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SunTrust Reports First Quarter 2005 Earnings

Company Says Positive Trends Continue and NCF Merger Integration Remains on Track

PRNewswire-FirstCall
ATLANTA
Apr 18, 2005

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

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

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

Discussion of Historical Results and Estimated Historical Combined Results

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

  First Quarter 2005 Summary:

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

  * Net income increased 9% from the first quarter of 2004 on an estimated
    historical combined basis.  Adjusted operating net income, which
    excludes merger expenses and the net gain on sale of factoring assets,
    increased 10% from the first quarter of 2004 on an estimated historical
    combined basis.
  * Total revenue increased 6% from the first quarter of 2004 on an
    estimated historical combined basis, driven principally by strong loan
    and deposit growth.  Noninterest income contributed $38.8 million or 35%
    of the growth.
  * Total average loans increased 11% from the first quarter of 2004 on an
    estimated historical combined basis, driven by strong home equity line
    and residential real estate loan growth of 31% and 25%, respectively.
  * Average commercial and commercial real estate and construction loan
    growth accelerated in the first quarter of 2005, growing at 15% and 12%
    sequential annualized rates, respectively.
  * Total average consumer and commercial deposits increased 9% from the
    first quarter of 2004 on an estimated historical combined basis, driven
    by strong NOW and DDA growth of 21% and 11%, respectively, reflecting
    the effectiveness of SunTrust's company-wide sales focus.
  * The efficiency ratio for the first quarter of 2005 was 60.22%, a 156
    basis point improvement from the fourth quarter of 2004.  The adjusted
    operating efficiency ratio, which excludes merger expenses and the net
    gain on sale of factoring assets, was 59.48%, a 77 basis point
    improvement from the operating efficiency ratio in the fourth quarter of
    2004.
  * Credit quality was outstanding during the quarter; net charge-offs were
    0.14% of average loans, down from 0.21% of average loans in the fourth
    quarter of 2004.

  (1) Excludes 1st quarter 2005 merger related expenses, net of taxes,
       which totaled $16.0 million.
  (2) Excludes 1st quarter 2005 merger related expenses, net of taxes, which
      totaled $16.0 million and the net gain on the sale of factoring
      assets (RCM), net of taxes, which totaled $12.3 million.
  (3) Excludes 1st quarter 2005 merger related expenses, net of taxes, per
      diluted share of $.04.
  (4) Excludes 1st quarter 2005 merger related expenses, net of taxes, per
      diluted share of $.04 and the net gain on the sale of factoring
      assets, net of taxes, per diluted share of $.03.
  (5) Excludes 1st quarter 2005 merger related expenses of $25.7 million and
      the net gain on the sale of factoring assets of $19.9 million.
   NR - Not reported.


  Financial Performance

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

Revenue

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

Net Interest Income

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

Noninterest Income

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

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

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

Noninterest Expense

Total noninterest expense in the first quarter of 2005 was $1,133.9 million, up from $889.7 million for the first quarter of 2004 and down from $1,149.0 in the fourth quarter of 2004. On an estimated historical combined basis, total noninterest expense was up 8% in the first quarter of 2005 from the first quarter of 2004. On an estimated historical combined basis, noninterest expense before amortization of intangible assets and merger expenses in the first quarter of 2005 was $1,077.0 million, up 5% from $1,024.2 million in the first quarter of 2004 and down 1% from $1,088.8 million in the fourth quarter of 2004. Compared to the fourth quarter, cost control effectiveness was evident in several noninterest expense categories, with decreases in net occupancy and marketing and customer development. Cost savings from the merger integration amounted to $8 million in the first quarter of 2005. The Company's reported efficiency ratio was 60.22% for the first quarter of 2005, and its operating efficiency ratio was 58.85%. The adjusted operating efficiency ratio, which excludes merger expenses and the net gain on the sale of factoring assets, was 59.48%.

Balance Sheet

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

Loans

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

Deposits

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

Asset Quality

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

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

Corresponding Financial Tables and Information

To view the corresponding financial tables and information, please refer to the Investor Relations section located under "About SunTrust" on our Web site at http://www.suntrust.com/. This information may also be directly accessed via the quick link entitled "1st Quarter Earnings Release" located at the lower right hand corner of the SunTrust homepage.

Conference Call

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

Alternatively, individuals may listen to the live webcast of the presentation by visiting the SunTrust Web site at 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, "1st Quarter Earnings Release". Beginning the afternoon of April 18, 2005, listeners may access an archived version of the presentation in the "Webcasts and Presentations" subsection found under "Investor Relations". A link to the Investor Relations page is also found in the footer of the SunTrust home page.

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest commercial banking organizations. The Company operates an extensive distribution network primarily in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and the District of Columbia, and also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services. SunTrust's Internet address is 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 2004 Annual Report on Form 10-K of SunTrust, in the Quarterly Reports on Form 10-Q and 10- Q/A of SunTrust and the Quarterly Reports on Form 10-Q of NCF, and in the Current Reports filed on Form 8-K of SunTrust and NCF filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's internet site (http://www.sec.gov/). The forward-looking statements in this press release speak only as of the date of the filing, and SunTrust does not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.

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

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


  NON-GAAP MEASURES PRESENTED IN THE PRESS RELEASE
  (Dollars in thousands)
                                    Quarter - to - Quarter Comparison

                               1st Quarter      4th Quarter      3rd Quarter
                                   2005            2004              2004

  Net income                     $492,294        $455,729          $368,766
  Securities losses/(gains), net
   of tax                           3,509          12,595            11,825
  Net income excluding
   securities gains and losses    495,803         468,324           380,591
  The Coca-Cola Company
   dividend, net of tax           (12,028)        (10,739)          (10,740)
  Net income excluding
   securities gains and losses
   and The Coca-Cola Company
   dividend                      $483,775        $457,585          $369,851

  Total average assets       $161,218,222    $156,570,092      $127,127,968
  Average net unrealized
   securities gains            (2,032,787)     (2,056,737)       (2,054,978)
  Average assets less net
   unrealized securities
   gains                     $159,185,435    $154,513,355      $125,072,990

  Total average equity        $16,119,430     $15,818,968        $9,992,905
  Average accumulated other
   comprehensive income        (1,285,278)     (1,304,553)       (1,318,332)
  Total average realized
   equity                     $14,834,152     $14,514,415        $8,674,573

  Return on average total assets     1.24 %          1.16  %          1.15 %
  Impact of excluding net
   realized and unrealized
   securities gains/losses and
   The Coca-Cola Company dividend   (0.01)           0.02             0.03
  Return on average total assets
   less net unrealized
   securities gains(1)               1.23 %          1.18  %          1.18 %

  Return on average total
   shareholders' equity             12.39 %         11.46  %         14.68 %
  Impact of excluding net
   unrealized securities gains       0.84            1.08             2.28
  Return on average realized
   shareholders' equity(2)          13.23 %         12.54  %         16.96 %

  Net interest income          $1,111,560      $1,084,204         $876,874
  FTE adjustment                   17,666          16,684           16,821
  Net interest income - FTE     1,129,226       1,100,888          893,695
  Noninterest income              753,814         759,003          627,692
  Total revenue                 1,883,040       1,859,891        1,521,387
  Securities losses/(gains)         5,659          19,377           18,193
  Gain on sale of RCM assets,
   net of related expenses        (19,874)              -                -
  Total revenue excluding
   securities gains and losses
   and net gain on sale of
   RCM assets(3)               $1,868,825      $1,879,268       $1,539,580


                                          Quarter - to - Quarter Comparison

                                             2nd Quarter      1st Quarter
                                                2004              2004


   Net income                                  $386,571       $361,835
   Securities losses/(gains), net of tax          5,881         (3,203)
   Net income excluding securities gains and
    losses                                      392,452        358,632
   The Coca-Cola Company dividend, net of
    tax                                         (10,739)       (10,740)
   Net income excluding securities gains and
    losses and The Coca-Cola Company
    dividend                                   $381,713       $347,892

   Total average assets                    $127,287,458   $123,853,747
   Average net unrealized securities gains   (2,803,917)    (2,580,304)
   Average assets less net unrealized
    securities gains                       $124,483,541   $121,273,443


   Total average equity                     $10,194,201     $9,840,282
   Average accumulated other comprehensive
    income                                   (1,804,833)    (1,645,712)
   Total average realized equity             $8,389,368     $8,194,570

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

   Return on average total shareholders'
    equity                                        15.25  %       14.79 %
   Impact of excluding net unrealized
    securities gains                               3.05           2.28
   Return on average realized shareholders'
    equity(2)                                     18.30  %       17.07 %

   Net interest income                         $872,429       $851,648
   FTE adjustment                                12,637         12,256
   Net interest income - FTE                    885,066        863,904
   Noninterest income                           622,665        595,086
   Total revenue                              1,507,731      1,458,990
   Securities losses/(gains)                      9,048         (4,927)
   Gain on sale of RCM assets, net of
    related expenses                                 -              -
   Total revenue excluding securities gains
    and losses and net gain on sale of
    RCM assets(3)                           $1,516,779      $1,454,063


                                         Quarter - to - Quarter Comparison

                                               1st        4th
                                             Quarter     Quarter     Change
                                               2005       2004        %(4)

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

  Noninterest bearing deposits            $23,723,080   $24,181,729   (1.9)
  NOW accounts                             17,479,848    16,940,751    3.2
  Savings                                   7,506,923     8,139,263   (7.8)
  Total average low cost consumer and
   commercial deposits                    $48,709,851   $49,261,743   (1.1)


                                         1st Quarter   1st Quarter    Change
                                            2005          2004           %

  Noninterest bearing deposits            $23,723,080   $18,896,711     25.5
  NOW accounts                             17,479,848    12,332,083     41.7
  Savings                                   7,506,923     6,334,231     18.5
  Total average low cost consumer
   and commercial deposits                $48,709,851   $37,563,025     29.7


                                        1st Quarter    1st Quarter    Change
                                           2005           2004          %

   NON-GAAP DISCLOSURES FOR IMPACTS OF THREE PILLARS(5)
   (Dollars in millions)

   Average loans - reported                $103,216       $79,905      29.2
   Impact of Three Pillars                      -          (1,430)   (100.0)
   Average loans excluding
    Three Pillars                          $103,216       $78,475      31.5

   Average commercial loans -
    reported                                $33,424       $28,464      17.4
   Impact of Three Pillars                      -          (1,430)   (100.0)
   Average commercial loans
    excluding Three Pillars                 $33,424       $27,034      23.6


                                    Estimated Historical Combined(6)
                                       1st Quarter    1st Quarter     Change
                                          2005           2004           %

  NON-GAAP DISCLOSURES FOR IMPACTS OF THREE PILLARS(5)
  (Dollars in millions)

  Average loans - reported                 $103,216       $93,145      10.8
  Impact of Three Pillars                       -          (1,430)   (100.0)
  Average loans excluding Three
   Pillars                                 $103,216       $91,715      12.5

  Average commercial loans -
   reported                                 $33,518       $32,598       2.8
  Impact of Three Pillars                       -          (1,430)   (100.0)
  Average commercial loans
   excluding Three Pillars                  $33,518       $31,168       7.5


  (1) SunTrust presents a return on average assets less net unrealized gains
       on securities.  The foregoing numbers reflect primarily adjustments
       to remove the effects of the Company's securities portfolio which
       includes the ownership by the Company of 48.3 million shares of
       The Coca-Cola Company.  The Company uses this information internally
       to gauge its actual performance in the industry.
       The Company believes that the return on average assets less the net
       unrealized securities gains is more indicative of
       the Company's return on assets because it more accurately reflects
       the return on the assets that are related to the Company's core
       businesses which are primarily customer relationship and customer
       transaction driven.  The return on average assets less net
       unrealized gains on securities is computed by dividing annualized net
       income, excluding securities gains/losses and The Coca-Cola Company
       dividend, by average assets less net unrealized securities gains.
  (2) The Company also believes that the return on average realized equity
       is more indicative of the Company's return on equity because the
       excluded equity relates primarily to a long term holding of a
       specific security.  The return on average realized shareholders'
       equity is computed by dividing annualized net income, excluding
       securities gains/losses and The Coca-Cola Company dividend, by
       average realized shareholders' equity.
  (3) SunTrust presents total revenue excluding realized securities gains
       and losses and the net gain on the sale of RCM assets.
       The Company believes total revenue without securities gains and
       losses is more indicative of the Company's performance because it
       isolates income that is primarily customer relationship and customer
       transaction driven.  SunTrust further excludes the net gain on the
       sale of RCM assets because the Company believes the exclusion of the
       net gain is more indicative of normalized operations.
  (4) Multiply by 4 to calculate sequential annualized growth or reductions
       discussed in the earnings call.
  (5) Under the provisions of FASB Interpretation No. 46, SunTrust
       consolidated its commercial paper conduit, Three Pillars, effective
       July 1, 2003.
       As of March 1, 2004, Three Pillars was restructured and
       deconsolidated.  Adjustments were made to reported figures for
       comparability purposes.
  (6) SunTrust's average nonaccrual and restructured loans are included in
       the respective categories to conform to the NCF presentation.



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

                                             1st Quarter       4th Quarter
                                                 2005              2004

    SELECTED NON-GAAP OPERATING MEASURES AND
     ADJUSTED OPERATING MEASURES PRESENTED
     IN THE PRESS RELEASE(1)
    (Dollars in thousands)

    Net income                                 $492,294          $455,729
    Merger expense, net of tax                   15,958            18,461
    Operating net income                        508,252          $474,190
    Net gain on sale of RCM assets, net of tax  (12,322)                -
    Adjusted operating net income              $495,930          $474,190

    Diluted earnings per share                    $1.36             $1.26
    Impact of excluding merger expense             0.04              0.05
    Operating diluted earnings per share           1.40              1.31
    Impact of net gain on sale of RCM assets      (0.03)                -
    Adjusted operating diluted earnings
     per share                                    $1.37             $1.31

    Total revenue                            $1,883,040
    Securities losses                             5,659
    Net gain on sale of RCM assets              (19,874)
    Adjusted total revenue                   $1,868,825

    Noninterest income                         $753,814
    Net gain on sale of RCM assets              (19,874)
    Noninterest income excluding net
     gain on sale of RCM assets                $733,940

    Noninterest expense                      $1,133,906        $1,148,992
    Merger expense                              (25,738)          (28,401)
    Noninterest expense excluding merger
     expense                                 $1,108,168        $1,120,591

    Efficiency ratio                              60.22 %           61.78 %
    Impact of excluding merger expense            (1.37)            (1.53)
    Operating efficiency ratio                    58.85 %           60.25 %
    Impact of net gain on sale of RCM
     assets                                        0.63                 -
    Adjusted operating efficiency ratio           59.48 %           60.25 %

    Return on average total assets                 1.24 %            1.16 %
    Impact of excluding merger expense             0.04              0.04
    Operating return on average total
     assets(2)                                     1.28 %            1.20 %

    Return on average total
     shareholders' equity                         12.39 %           11.46 %
    Impact of excluding merger expense             0.40              0.47
    Operating return on average total
     shareholders' equity(3)                       12.79 %           11.93 %


    (1) SunTrust presents selected financial data on an operating basis that
        excludes merger charges, which represent incremental costs
        to integrate NCF's operations.  The Company also presents selected
        financial data on an adjusted operating basis, which further
        excludes the net gain related to the sale of RCM assets.  The
        Company believes the exclusion of these two measures is more
        reflective of normalized operations.
    (2) Computed by dividing annualized operating net income by average
        total assets.
    (3) Computed by dividing annualized operating net income by average
        total shareholders' equity.



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

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

                                           ACTUAL
                                                  Increase/       Sequential
                       1st Quarter   4th quarter  (Decrease)      Annualized
                           2005         2004       Amount      %         %
  STATEMENTS OF INCOME
   (Dollars in thousands)

  NET INTEREST INCOME   $1,111,560   $1,084,204    $27,356    2.5 %   10.1 %

  Provision for loan
   losses                  10,556        37,099    (26,543) (71.5)  (286.2)
  NET INTEREST INCOME
   AFTER PROVISION
   FOR LOAN LOSSES      1,101,004     1,047,105     53,899    5.1     20.6

  NONINTEREST INCOME

  Deposit and other
   fees(1)                343,634       356,777    (13,143)  (3.7)   (14.7)
  Trust and investment
   management income      164,515       160,526      3,989    2.5      9.9
  Broker / dealer
   revenue(2)             149,196       158,888     (9,692)  (6.1)   (24.4)
  Other noninterest
   income                  82,254       102,189    (19,935)  (19.5)  (78.0)
   Noninterest income
    before securities
    (losses)/gains
    and net gain on sale
    of RCM assets(3)      739,599       778,380     (38,781)  (5.0)  (19.9)
  Gain on sale of RCM
   assets, net of related
   expenses                19,874            -       19,874  100.0   400.0
   Noninterest income
    before securities
    (losses)/gains        759,473       778,380     (18,907)  (2.4)   (9.7)
  Securities (losses)
   /gains                  (5,659)      (19,377)     13,718   70.8   283.2
    Total noninterest
     income               753,814       759,003      (5,189)  (0.7)   (2.7)

  NONINTEREST EXPENSE

  Personnel expense       634,793       612,861      21,932    3.6    14.3
  Net occupancy expense    75,851        78,218      (2,367)  (3.0)  (12.1)
  Outside processing and
   software                82,848        81,368       1,480    1.8     7.3
  Equipment expense        52,882        50,765       2,117    4.2    16.7
  Marketing and customer
   development             31,629        34,389      (2,760)  (8.0)  (32.1)
  Other noninterest
   expense                198,948       231,231     (32,283)  (14.0) (55.8)
   Noninterest expense
    before amortization
    of intangible assets
    and merger
    expense(4)           1,076,951    1,088,832     (11,881)   (1.1)  (4.4)
  Amortization of
   intangible assets        31,217       31,759        (542)   (1.7)  (6.8)
  Merger expense            25,738       28,401      (2,663)   (9.4) (37.5)
    Total noninterest
     expense             1,133,906    1,148,992     (15,086)   (1.3)  (5.3)

  INCOME BEFORE INCOME
   TAXES                   720,912      657,116      63,796     9.7   38.8
  Provision for income
   taxes                   228,618      201,387      27,231    13.5   54.1
  NET INCOME               492,294      455,729      36,565     8.0   32.1
  Merger expense, net of
   tax                      15,958       18,461      (2,503)  (13.6) (54.2)
  OPERATING NET INCOME     508,252      474,190      34,062     7.2   28.7
  Net gain on sale of RCM
   assets, net of tax      (12,322)           -     (12,322)  100.0  400.0
  ADJUSTED OPERATING NET
   INCOME                 $495,930     $474,190     $21,740     4.6 % 18.3 %

  REVENUE (Dollars in thousands)

  Net interest income   $1,111,560   $1,084,204     $27,356     2.5 % 10.1 %
  FTE adjustment(5)         17,666       16,684         982     5.9   23.5
  Net interest income
   - FTE                 1,129,226    1,100,888      28,338     2.6   10.3
  Noninterest income       753,814      759,003      (5,189)   (0.7)  (2.7)
  Total revenue          1,883,040    1,859,891      23,149     1.2    5.0
  Securities losses/
   (gains)                   5,659       19,377     (13,718)  (70.8) (283.2)
  Net gain on sale of
   RCM assets              (19,874)          -      (19,874)  100.0  400.0
  Total revenue excluding
   securities gains and
   losses and net gain on
   sale of RCM assets   $1,868,825   $1,879,268    ($10,443)   (0.6)% (2.2)%

  SELECTED AVERAGE BALANCES
  (Dollars in millions)

  Average Loans(6)
  Commercial               $33,518      $32,343      $1,175     3.6 % 14.5 %
  Real estate 1-4 family    23,527       22,535         992     4.4   17.6
  Real estate commercial
   and construction         19,224       18,660         564     3.0   12.1
  Real estate equity        11,574       11,016         558     5.1   20.3
  Consumer(7)               15,175       15,390        (215)   (1.4)  (5.6)
  Credit cards                 198          193           5     2.4    9.6
    Total loans           $103,216     $100,137      $3,079     3.1 % 12.3 %

  Average deposits
  Noninterest
   bearing deposits        $23,723      $24,182       ($459)   (1.9)% (7.6)%
  NOW accounts              17,480       16,941         539     3.2   12.7
  Money market accounts     24,767       24,507         260     1.1    4.2
  Savings                    7,507        8,139        (632)   (7.8) (31.1)
  Consumer and other time   17,491       16,832         659     3.9   15.7
   Total consumer and
    commercial deposits     90,968       90,601         367     0.4    1.6
  Brokered and foreign
   deposits                 13,424       10,671       2,753    25.8  103.2
    Total deposits        $104,392     $101,272      $3,120     3.1 % 12.3 %

  SELECTED CREDIT DATA
  (Dollars in thousands)

  Nonaccrual loans        $337,057     $354,241    ($17,184)  (4.9)% (19.4)%
  Restructured loans        20,071       19,049       1,022     5.4    21.5
   Total nonperforming
    loans                  357,128      373,290     (16,162)   (4.3)  (17.3)
  Other real estate owned
   (OREO)                   27,555       28,619      (1,064)   (3.7)  (14.9)
  Other repossessed assets   7,662        8,749      (1,087)   (12.4) (49.7)
    Total nonperforming
     assets               $392,345     $410,658    ($18,313)  (4.5)% (17.8)%

  Allowance for loan
   and lease losses    ($1,023,746) ($1,050,024)    $26,278   (2.5)% (10.0)%


                                           HISTORICAL COMBINED

                                1st Quarter  1st Quarter Increase/(Decrease)
                                   2005         2004       Amount      %
  STATEMENTS OF INCOME (Dollars
   in thousands)

  NET INTEREST INCOME            $1,111,560   $1,042,719   $68,841     6.6 %

  Provision for loan losses          10,556       65,925   (55,369)  (84.0)
  NET INTEREST INCOME AFTER
   PROVISION FOR LOAN LOSSES      1,101,004      976,794   124,210    12.7

  NONINTEREST INCOME

  Deposit and other fees(1)         343,634      337,122     6,512     1.9
  Trust and investment
   management income                164,515      152,716    11,799     7.7
  Broker / dealer revenue(2)        149,196      145,703     3,493     2.4
  Other noninterest income           82,254       63,638    18,616    29.3
   Noninterest income before
    securities (losses)/gains
    and net gain on sale of
    RCM assets(3)                   739,599      699,179    40,420     5.8
  Gain on sale of RCM assets,
   net of related expenses           19,874          -      19,874   100.0
   Noninterest income before
    securities (losses)/gains       759,473      699,179    60,294     8.6
  Securities (losses)/gains          (5,659)      15,845   (21,504) (135.7)
    Total noninterest income        753,814      715,024    38,790     5.4

  NONINTEREST EXPENSE

  Personnel expense                 634,793      585,917    48,876     8.3
  Net occupancy expense              75,851       75,266       585     0.8
  Outside processing and
   software                          82,848       72,216    10,632    14.7
  Equipment expense                  52,882       52,318       564     1.1
  Marketing and customer
   development                       31,629       33,248    (1,619)   (4.9)
  Other noninterest expense         198,948      205,230    (6,282)   (3.1)
   Noninterest expense before
    amortization of
    intangible assets and
    merger expense(4)              1,076,951    1,024,195    52,756     5.2
  Amortization of intangible
   assets                            31,217       29,279     1,938     6.6
  Merger expense                     25,738          -      25,738   100.0
    Total noninterest
     expense                      1,133,906    1,053,474    80,432     7.6

  INCOME BEFORE INCOME TAXES        720,912      638,344    82,568    12.9
  Provision for income taxes        228,618      186,265    42,353    22.7
  NET INCOME                        492,294      452,079    40,215     8.9
  Merger expense, net of tax         15,958          -      15,958   100.0
  OPERATING NET INCOME              508,252      452,079    56,173    12.4
  Net gain on sale of RCM
   assets, net of tax               (12,322)         -     (12,322)  100.0
  ADJUSTED OPERATING NET INCOME    $495,930     $452,079   $43,851     9.7 %

  REVENUE (Dollars in thousands)

  Net interest income            $1,111,560   $1,042,719   $68,841     6.6 %
  FTE adjustment(5)                  17,666       14,361     3,305    23.0
  Net interest income - FTE       1,129,226    1,057,080    72,146     6.8
  Noninterest income                753,814      715,024    38,790     5.4
  Total revenue                   1,883,040    1,772,104   110,936     6.3
  Securities losses/(gains)           5,659      (15,845)   21,504   135.7
  Net gain on sale of RCM
   assets                           (19,874)         -     (19,874)  100.0
  Total revenue excluding
   securities gains and losses
   and net gain on sale of
   RCM assets                    $1,868,825   $1,756,259  $112,566     6.4 %

  SELECTED AVERAGE BALANCES
  (Dollars in millions)

  Average Loans(6)
  Commercial                        $33,518      $32,598      $920     2.8 %
  Real estate 1-4 family             23,527       18,804     4,723    25.1
  Real estate commercial and
   construction                      19,224       17,670     1,554     8.8
  Real estate equity                 11,574        8,844     2,730    30.9
  Consumer(7)                        15,175       15,074       101     0.7
  Credit cards                          198          155        43    27.7
    Total loans                    $103,216      $93,145   $10,071    10.8 %

  Average deposits
  Noninterest bearing deposits      $23,723      $21,412    $2,311    10.8 %
  NOW accounts                       17,480       14,494     2,986    20.6
  Money market accounts              24,767       24,071       696     2.9
  Savings                             7,507        8,054      (547)   (6.8)
  Consumer and other time            17,491       15,575     1,916    12.3
   Total consumer and
    commercial deposits              90,968       83,606     7,362     8.8
  Brokered and foreign deposits      13,424       12,292     1,132     9.2
    Total deposits                 $104,392      $95,898    $8,494     8.9 %

  SELECTED CREDIT DATA
  (Dollars in thousands)

  Nonaccrual loans                 $337,057     $318,643   $18,414     5.8 %
  Restructured loans                 20,071       18,661     1,410     7.6
   Total nonperforming loans        357,128      337,304    19,824     5.9
  Other real estate owned (OREO)     27,555       41,605   (14,050)  (33.8)
  Other repossessed assets            7,662       17,061    (9,399)  (55.1)
    Total nonperforming assets     $392,345     $395,970   ($3,625)   (0.9)%

  Allowance for loan and lease
   losses                       ($1,023,746) ($1,110,356)  $86,610    (7.8)%


  (1) Includes service charges on deposits, card and other charges and fees.
  (2) Includes retail investment services, investment banking income and
      trading account profits and commissions.
  (3) SunTrust presents noninterest income before securities (losses)/gains
      and the net gain on the sale of RCM assets.
      The Company believes noninterest income before securities gains and
      losses is more indicative of the Company's performance because it
      isolates income that is primarily customer relationship and customer
      transaction driven.  SunTrust further excludes the net gain on the
      sale of RCM assets because the Company believes the exclusion of the
      net gain provides better comparability and is more indicative of
      normalized operations.
  (4) The Company presents noninterest expense before amortization of
      intangible assets and merger expense.  The Company believes the
      exclusion of these measures provides better comparability and is more
      reflective of normalized operations.
  (5) NCF's FTE adjustments were reduced $4,712 from the first quarter of
      2004 to conform to SunTrust's methodology.
  (6) SunTrust's average nonaccrual and restructured loans are included in
      the respective categories to conform to the NCF presentation.
  (7) Includes consumer direct and consumer indirect loans.



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

                                                   1st Quarter
                                                      2004
                                                                Pro Forma
                                         SunTrust      NCF      Combined

  STATEMENTS OF INCOME
  (Dollars in thousands)

  NET INTEREST INCOME                     $851,648   $191,071   $1,042,719

  Provision for loan losses                 53,837     12,088       65,925
  NET INTEREST INCOME AFTER PROVISION
   FOR LOAN LOSSES                         797,811    178,983      976,794

  NONINTEREST INCOME

  Deposit and other fees (1)               287,659     49,463      337,122
  Trust and investment management
   income                                  136,218     16,498      152,716
  Broker / dealer revenue (2)              119,941     25,762      145,703
  Other noninterest income                  46,341     17,297       63,638
   Noninterest income before
    securities (losses)/gains              590,159    109,020      699,179
  Securities gains                           4,927     10,918       15,845
    Total noninterest income               595,086    119,938      715,024

  NONINTEREST EXPENSE

  Personnel expense                        506,796     79,121      585,917
  Net occupancy expense                     61,859     13,407       75,266
  Outside processing and software           65,626      6,590       72,216
  Equipment expense                         45,085      7,233       52,318
  Marketing and customer development        30,219      3,029       33,248
  Other noninterest expense                164,523     40,707      205,230
   Noninterest expense before
    amortization of
    intangible assets                      874,108    150,087    1,024,195
  Amortization of intangible assets         15,640     13,639       29,279
    Total noninterest expense              889,748    163,726    1,053,474

  INCOME BEFORE INCOME TAXES               503,149    135,195      638,344
  Provision for income taxes               141,314     44,951      186,265
  NET INCOME                              $361,835    $90,244     $452,079


  REVENUE (Dollars in thousands)

  Net interest income                     $851,648   $191,071   $1,042,719
  FTE adjustment(3)                         12,256      2,105       14,361
  Net interest income - FTE                863,904    193,176    1,057,080
  Noninterest income                       595,086    119,938      715,024
  Total revenue                          1,458,990    313,114    1,772,104
  Securities (gains)                        (4,927)   (10,918)     (15,845)
  Total revenue excluding securities
   gains and losses                     $1,454,063   $302,196   $1,756,259

  SELECTED AVERAGE BALANCES
  (Dollars in millions)

  Average Loans(4)
  Commercial                               $28,599     $3,999      $32,598
  Real estate 1-4 family                    17,850        954       18,804
  Real estate commercial and
   construction                             13,910      3,760       17,670
  Real estate equity                         7,112      1,732        8,844
  Consumer(5)                               12,294      2,780       15,074
  Credit cards                                 140         15          155
    Total loans                            $79,905    $13,240      $93,145

  Average deposits
  Noninterest bearing deposits             $18,897     $2,515      $21,412
  NOW accounts                              12,332      2,162       14,494
  Money market accounts                     22,137      1,934       24,071
  Savings                                    6,334      1,720        8,054
  Consumer and other time                   10,661      4,914       15,575
   Total consumer and commercial
    deposits                                70,361     13,245       83,606
  Brokered and foreign deposits             10,001      2,291       12,292
    Total deposits                         $80,362    $15,536      $95,898

  SELECTED CREDIT DATA
  (Dollars in thousands)

  Nonaccrual loans                        $283,918    $34,725     $318,643
  Restructured loans                        18,661        -         18,661
   Total nonperforming loans               302,579     34,725      337,304
  Other real estate owned (OREO)            18,380     23,225       41,605
  Other repossessed assets                  10,953      6,108       17,061
    Total nonperforming assets            $331,912    $64,058     $395,970

  Allowance for loan and lease losses    ($936,972) ($173,384) ($1,110,356)

  (1) Includes service charges on deposits, card and other charges and fees.
  (2) Includes retail investment services, investment banking income and
      trading account profits and commissions.
  (3) NCF's FTE adjustments were reduced $4,712 from the 1st quarter of 2004
      to conform to SunTrust methodology.
  (4) SunTrust's average nonaccrual and restructured loans are included in
      the respective categories to conform to the NCF presentation.
  (5) Includes consumer direct and consumer indirect loans.

SOURCE: SunTrust Banks, Inc.

CONTACT: Investors - Greg Ketron, +1-404-827-6714, Media - Barry Koling,
+1-404-230-5268, both for SunTrust Banks, Inc.