917	)		(2,580,304	)		(2,363,948	)		(2,401,899	)		(2,293,359	)		(2,692,110	)		(2,302,444	)
Average assets less net unrealized gains on securities	$	124,483,541		$	121,273,443		$	122,392,151		$	124,299,911		$	117,154,683		$	122,878,492		$	116,562,908
Total average equity	$	10,194,201		$	9,840,282		$	9,435,794		$	9,236,849		$	8,864,063		$	10,017,242		$	8,825,530
Average other comprehensive income		(1,804,833	)		(1,645,712	)		(1,503,355	)		(1,526,448	)		(1,450,356	)		(1,725,273	)		(1,456,871	)
Total average realized equity	$	8,389,368		$	8,194,570		$	7,932,439		$	7,710,401		$	7,413,707		$	8,291,969		$	7,368,659
Return on average total assets		1.15	%		1.16	%		1.09	%		1.04	%		1.11	%		1.16	%		1.12	%
Impact of excluding net unrealized securities gains		0.05			0.02			(0.02	)		(0.05	)		(0.05	)		0.03			(0.06	)
Return on average total assets less net unrealized gains on securities 1		1.20	%		1.18	%		1.07	%		0.99	%		1.06	%		1.19	%		1.06	%
Return on average total shareholders’ equity		14.39	%		14.65	%		14.40	%		14.24	%		14.95	%		14.52	%		15.04	%
Impact of excluding net unrealized securities gains		3.38			2.79			2.10			1.78			1.82			3.09			1.67
Return on average realized shareholders’ equity 2		17.77	%		17.44	%		16.50	%		16.02	%		16.77	%		17.61	%		16.71	%
Net interest income	$	872,429		$	851,648		$	865,520		$	832,800		$	799,513		$	1,724,077		$	1,621,983
FTE adjustment		12,637			12,256			11,981			11,588			10,902			24,893			21,445
Net interest income - FTE		885,066			863,904			877,501			844,388			810,415			1,748,970			1,643,428
Noninterest income		622,665			595,086			584,072			574,478			596,792			1,217,751			1,144,451
Total revenue		1,507,731			1,458,990			1,461,573			1,418,866			1,407,207			2,966,721			2,787,879
Securities losses/(gains)		9,048			(4,927	)		(19,501	)		(31,098	)		(31,238	)		4,121			(73,277	)
Total revenue excluding securities gains and losses	$	1,516,779		$	1,454,063		$	1,442,072		$	1,387,768		$	1,375,969		$	2,970,842		$	2,714,602

	Quarter - to - Quarter Comparison
	2nd Quarter 2004			1st Quarter 2004			Change %4
NON-GAAP DISCLOSURES FOR IMPACTS OF THREE PILLARS 3 (Dollars in millions)
Average loans - reported	$	80,936		$	79,905		1.3
Impact of Three Pillars		—			(1,430	)
Average loans excluding Three Pillars	$	80,936		$	78,475		3.1
Average earning assets - reported	$	113,657		$	111,038		2.4
Impact of Three Pillars		—			(1,715	)
Average earning assets excluding Three Pillars	$	113,657		$	109,323		4.0
Average commercial loans - reported	$	27,511		$	28,464		(3.3	)
Impact of Three Pillars		—			(1,430	)
Average commercial loans excluding Three Pillars	$	27,511		$	27,034		1.8
Average commercial loan yield - reported		3.62	%		3.54	%	2.3
Impact of Three Pillars		—			0.06
Average commercial loan yield excluding Three Pillars		3.62	%		3.60	%	0.6
Net interest margin - reported		3.13	%		3.13	%	—
Impact of Three Pillars		—			0.04
Net interest margin excluding Three Pillars		3.13	%		3.17	%	(1.3	)

	Quarter - to - Quarter Comparison
	2nd Quarter 2004		1st Quarter 2004		Change %4	2nd Quarter 2004			2nd Quarter 2003		Change %
REVENUE AND EXPENSE GROWTH RATES (Dollars in thousands)
Total revenue excluding securities gains and losses						$	1,516,779		$	1,375,969	10.2
Total noninterest expense						$	928,449		$	837,728	10.8
Expense for unfunded loan commitments							(9,424	)		—
Adjusted noninterest expense						$	919,025		$	837,728	9.7
AVERAGE LOW COST CONSUMER AND COMMERCIAL DEPOSIT RECONCILEMENT (Dollars in thousands)
Demand deposits	$	20,591,615	$	18,896,711	9.0	$	20,591,615		$	17,548,140	17.3
NOW/money market		12,811,554		12,332,083	3.9		12,811,554			11,576,819	10.7
Savings		6,990,929		6,334,231	10.4		6,990,929			6,253,304	11.8
Total average low cost consumer and commercial deposits	$	40,394,098	$	37,563,025	7.5	$	40,394,098		$	35,378,263	14.2

¹ Computed by dividing annualized net income, excluding tax effected securities gains and losses, by average assets less net unrealized gains on securities.

² Computed by dividing annualized net income, excluding tax effected securities gains and losses, by average realized shareholder’s equity.

³ 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.

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

Appendix A