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SunTrust Reports Fourth Quarter and Full-Year 2004 Earnings

Company Says Year Ends on "Encouraging Note;" National Commerce Merger Adds to Results

PRNewswire-FirstCall
ATLANTA
Jan 20, 2005

SunTrust Banks, Inc. today reported net income for the fourth quarter of 2004 of $455.7 million, up from $342.5 million in the fourth quarter of 2003. Net income per diluted share was $1.26, up 4% from the $1.21 per diluted share earned in the fourth quarter of 2003. Operating income per diluted share was $1.31, up 8% from the fourth quarter of 2003. Operating income equals net income less the $18.5 million after-tax merger charges incurred in the fourth quarter associated with SunTrust's acquisition of National Commerce Financial Corporation, which closed on October 1, 2004.

"SunTrust wound up 2004 the way it began: on an encouraging note," said L. Phillip Humann, SunTrust Chairman and Chief Executive Officer. "Our fourth quarter results benefited from a continuation of positive trends from earlier in the year, notably increasingly robust revenue growth, excellent credit quality and more effective cost control."

Mr. Humann said strong fee income in the fourth quarter at SunTrust combined with gains in net interest income that were based, in turn, on net interest margin improvement plus healthy overall loan growth. In addition, he noted, results of the former National Commerce Financial Corporation are reflected in SunTrust's fourth quarter results.

For the quarter, reported return on average total assets (ROA) was 1.16%, and return on average total equity (ROE) was 11.46%. Excluding realized and unrealized securities gains and losses and dividends from The Coca-Cola Company, return on average total assets was 2 basis points higher and return on average total realized equity was 108 basis points higher than the reported returns. Operating ROA, which excludes merger charges, was 4 basis points higher than the reported return on average total assets and operating ROE was 47 basis points higher than the average total return on equity.

For the full year 2004, the Company reported net income of $1,572.9 million, up from $1,332.3 million earned in 2003. Net income per diluted share was $5.19, up 10% from the full year 2003. Operating net income per diluted share was $5.25 for the full year 2004, up 11% from the $4.73 per diluted share earned in 2003. ROA for the full year 2004 was 1.18% and ROE was 13.71%. Excluding realized and unrealized securities gains and losses and dividends from The Coca-Cola Company, return on average assets was 1 basis point higher and return on average realized equity was 194 basis points higher than the reported returns. Operating ROA was 1 basis point higher than reported ROA and operating ROE was 16 basis points higher than reported ROE.

Discussion of Historical Results and Estimated Historical Combined Results

Estimated historical combined information for selected prior quarters is presented to assist investors in comparing the financial results of the now- combined SunTrust and National Commerce Financial Corporation as if the merger had been completed at the beginning of the periods presented. In management's view, the estimated historical combined financial results allow investors to better understand 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.

Total revenue was $1,859.9 million for the fourth quarter of 2004, up $398.3 million from the fourth quarter of 2003. On an estimated historical combined basis, total revenue for the fourth quarter was up 5% from the fourth quarter of 2003. On an estimated historical combined basis for the fourth quarter, total revenue excluding securities gains and losses was up 8% from the fourth quarter of 2003.

Fully taxable net interest income was $1,100.9 million in the fourth quarter of 2004, up from $877.5 million in the fourth quarter of 2003. On an estimated historical combined basis for the fourth quarter, fully taxable net interest income was up 2% from the fourth quarter of 2003. The net interest margin for the fourth quarter of 2004 was 3.21%, up 10 basis points from the third quarter of 2004. SunTrust said the improvement in net interest margin reflected primarily the impact of National Commercial Financial Corporation in the fourth quarter as well as a continuation of positive margin trends at legacy SunTrust. For the full year 2004, fully taxable net interest income was $3,743.6 million, up from $3,365.3 million for 2003.

Average loans for the fourth quarter of 2004 were $100.1 billion, up from $79.4 billion for the fourth quarter of 2003, and average earning assets were $136.5 billion, up from $112.7 billion for the fourth quarter of 2003. On an estimated historical combined basis, average loans for the fourth quarter were up 8% from the fourth quarter of 2003. SunTrust said loan growth was "healthy across-the-board, with consumer segments particularly robust, although still- sluggish demand in the large corporate segment offset strong growth in the rest of the commercial portfolio."

Average consumer and commercial deposits for the fourth quarter of 2004 were $90.6 billion, up from $70.3 billion for the fourth quarter of 2003. On an estimated historical combined basis, average consumer and commercial deposits for the fourth quarter were up 8% from the fourth quarter of 2003.

Total noninterest income including securities gains and losses was $759.0 million for the fourth quarter of 2004, up from $584.1 million for the fourth quarter of 2003. On an estimated historical combined basis, total noninterest income including securities gains and losses for the fourth quarter was up 9% from the fourth quarter of 2003.

Noninterest income excluding securities gains and losses was $778.4 million for the fourth quarter of 2004, up from $564.6 million for the fourth quarter of 2003. On an estimated historical combined basis, noninterest income excluding securities gains and losses for the fourth quarter was up 16% from the fourth quarter of 2003.

Noninterest income excluding securities gains and losses represented 41% of total revenue excluding securities gains and losses for the fourth quarter of 2004 compared to 39% of total revenue excluding securities gains and losses in the fourth quarter 2003. For the full year 2004, noninterest income excluding securities gains and losses was $2,646.1 million, up from $2,179.1 million for 2003.

Total noninterest expense in the fourth quarter of 2004 was $1,149.0 million, up from $884.8 million for the fourth quarter of 2003. On an estimated historical combined basis in the fourth quarter of 2004, total noninterest expense was up 10% from the fourth quarter of 2003. On an estimated historical combined basis, noninterest expense before amortization of intangible assets and merger expense in the fourth quarter of 2004 was up 7% from the fourth quarter of 2003 and essentially flat from the prior quarter. The Company's reported efficiency ratio was 61.78% for the fourth quarter of 2004, however its operating efficiency ratio was 60.25%. For the full year of 2004, total noninterest expense was $3,897.0 million, up from $3,400.6 million for the full year of 2003.

Net charge-offs in the fourth quarter of 2004 were 0.21% of average loans, down from 0.35% of average loans in the fourth quarter of 2003. Net charge- offs were $53.9 million in the fourth quarter of 2004 and the provision for loan losses was $37.1 million. For the full year of 2004, net charge-offs were 0.23% of average loans compared to 0.41% of average loans for the full year of 2003.

Nonperforming assets were $410.7 million at December 31, 2004 or 0.40% of loans, other real estate owned and other repossessed assets compared to $378.1 million at December 31, 2003. On an estimated historical combined basis, nonperforming assets were down 7% from December 31, 2003.

Nonperforming assets at December 31, 2004 included $373.3 million in nonperforming loans, $28.6 million in other real estate owned and $8.7 million in other repossessed assets. The allowance for loan losses at December 31, 2004 was $1,050.0 million and represented 1.04% of loans and 281.3% of nonperforming loans. SunTrust's net charge-off and nonperforming asset levels continue to compare very favorably with the most recently published industry averages.

At December 31, 2004, SunTrust had total assets of $159.1 billion. Equity capital of $16.0 billion represented 10% of total assets. Book value per share was $44.30, up from $34.52 on December 31, 2003.

The Company disclosed in its Form 10-Q for the 2004 third quarter that there was a material weakness in the Company's internal controls over financial reporting relating to the process of establishing the allowance for loan and lease losses and that the Company would likely not be able to fully remediate the weakness in internal controls by December 31, 2004. Although significant remedial actions have been taken, SunTrust was not able to fully remediate the material weakness in internal controls as of December 31, 2004. As a result, management will disclose this material weakness in internal controls in its report in the Company's Form 10-K and indicate that the Company's internal controls over financial reporting were not effective at such date. In addition, the Company expects that the material weakness will result in an adverse opinion by the Company's independent auditors on the effectiveness of the Company's internal controls.

To view the corresponding financial tables and information, please refer to the Investor Relations section located under "About SunTrust" on our Web site at http://www.suntrust.com/ . This information may also be directly accessed via the quick link entitled "4th Quarter Earnings Release" located at the lower right hand corner of the SunTrust homepage.

SunTrust management will host a conference call on January 20, 2005 at 9:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Individuals are encouraged to call in beginning at 8:45 a.m. (Eastern Time) by dialing 1-888-822-9863 (Passcode: 4Q04; Leader: Gary Peacock). Individuals calling from outside the United States should dial 1-484-630-1854 (Passcode: 4Q04; Leader: Gary Peacock). A replay of the call will be available beginning January 20, 2005 and ending February 3, 2005 at 5:00 p.m. (Eastern Time) by dialing 1-866-463-4956 (domestic) or 1-203-369-1394 (international).

Alternatively, individuals may listen to the live webcast of the presentation by visiting the SunTrust Web site at http://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, "4th Quarter/Full Year Earnings Release". Beginning the afternoon of January 20, 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 http://www.suntrust.com/ .

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 2003 Annual Reports on Form 10-K of SunTrust and National Commerce Financial Corporation ("NCF"), 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 at the end of this press release.

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

                                    Quarter - to - Quarter Comparison
                               4th Quarter     3rd Quarter     2nd Quarter
                                   2004            2004            2004
    NON-GAAP MEASURES
     PRESENTED IN THE PRESS
     RELEASE
    (Dollars in thousands)

    Net income                   $455,729        $368,766        $386,571
    Securities losses/(gains),
     net of tax                    12,595          11,825           5,881
    Net income excluding
     securities gains and
     losses                       468,324         380,591         392,452
    The Coca-Cola Company
     dividend, net of tax         (10,739)        (10,740)        (10,739)
    Net income excluding
     securities gains and
     losses and
    The Coca-Cola Company
     dividend                    $457,585        $369,851        $381,713

    Total average assets     $156,570,092    $127,127,968    $127,287,458
    Average net unrealized
     securities gains          (2,056,737)     (2,054,978)     (2,803,917)
    Average assets less net
     unrealized securities
     gains                   $154,513,355    $125,072,990    $124,483,541

    Total average equity      $15,818,968      $9,992,905     $10,194,201
    Average other
     comprehensive income      (1,304,553)     (1,318,332)     (1,804,833)
    Total average realized
     equity                   $14,514,415      $8,674,573      $8,389,368

    Return on average total
     assets                          1.16 %          1.15 %          1.22 %
    Impact of excluding net
     realized and unrealized
     securities gains/losses
     and The Coca-Cola
     Company dividend                0.02            0.03            0.01
    Return on average total
     assets less net
     realized and unrealized
     securities gains/losses
     and The Coca-Cola
     Company dividend (1)            1.18 %          1.18 %          1.23 %

    Return on average total
     shareholders' equity           11.46 %         14.68 %         15.25 %
    Impact of excluding net
     unrealized securities
     gains                           1.08            2.28            3.05
    Return on average
     realized shareholders'
     equity (2)                     12.54 %         16.96 %         18.30 %

    Net interest income        $1,084,204        $876,874        $872,429
    FTE adjustment                 16,684          16,821          12,637
    Net interest income -
     FTE                        1,100,888         893,695         885,066
    Noninterest income            759,003         627,692         622,665
    Total revenue               1,859,891       1,521,387       1,507,731
    Securities
     losses/(gains)                19,377          18,193           9,048
    Total revenue excluding
     securities gains and
     losses                    $1,879,268      $1,539,580      $1,516,779



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

                                          Quarter - to - Quarter Comparison
                                            1st Quarter       4th Quarter
                                                2004              2003
    NON-GAAP MEASURES PRESENTED IN THE
     PRESS RELEASE
    (Dollars in thousands)

    Net income                                $361,835          $342,507
    Securities losses/(gains), net of
     tax                                        (3,203)          (12,676)
    Net income excluding securities
     gains and losses                          358,632           329,831
    The Coca-Cola Company dividend, net
     of tax                                    (10,740)           (9,451)
    Net income excluding securities
     gains and losses and
    The Coca-Cola Company dividend            $347,892          $320,380

    Total average assets                  $123,853,747      $124,756,099
    Average net unrealized securities
     gains                                  (2,580,304)       (2,363,948)
    Average assets less net unrealized
     securities gains                     $121,273,443      $122,392,151

    Total average equity                    $9,840,282        $9,435,794
    Average other comprehensive income      (1,645,712)       (1,503,355)
    Total average realized equity           $8,194,570        $7,932,439

    Return on average total assets                1.18 %            1.09 %
    Impact of excluding net realized
     and unrealized securities
     gains/losses and The Coca-Cola
     Company dividend                            (0.03)            (0.05)
    Return on average total assets less
     net realized and unrealized
     securities gains/losses and The
     Coca-Cola Company dividend (1)               1.15 %            1.04 %

    Return on average total
     shareholders' equity                        14.79 %           14.40 %
    Impact of excluding net unrealized
     securities gains                             2.28              1.62
    Return on average realized
     shareholders' equity (2)                    17.07 %           16.02 %

    Net interest income                       $851,648          $865,520
    FTE adjustment                              12,256            11,981
    Net interest income - FTE                  863,904           877,501
    Noninterest income                         595,086           584,072
    Total revenue                            1,458,990         1,461,573
    Securities losses/(gains)                   (4,927)          (19,501)
    Total revenue excluding securities
     gains and losses                       $1,454,063        $1,442,072



   SunTrust Banks, Inc. and Subsidiaries
   RECONCILEMENT OF NON-GAAP MEASURES
   APPENDIX A TO THE PRESS RELEASE
                                                   YTD Comparison
                                                     December 31
                                                2004              2003
    NON-GAAP MEASURES PRESENTED IN THE
     PRESS RELEASE
    (Dollars in thousands)

    Net income                               $1,572,901        $1,332,297
    Securities losses/(gains), net of
     tax                                         27,099           (80,519)
    Net income excluding securities
     gains and losses                         1,600,000         1,251,778
    The Coca-Cola Company dividend, net
     of tax                                     (42,957)          (37,803)
    Net income excluding securities
     gains and losses and
    The Coca-Cola Company dividend           $1,557,043        $1,213,975

    Total average assets                   $133,754,293      $122,325,361
    Average net unrealized securities
     gains                                   (2,372,246)       (2,343,015)
    Average assets less net unrealized
     securities gains                      $131,382,047      $119,982,346

    Total average equity                    $11,469,482        $9,083,026
    Average other comprehensive income       (1,517,227)       (1,486,125)
    Total average realized equity            $9,952,255        $7,596,901

    Return on average total assets                 1.18 %            1.09 %
    Impact of excluding net realized
     and unrealized securities
     gains/losses and The Coca-Cola
     Company dividend                              0.01             (0.08)
    Return on average total assets less
     net realized and unrealized
     securities gains/losses and The
     Coca-Cola Company dividend (1)                1.19 %            1.01 %

    Return on average total
     shareholders' equity                         13.71 %           14.67 %
    Impact of excluding net unrealized
     securities gains                              1.94              1.31
    Return on average realized
     shareholders' equity (2)                     15.65 %           15.98 %

    Net interest income                      $3,685,155        $3,320,303
    FTE adjustment                               58,398            45,014
    Net interest income - FTE                 3,743,553         3,365,317
    Noninterest income                        2,604,446         2,303,001
    Total revenue                             6,347,999         5,668,318
    Securities losses/(gains)                    41,691          (123,876)
    Total revenue excluding securities
     gains and losses                        $6,389,690        $5,544,442



                                                4th Quarter       YTD
                                                              December 31
                                                    2004          2004
  SELECTED NON-GAAP OPERATING MEASURES
   PRESENTED IN THE PRESS RELEASE (3)
  (Dollars in thousands)

  Net income                                      $455,729     $1,572,901
  Merger expense, net of tax                        18,461         18,461
  Operating net income                             474,190      1,591,362
  Securities losses/(gains), net of tax             12,595         27,099
  The Coca-Cola Company dividend, net of tax       (10,739)       (42,957)
  Operating net income excluding securities
   gains/losses and The Coca-Cola Company
   dividend                                       $476,046     $1,575,504

  Noninterest expense                           $1,148,992     $3,897,038
  Merger expense                                   (28,401)       (28,401)
  Noninterest expense excluding merger expense  $1,120,591     $3,868,637

  Return on average total assets                      1.16 %         1.18 %
  Impact of excluding merger expense                  0.04           0.01
  Operating return on average total assets (4)        1.20 %         1.19 %

  Return on average total shareholders' equity       11.46 %        13.71 %
  Impact of excluding merger expense                  0.47           0.16
  Operating return on average total
   shareholders' equity (5)                          11.93 %        13.87 %

  Efficiency ratio                                   61.78 %        61.39 %
  Impact of excluding merger expense                 (1.53)         (0.45)
  Operating efficiency ratio                         60.25 %        60.94 %

  Diluted earnings per share                         $1.26          $5.19
  Impact of excluding merger expense                  0.05           0.06
  Operating diluted earnings per share               $1.31          $5.25

  (1) Computed by dividing annualized net income, excluding securities
      gains/losses and The Coca-Cola Company dividend, by average assets
      less net unrealized securities gains.
  (2) Computed by dividing annualized net income, excluding securities
      gains/losses and The Coca-Cola Company dividend, by average realized
      shareholders' equity.
  (3) SunTrust presents selected financial data on an operating basis that
      excludes merger charges.  The Company believes the exclusion of the
      merger charges, which represent incremental costs to integrate NCF's
      operations, is more reflective of normalized operations.
  (4) Computed by dividing annualized operating net income by average total
      assets.
  (5) Computed by dividing annualized operating net income by average total
      shareholders' equity.



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

                                        Quarter - to - Quarter Comparison
                                       4th Quarter   4th Quarter    Change
                                           2004          2003         %
    NON-GAAP DISCLOSURES FOR IMPACTS OF
     THREE PILLARS (1)
    (Dollars in millions)

    Average loans - reported              $100,137       $79,370      26.2
    Impact of Three Pillars                    -          (2,243)
    Average loans excluding Three
     Pillars                              $100,137       $77,127      29.8

    Average earning assets - reported     $136,450      $112,730      21.0
    Impact of Three Pillars                      -        (2,699)
    Average earning assets excluding
     Three Pillars                        $136,450      $110,031      24.0

    Average commercial loans - reported    $32,223       $29,289      10.0
    Impact of Three Pillars                      -        (2,243)
    Average commercial loans excluding
     Three Pillars                         $32,223       $27,046      19.1

    Average commercial loan yield -
     reported                                 4.45 %        3.58 %    24.3
    Impact of Three Pillars                    -            0.11
    Average commercial loan yield
     excluding Three Pillars                  4.45 %        3.69 %    20.6

    Net interest margin - reported            3.21 %        3.09 %     3.9
    Impact of Three Pillars                    -            0.06
    Net interest margin excluding Three
     Pillars                                  3.21 %        3.15 %     1.9



                                        Quarter - to - Quarter Comparison
                                        4th Quarter   3rd Quarter  Change
                                            2004          2004      % (2)
    REVENUE GROWTH RATE
    (Dollars in thousands)

    Total revenue excluding securities
     gains and losses                     $1,879,268    $1,539,580   22.1

    AVERAGE LOW COST CONSUMER AND
     COMMERCIAL DEPOSIT RECONCILEMENT
    (Dollars in thousands)

    Demand deposits                      $24,181,729   $20,490,191   18.0
    NOW accounts                          16,940,751    12,999,444   30.3
    Savings                                8,139,263     7,424,698    9.6
    Total average low cost consumer and
     commercial deposits                 $49,261,743   $40,914,333   20.4



                                        Quarter - to - Quarter Comparison
                                        4th Quarter   4th Quarter  Change
                                            2004          2003        %
    REVENUE GROWTH RATE
    (Dollars in thousands)

    Total revenue excluding securities
     gains and losses                     $1,879,268    $1,442,072   30.3

    AVERAGE LOW COST CONSUMER AND
     COMMERCIAL DEPOSIT RECONCILEMENT
    (Dollars in thousands)

    Demand deposits                      $24,181,729   $18,586,159   30.1
    NOW accounts                          16,940,751    12,102,292   40.0
    Savings                                8,139,263     6,248,917   30.3
    Total average low cost consumer and
     commercial deposits                 $49,261,743   $36,937,368   33.4

    (1) 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.
    (2) Multiply by 4 to calculate sequential annualized growth or
        reductions discussed in the earnings call.



  SunTrust Banks, Inc. and Subsidiaries
  ESTIMATES OF HISTORICAL COMBINED GROWTH
  APPENDIX B TO THE PRESS RELEASE

  The 3rd Quarter 2004 and 4th Quarter 2003 figures represent SunTrust
  and NCF on a historical combined basis.  See page 10 for a
  reconcilement of these historical combined amounts.

                                      Quarter - to - Quarter Comparison
                                      4th         3rd
                                    Quarter     Quarter  Increase/(Decrease)
                                      2004        2004      Amount     %
  STATEMENTS OF INCOME (Dollars in
   thousands)

  NET INTEREST INCOME               $1,084,204  $1,071,689  $12,515    1.2 %

  Provision for loan losses             37,099      60,818  (23,719) (39.0)
  NET INTEREST INCOME AFTER
   PROVISION FOR LOAN LOSSES         1,047,105   1,010,871   36,234    3.6

  NONINTEREST INCOME

  Deposit and other fees (1)           356,777     353,573    3,204    0.9
  Trust and investment management
   income                              160,526     165,603   (5,077)  (3.1)
  Broker / dealer revenue (2)          158,888     132,650   26,238   19.8
  Other noninterest income             102,189     106,550   (4,361)  (4.1)
     Noninterest income before
      securities (losses)/gains        778,380     758,376   20,004    2.6
  Securities (losses)/gains            (19,377)    (16,565)  (2,812) (17.0)
       Total noninterest income        759,003     741,811   17,192    2.3

  NONINTEREST EXPENSE

  Personnel expense                    612,861     605,325    7,536    1.2
  Net occupancy expense                 78,218      79,875   (1,657)  (2.1)
  Outside processing and software       81,368      75,449    5,919    7.8
  Equipment expense                     50,765      50,904     (139)  (0.3)
  Marketing and customer
   development                          34,389      34,975     (586)  (1.7)
  Other noninterest expense            231,231     242,693  (11,462)  (4.7)
     Noninterest expense before
      amortization of intangible
      assets and merger expense      1,088,832   1,089,221     (389)  (0.0)
  Amortization of intangible assets     31,759      28,132    3,627   12.9
  Merger expense                        28,401         -     28,401  100.0
       Total noninterest expense     1,148,992   1,117,353   31,639    2.8

  INCOME BEFORE INCOME TAXES           657,116     635,329   21,787    3.4
  Provision for income taxes           201,387     198,926    2,461    1.2
  NET INCOME FROM CONTINUING
   OPERATIONS                          455,729     436,403   19,326    4.4
  Income from discontinued
   operations, net of tax                  -           -        -      -
  NET INCOME                           455,729     436,403   19,326    4.4
  Merger expense, net of tax            18,461         -     18,461  100.0
  OPERATING NET INCOME                $474,190    $436,403  $37,787    8.7 %

  REVENUE (Dollars in thousands)

  Net interest income               $1,084,204  $1,071,689  $12,515    1.2 %
  FTE adjustment (3)                    16,684      19,063   (2,379) (12.5)
  Net interest income - FTE          1,100,888   1,090,752   10,136    0.9
  Noninterest income                   759,003     741,811   17,192    2.3
  Total revenue                      1,859,891   1,832,563   27,328    1.5
  Securities losses/(gains)             19,377      16,565    2,812   17.0
  Total revenue excluding
   securities gains and losses      $1,879,268  $1,849,128  $30,140    1.6 %

  SELECTED AVERAGE BALANCES
   (Dollars in millions)

  Average Loans (4)
  Commercial (5)                       $32,343     $31,977     $366    1.1 %
  Real estate 1-4 family                22,535      21,963      572    2.6
  Real estate commercial and
   construction                         18,660      18,155      505    2.8
  Real estate equity                    11,016      10,295      721    7.0
  Consumer (6)                          15,390      15,520     (130)  (0.8)
  Credit cards                             193         175       18   10.3
       Total loans                    $100,137     $98,085   $2,052    2.1 %

  Average deposits
  Noninterest bearing deposits         $24,182     $23,239     $943    4.1 %
  NOW accounts                          16,941      15,335    1,606   10.5
  Money market accounts                 24,507      24,211      296    1.2
  Savings                                8,139       9,099     (960) (10.6)
  Consumer time                         12,084      11,882      202    1.7
  Other time                             4,748       4,112      636   15.5
     Total consumer and commercial
      deposits                          90,601      87,878    2,723    3.1
  Brokered and foreign deposits         10,671      11,496     (825)  (7.2)
       Total deposits                 $101,272     $99,374   $1,898    1.9 %

  SELECTED CREDIT DATA (Dollars in
   thousands)

  Nonaccrual loans                    $354,241    $329,340  $24,901    7.6 %
  Restructured loans                    19,049      19,724     (675)  (3.4)
     Total nonperforming loans         373,290     349,064   24,226    6.9
  Other real estate owned (OREO)        28,619      27,126    1,493    5.5
  Other repossessed assets               8,749      15,082   (6,333) (42.0)
       Total nonperforming assets     $410,658    $391,272  $19,386    5.0 %

  (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 $4,001 from the third quarter
      2004 and $4,917 from the fourth quarter of 2003 to conform to
      SunTrust's methodology.
  (4) SunTrust's average nonaccrual and restructured loans are included in
      the respective categories to conform to the NCF presentation.
  (5) The historical combined 4th quarter 2003 includes $2,243 related to
      the consolidation of SunTrust's commercial paper conduit, Three
      Pillars.
  (6) Includes consumer direct and consumer indirect loans.



  SunTrust Banks, Inc. and Subsidiaries
  ESTIMATES OF HISTORICAL COMBINED GROWTH
  APPENDIX B TO THE PRESS RELEASE

  The 3rd Quarter 2004 and 4th Quarter 2003 figures represent SunTrust
  and NCF on a historical combined basis.  See page 10 for a
  reconcilement of these historical combined amounts.

                                      Quarter - to - Quarter Comparison
                                      4th         4th
                                    Quarter     Quarter  Increase/(Decrease)
                                      2004        2003      Amount     %
  STATEMENTS OF INCOME (Dollars
   in thousands)

  NET INTEREST INCOME             $1,084,204  $1,060,948   $23,256     2.2 %

  Provision for loan losses           37,099      82,668   (45,569)  (55.1)
  NET INTEREST INCOME AFTER
   PROVISION FOR LOAN LOSSES       1,047,105     978,280    68,825     7.0

  NONINTEREST INCOME

  Deposit and other fees (1)         356,777     323,081    33,696    10.4
  Trust and investment management
   income                            160,526     145,856    14,670    10.1
  Broker / dealer revenue (2)        158,888     141,677    17,211    12.1
  Other noninterest income           102,189      62,324    39,865    64.0
     Noninterest income before
      securities (losses)/gains      778,380     672,938   105,442    15.7
  Securities (losses)/gains          (19,377)     22,839   (42,216) (184.8)
       Total noninterest income      759,003     695,777    63,226     9.1

  NONINTEREST EXPENSE

  Personnel expense                  612,861     591,575    21,286     3.6
  Net occupancy expense               78,218      73,766     4,452     6.0
  Outside processing and software     81,368      69,871    11,497    16.5
  Equipment expense                   50,765      52,926    (2,161)   (4.1)
  Marketing and customer
   development                        34,389      27,574     6,815    24.7
  Other noninterest expense          231,231     200,602    30,629    15.3
     Noninterest expense before
      amortization of intangible
      assets and merger expense    1,088,832   1,016,314    72,518     7.1
  Amortization of intangible
   assets                             31,759      30,716     1,043     3.4
  Merger expense                      28,401         -      28,401   100.0
       Total noninterest expense   1,148,992   1,047,030   101,962     9.7

  INCOME BEFORE INCOME TAXES         657,116     627,027    30,089     4.8
  Provision for income taxes         201,387     195,019     6,368     3.3
  NET INCOME FROM CONTINUING
   OPERATIONS                        455,729     432,008    23,721     5.5
  Income from discontinued
   operations, net of tax                -           767      (767) (100.0)
  NET INCOME                         455,729     432,775    22,954     5.3
  Merger expense, net of tax          18,461         -      18,461   100.0
  OPERATING NET INCOME              $474,190    $432,775   $41,415     9.6 %

  REVENUE (Dollars in thousands)

  Net interest income             $1,084,204  $1,060,948   $23,256     2.2 %
  FTE adjustment (3)                  16,684      14,027     2,657    18.9
  Net interest income - FTE        1,100,888   1,074,975    25,913     2.4
  Noninterest income                 759,003     695,777    63,226     9.1
  Total revenue                    1,859,891   1,770,752    89,139     5.0
  Securities losses/(gains)           19,377     (22,839)   42,216   184.8
  Total revenue excluding
   securities gains and losses    $1,879,268  $1,747,913  $131,355     7.5 %

  SELECTED AVERAGE BALANCES
   (Dollars in millions)

  Average Loans (4)
  Commercial (5)                     $32,343     $33,344   $(1,001)   (3.0)%
  Real estate 1-4 family              22,535      18,213     4,322    23.7
  Real estate commercial and
   construction                       18,660      17,489     1,171     6.7
  Real estate equity                  11,016       8,350     2,666    31.9
  Consumer (6)                        15,390      14,812       578     3.9
  Credit cards                           193         155        38    24.5
       Total loans                  $100,137     $92,363    $7,774     8.4 %

  Average deposits
  Noninterest bearing deposits       $24,182     $21,141    $3,041    14.4 %
  NOW accounts                        16,941      14,139     2,802    19.8
  Money market accounts               24,507      24,304       203     0.8
  Savings                              8,139       7,982       157     2.0
  Consumer time                       12,084      12,390      (306)   (2.5)
  Other time                           4,748       3,833       915    23.9
     Total consumer and
      commercial deposits             90,601      83,789     6,812     8.1
  Brokered and foreign deposits       10,671      12,645    (1,974)  (15.6)
       Total deposits               $101,272     $96,434    $4,838     5.0 %

  SELECTED CREDIT DATA (Dollars
   in thousands)

  Nonaccrual loans                  $354,241    $367,276  $(13,035)   (3.5)%
  Restructured loans                  19,049      14,782     4,267    28.9
     Total nonperforming loans       373,290     382,058    (8,768)   (2.3)
  Other real estate owned (OREO)      28,619      44,654   (16,035)  (35.9)
  Other repossessed assets             8,749      14,908    (6,159)  (41.3)
       Total nonperforming assets   $410,658    $441,620  $(30,962)   (7.0)%

  (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 $4,001 from the third quarter
      2004 and $4,917 from the fourth quarter of 2003 to conform to
      SunTrust's methodology.
  (4) SunTrust's average nonaccrual and restructured loans are included in
      the respective categories to conform to the NCF presentation.
  (5) The historical combined 4th quarter 2003 includes $2,243 related to
      the consolidation of SunTrust's commercial paper conduit, Three
      Pillars.
  (6) 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

                                                    3rd Quarter
                                                       2004
                                                                Historical
                                         SunTrust       NCF      Combined
  STATEMENTS OF INCOME (Dollars in
   thousands)

  NET INTEREST INCOME                      $876,874   $194,815   $1,071,689

  Provision for loan losses                  41,774     19,044       60,818
  NET INTEREST INCOME AFTER PROVISION
   FOR LOAN LOSSES                          835,100    175,771    1,010,871

  NONINTEREST INCOME

  Deposit and other fees (1)                298,328     55,245      353,573
  Trust and investment management
   income                                   149,673     15,930      165,603
  Broker / dealer revenue (2)               113,308     19,342      132,650
  Other noninterest income                   84,576     21,974      106,550
     Noninterest income before
      securities (losses)/gains             645,885    112,491      758,376
  Securities (losses)/gains                 (18,193)     1,628      (16,565)
       Total noninterest income             627,692    114,119      741,811

  NONINTEREST EXPENSE

  Personnel expense                         527,734     77,591      605,325
  Net occupancy expense                      66,542     13,333       79,875
  Outside processing and software            68,657      6,792       75,449
  Equipment expense                          43,275      7,629       50,904
  Marketing and customer development         32,028      2,947       34,975
  Other noninterest expense                 176,020     66,673      242,693
     Noninterest expense before
      amortization of intangible assets     914,256    174,965    1,089,221
  Amortization of intangible assets          15,593     12,539       28,132
       Total noninterest expense            929,849    187,504    1,117,353

  INCOME BEFORE INCOME TAXES                532,943    102,386      635,329
  Provision for income taxes                164,177     34,749      198,926
  NET INCOME FROM CONTINUING OPERATIONS     368,766     67,637      436,403
  Income from discontinued operations,
   net of tax                                   -          -            -
  NET INCOME                               $368,766    $67,637     $436,403

  REVENUE (Dollars in thousands)

  Net interest income                      $876,874   $194,815   $1,071,689
  FTE adjustment (3)                         16,821      2,242       19,063
  Net interest income - FTE                 893,695    197,057    1,090,752
  Noninterest income                        627,692    114,119      741,811
  Total revenue                           1,521,387    311,176    1,832,563
  Securities losses/(gains)                  18,193     (1,628)      16,565
  Total revenue excluding securities
   gains and losses                      $1,539,580   $309,548   $1,849,128

  SELECTED AVERAGE BALANCES (Dollars in
   millions)

  Average Loans (4)
  Commercial (5)                            $27,753     $4,224      $31,977
  Real estate 1-4 family                     20,798      1,165       21,963
  Real estate commercial and
   construction                              14,231      3,924       18,155
  Real estate equity                          8,239      2,056       10,295
  Consumer (6)                               12,574      2,946       15,520
  Credit cards                                  158         17          175
       Total loans                          $83,753    $14,332      $98,085

  Average deposits
  Noninterest bearing deposits              $20,490     $2,749      $23,239
  NOW accounts                               13,000      2,335       15,335
  Money market accounts                      22,434      1,777       24,211
  Savings                                     7,425      1,674        9,099
  Consumer time                               6,967      4,915       11,882
  Other time                                  3,806        306        4,112
     Total consumer and commercial
      deposits                               74,122     13,756       87,878
  Brokered and foreign deposits               9,341      2,155       11,496
       Total deposits                       $83,463    $15,911      $99,374

  SELECTED CREDIT DATA (Dollars in
   thousands)

  Nonaccrual loans                         $263,127    $66,213     $329,340
  Restructured loans                         19,724        -         19,724
     Total nonperforming loans              282,851     66,213      349,064
  Other real estate owned (OREO)             10,934     16,192       27,126
  Other repossessed assets                   10,431      4,651       15,082
       Total nonperforming assets          $304,216    $87,056     $391,272

  (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 $4,001 from the third quarter
      2004 and $4,917 from the fourth quarter of 2003 to conform to
      SunTrust's methodology.
  (4) SunTrust's average nonaccrual and restructured loans are included in
      the respective categories to conform to the NCF presentation.
  (5) SunTrust's 4th quarter 2003 includes $2,243 related to the
      consolidation of its commercial paper conduit, Three Pillars.
  (6) 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

                                                    4th Quarter
                                                       2003
                                                                Historical
                                         SunTrust       NCF      Combined
  STATEMENTS OF INCOME (Dollars in
   thousands)

  NET INTEREST INCOME                      $865,520   $195,428   $1,060,948

  Provision for loan losses                  70,286     12,382       82,668
  NET INTEREST INCOME AFTER PROVISION
   FOR LOAN LOSSES                          795,234    183,046      978,280

  NONINTEREST INCOME

  Deposit and other fees (1)                273,567     49,514      323,081
  Trust and investment management
   income                                   129,622     16,234      145,856
  Broker / dealer revenue (2)               120,117     21,560      141,677
  Other noninterest income                   41,265     21,059       62,324
     Noninterest income before
      securities (losses)/gains             564,571    108,367      672,938
  Securities (losses)/gains                  19,501      3,338       22,839
       Total noninterest income             584,072    111,705      695,777

  NONINTEREST EXPENSE

  Personnel expense                         516,171     75,404      591,575
  Net occupancy expense                      60,522     13,244       73,766
  Outside processing and software            63,176      6,695       69,871
  Equipment expense                          45,527      7,399       52,926
  Marketing and customer development         24,830      2,744       27,574
  Other noninterest expense                 158,189     42,413      200,602
     Noninterest expense before
      amortization of intangible assets     868,415    147,899    1,016,314
  Amortization of intangible assets          16,379     14,337       30,716
       Total noninterest expense            884,794    162,236    1,047,030

  INCOME BEFORE INCOME TAXES                494,512    132,515      627,027
  Provision for income taxes                152,005     43,014      195,019
  NET INCOME FROM CONTINUING OPERATIONS     342,507     89,501      432,008
  Income from discontinued operations,
   net of tax                                   -          767          767
  NET INCOME                               $342,507    $90,268     $432,775

  REVENUE (Dollars in thousands)

  Net interest income                      $865,520   $195,428   $1,060,948
  FTE adjustment (3)                         11,981      2,046       14,027
  Net interest income - FTE                 877,501    197,474    1,074,975
  Noninterest income                        584,072    111,705      695,777
  Total revenue                           1,461,573    309,179    1,770,752
  Securities losses/(gains)                 (19,501)    (3,338)     (22,839)
  Total revenue excluding securities
   gains and losses                      $1,442,072   $305,841   $1,747,913

  SELECTED AVERAGE BALANCES (Dollars in
   millions)

  Average Loans (4)
  Commercial (5)                            $29,484     $3,860      $33,344
  Real estate 1-4 family                     17,218        995       18,213
  Real estate commercial and
   construction                              13,713      3,776       17,489
  Real estate equity                          6,741      1,609        8,350
  Consumer (6)                               12,074      2,738       14,812
  Credit cards                                  140         15          155
       Total loans                          $79,370    $12,993      $92,363

  Average deposits
  Noninterest bearing deposits              $18,586     $2,555      $21,141
  NOW accounts                               12,102      2,037       14,139
  Money market accounts                      22,274      2,030       24,304
  Savings                                     6,249      1,733        7,982
  Consumer time                               7,601      4,789       12,390
  Other time                                  3,501        332        3,833
     Total consumer and commercial
      deposits                               70,313     13,476       83,789
  Brokered and foreign deposits              10,769      1,876       12,645
       Total deposits                       $81,082    $15,352      $96,434

  SELECTED CREDIT DATA (Dollars in
   thousands)

  Nonaccrual loans                         $336,587    $30,689     $367,276
  Restructured loans                         14,782        -         14,782
     Total nonperforming loans              351,369     30,689      382,058
  Other real estate owned (OREO)             16,458     28,196       44,654
  Other repossessed assets                   10,270      4,638       14,908
       Total nonperforming assets          $378,097    $63,523     $441,620

  (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 $4,001 from the third quarter
      2004 and $4,917 from the fourth quarter of 2003 to conform to
      SunTrust's methodology.
  (4) SunTrust's average nonaccrual and restructured loans are included in
      the respective categories to conform to the NCF presentation.
  (5) SunTrust's 4th quarter 2003 includes $2,243 related to the
      consolidation of its commercial paper conduit, Three Pillars.
  (6) Includes consumer direct and consumer indirect loans.

SOURCE: SunTrust Banks, Inc.

CONTACT: Investors, Gary Peacock, +1-404-658-4879, or Media, Barry
Koling, +1-404-230-5268, both of SunTrust Banks, Inc.