Suntrust Banks 8-K SunTrust Reports First Quarter Earnings

Exhibit 99.1

News

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

For Immediate Release

April 8, 2004

SunTrust Reports First Quarter Earnings

Company Cites “Another Quarter” of Positive Performance Trends, Good Bottom Line Results

ATLANTA - SunTrust Banks, Inc. (NYSE: STI) today reported net income for the first quarter of 2004 of $358.5 million, up 9% from the first quarter of 2003. Net income per diluted share was $1.26, up 8% from the $1.17 per diluted share earned in the first quarter of 2003.

“The first quarter of 2004 was another good one for SunTrust and a positive start to the year,” said L. Phillip Humann, SunTrust chairman, president and chief executive officer. “The pattern of positive performance trends that has been steadily picking up steam since the middle of last year is not only continuing, but having an increasingly visible impact on the bottom line.”

Mr. Humann cited in particular strong revenue generation, excellent fee income growth, continued net interest margin expansion and effective expense discipline. On the other hand, Mr. Humann noted that “demand for bank loans by large corporate clients remains elusive.” Mr. Humann added that SunTrust’s first quarter results are supportive of the Company’s stated goal of delivering strong, sustainable earnings growth over a multi-year time frame, under different economic scenarios.

For the quarter, reported return on average total assets (ROA) was 1.16%, and return on average total equity (ROE) was 14.65%. Return on average assets less net unrealized gains on securities was 1.19% and return on average realized equity was 17.59% for the quarter. The Company believes ROA and ROE excluding net unrealized gains from the Company’s securities portfolio is the more indicative performance measure in this area due to SunTrust’s ownership of 48 million shares of The Coca-Cola Company.

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Fully taxable net interest income was $863.9 million in the first quarter, up 4% from the first quarter of 2003. The net interest margin for the quarter was 3.13%, up 4 basis points from the fourth quarter of 2003. As expected, the Company was able to restructure and deconsolidate its multi-seller commercial paper conduit, Three Pillars Funding on March 1, 2004. Excluding the impact of Three Pillars Funding, the net interest margin was up 2 basis points from the fourth quarter of 2003.

Average loans for the first quarter were $79.9 billion, up 9% from the first quarter of 2003, and average earning assets were $111.0 billion, up 6% from the first quarter of 2003. Not including the impact of Three Pillars, average loans in the first quarter were up 7% and average earnings assets were up 4% from the first quarter of 2003.

Average consumer and commercial deposits for the first quarter were $70.4 billion, up 4% from the first quarter of 2003. As one example of SunTrust’s institutional emphasis on customer sales, the Company noted particularly strong continued growth in both DDA deposits and NOW deposit categories, up 17% and 9% respectively from the first quarter of 2003.

The positive impact of SunTrust’s sales focus was also reflected in noninterest income, excluding net securities gains, of $590.2 million in the quarter, up 17% from the first quarter of 2003. Total noninterest income including net securities gains was $595.1 million for the quarter, up 9% from the first quarter of 2003.

Total noninterest income and noninterest income excluding net securities gains both represented 41% of total revenue for the first quarter of 2004.

Total noninterest expense in the first quarter was $889.7 million, up 9% from the first quarter of 2003 and essentially flat from the fourth quarter of 2003. Personnel-related expenses, SunTrust’s largest operating expense component, while up 7% from a year ago, were down 2% from the prior quarter.

Net charge-offs in the first quarter were $58.8 million or 0.30% of average loans, down from $79.8 million, or 0.44% of average loans in the first quarter of 2003. The provision for loan losses was $59.4 million for the first quarter of 2004.

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Nonperforming assets were $331.9 million at quarter end or 0.42% of loans, other real estate owned and other repossessed assets, down 12% from $378.1 million as of December 31, 2003. Nonperforming assets at March 31, 2004 included $302.6 million in nonperforming loans, $18.4 million in other real estate owned and $11.0 million in other repossessed assets. The allowance for loan losses at March 31, 2004 was $942.5 million and represented 1.19% of period-end loans and 311.5% 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 March 31, 2004, SunTrust had total assets of $125.2 billion. Equity capital of $10.1 billion represented 8.1% of total assets. Book value per share was $35.74, up 15% from March 31, 2003.

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

SunTrust management will host a conference call on April 8, 2004 at 8:30 a.m. (Eastern Time) to discuss the earnings results and business trends. Individuals are encouraged to call in beginning at 8:15 a.m. (Eastern Time) by dialing 1-888-822-9863 (Passcode: 1Q04; Leader: Gary Peacock.). Individuals calling from outside the United States should dial 1-484-630-1854 (Passcode: 1Q04; Leader: Gary Peacock). A replay of the call will be available beginning April 8, 2004 and ending April 22, 2004 at 5:00 p.m. (Eastern Time) by dialing 1-888-296-6941 (domestic) or 1-402-998-0531 (international).

Alternatively, individuals may listen to the live webcast of the presentation by visiting the SunTrust Web site atwww.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, “1^st Quarter Earnings Release”. Beginning the afternoon of April 8, 2004, listeners may access an archived version of the presentation in the “Webcasts” subsection found under “Investor Relations”. A link to the Investor Relations page is also found in the footer of the SunTrust home page.

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

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

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SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

	Three Months Ended						% Change
	2004			2003
EARNINGS & DIVIDENDS
Period Ended March 31 (Dollars in millions except per share data)
Net income	$	358.5		$	327.8		9.3	%
Total revenue		1,459.0			1,380.7		5.7
Total revenue less securities gains1		1,454.1			1,338.6		8.6
Earnings per share
Diluted	$	1.26		$	1.17		7.7
Basic		1.28			1.18		8.5
Dividends paid per common share		0.50			0.45		11.1
Average shares outstanding (000s)
Diluted		283,523			281,330		0.8
Basic		279,523			278,631		0.3
KEY RATIOS
Return on average total assets		1.16	%		1.12	%	3.6	%
Return on average assets less net unrealized gains on securities2		1.19			1.15		3.5
Return on average total equity		14.65			15.13		(3.2	)
Return on average realized equity2		17.59			18.16		(3.1	)
Net interest margin3		3.13			3.21		(2.5	)
Efficiency ratio3		60.98			59.26		2.9
Period Ended March 31
Book value per share		35.74			31.06		15.1
Total average shareholders’ equity to total average assets		7.95			7.43		7.0
Tier 1 capital ratio		8.05	4		7.40		8.8
Total capital ratio		12.00	4		11.38		5.4
Tier 1 leverage ratio		7.60	4		7.15		6.3
CONDENSED BALANCE SHEETS (Dollars in millions)
Average Balances
Securities available for sale	$	25,407		$	23,256		9.3	%
Loans held for sale		5,316			8,045		(33.9	)
Loans		79,905			73,050		9.4
Other earning assets		2,990			3,210		(6.9	)
Allowance for loan losses		(954	)		(942	)	1.2
Intangible assets		1,701			1,553		9.5
Other assets		9,489			10,104		(6.1	)
Total assets	$	123,854		$	118,276		4.7
Consumer and commercial deposits	$	70,361		$	67,467		4.3
Purchased liabilities5		22,915			23,772		(3.6	)
Long-term debt		15,413			11,783		30.8
Other liabilities		5,324			6,468		(17.7	)
Total liabilities		114,013			109,490		4.1
Realized shareholders’ equity		8,195			7,323		11.9
Accumulated other comprehensive income		1,646			1,463		12.5
Total liabilities and shareholders’ equity	$	123,854		$	118,276		4.7
Period Ended March 31
Securities available for sale	$	26,123		$	24,241		7.8
Loans held for sale		5,852			8,221		(28.8	)
Loans		79,213			73,850		7.3
Other earning assets		3,470			3,295		5.3
Allowance for loan losses		(943	)		(931	)	1.2
Intangible assets		1,708			1,577		8.3
Other assets		9,822			9,809		0.1
Total assets	$	125,245		$	120,062		4.3
Consumer and commercial deposits	$	72,449		$	69,726		3.9
Purchased liabilities5		19,767			23,593		(16.2	)
Long-term debt		16,810			11,842		41.9
Other liabilities		6,128			6,203		(1.2	)
Total liabilities		115,154			111,364		3.4
Realized shareholders’ equity		8,309			7,317		13.5
Accumulated other comprehensive income		1,782			1,381		29.0
Total liabilities and shareholders’ equity	$	125,245		$	120,062		4.3

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

² SunTrust presents a return on average assets less net unrealized gains on securities and a return on average realized equity. The foregoing numbers reflect adjustments to remove the effects of the ownership by the Company of 48.3 million shares of The Coca-Cola Company. The Company uses this information internally to gauge its actual performance in the industry. The Company believes that the return on average assets less the net unrealized gains on the securities portfolio is more indicative of the Company’s return on assets because it more accurately reflects the return on the assets that are related to the Company’s core businesses. The Company also believes that the return on average realized equity is more indicative of the Company’s return on equity because the excluded equity relates primarily to a long term holding of a specific security.

³ The net interest margin and efficiency ratios are presented on a fully taxable-equivalent (FTE) basis. The FTE basis adjusts for the tax-favored status of income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

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

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

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SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

	Three Months Ended						% Change
	2004			2003
CREDIT DATA (Dollars in thousands)
Period Ended March 31
Allowance for loan losses - beginning	$	941,922		$	930,114		1.3	%
Provision for loan losses		59,388			80,803		(26.5	)
Net charge-offs
Consumer		26,090			35,775		(27.1	)
Residential		9,380			2,440		284.4
Commercial		23,317			41,622		(44.0	)
Allowance for loan losses - ending	$	942,523		$	931,080		1.2
Total net charge-offs	$	58,787		$	79,837		(26.4	)
Net charge-offs to average loans		0.30	%		0.44	%	(31.8	)
Period Ended March 31
Nonaccrual loans	$	283,918		$	520,052		(45.4	)
Restructured loans		18,661			—		100.0
Total nonperforming loans		302,579			520,052		(41.8	)
Other real estate owned (OREO)		18,380			18,064		1.7
Other repossessed assets		10,953			10,279		6.6
Total nonperforming assets	$	331,912		$	548,395		(39.5	)
Total nonperforming loans to total loans		0.38	%		0.70	%	(45.7	)
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.42			0.74		(43.2	)
Allowance to period-end loans		1.19			1.26		(5.6	)
Allowance to nonperforming loans		311.5			179.0		74.0

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SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	As of March 31						Increase/(Decrease)
	2004			2003			Amount			%
ASSETS
Cash and due from banks	$	3,364,176		$	3,817,238		$	(453,062	)	(11.9	)%
Interest-bearing deposits in other banks		16,398			10,809			5,589		51.7
Trading assets		2,139,399			1,861,777			277,622		14.9
Securities available for sale1		26,122,547			24,241,046			1,881,501		7.8
Funds sold and securities purchased under agreements to resell		1,314,231			1,422,896			(108,665	)	(7.6	)
Loans held for sale		5,852,118			8,220,705			(2,368,587	)	(28.8	)
Loans		79,212,829			73,849,829			5,363,000		7.3
Allowance for loan losses		(942,523	)		(931,080	)		(11,443	)	1.2
Net loans		78,270,306			72,918,749			5,351,557		7.3
Goodwill		1,079,640			967,949			111,691		11.5
Other intangible assets		628,223			609,211			19,012		3.1
Other assets		6,457,463			5,991,767			465,696		7.8
Total Assets2	$	125,244,501		$	120,062,147		$	5,182,354		4.3
LIABILITIES
Noninterest-bearing consumer and commercial deposits	$	20,136,810		$	17,964,170		$	2,172,640		12.1
Interest-bearing consumer and commercial deposits		52,312,167			51,761,607			550,560		1.1
Total consumer and commercial deposits		72,448,977			69,725,777			2,723,200		3.9
Brokered deposits		3,568,493			4,180,861			(612,368	)	(14.6	)
Foreign deposits		4,852,124			4,099,738			752,386		18.4
Total deposits		80,869,594			78,006,376			2,863,218		3.7
Funds purchased and securities sold under agreements to repurchase		10,197,739			14,619,021			(4,421,282	)	(30.2	)
Other short-term borrowings		1,148,290			693,129			455,161		65.7
Long-term debt		16,809,810			11,842,215			4,967,595		41.9
Trading liabilities		1,028,592			1,048,005			(19,413	)	(1.9	)
Other liabilities		5,100,024			5,155,112			(55,088	)	(1.1	)
Total liabilities		115,154,049			111,363,858			3,790,191		3.4
SHAREHOLDERS’ EQUITY
Preferred stock, no par value		—			—			—		—
Common stock, $1.00 par value		294,163			294,163			—		—
Additional paid in capital		1,293,732			1,275,642			18,090		1.4
Retained earnings		7,366,636			6,523,222			843,414		12.9
Treasury stock and other		(645,739	)		(775,550	)		129,811		(16.7	)
Realized shareholders’ equity		8,308,792			7,317,477			991,315		13.5
Accumulated other comprehensive income		1,781,660			1,380,812			400,848		29.0
Total shareholders’ equity		10,090,452			8,698,289			1,392,163		16.0
Total Liabilities and Shareholders’ Equity	$	125,244,501		$	120,062,147		$	5,182,354		4.3
Common shares outstanding		282,331,789			280,023,826			2,307,963		0.8
Common shares authorized		750,000,000			750,000,000			—		—
Treasury shares of common stock		11,830,968			14,138,931			(2,307,963	)	(16.3	)
1Includes net unrealized gains of:	$	2,787,148		$	2,207,002		$	580,146		26.3
2Includes earning assets of:		111,870,374			107,400,060			4,470,314		4.2

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SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

	Three Months Ended
	March 31				Increase/(Decrease)
	2004		2003		Amount			%
Interest income	$	1,173,864	$	1,218,121	$	(44,257	)	(3.6	)%
Interest expense		322,216		395,651		(73,435	)	(18.6	)
NET INTEREST INCOME		851,648		822,470		29,178		3.5
Provision for loan losses		59,388		80,803		(21,415	)	(26.5	)
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		792,260		741,667		50,593		6.8
NONINTEREST INCOME
Service charges on deposit accounts		163,218		157,821		5,397		3.4
Trust and investment management income		136,218		120,795		15,423		12.8
Retail investment services		45,738		37,468		8,270		22.1
Other charges and fees		92,747		78,271		14,476		18.5
Investment banking income		44,813		33,812		11,001		32.5
Trading account profits and commissions		29,390		30,793		(1,403	)	(4.6	)
Credit card and other fees		31,694		28,673		3,021		10.5
Other noninterest income		46,341		17,987		28,354		157.6
Securities gains		4,927		42,039		(37,112	)	(88.3	)
Total noninterest income		595,086		547,659		47,427		8.7
NONINTEREST EXPENSE
Personnel expense		506,796		473,725		33,071		7.0
Net occupancy expense		61,859		57,722		4,137		7.2
Outside processing and software		65,626		57,054		8,572		15.0
Equipment expense		45,085		43,470		1,615		3.7
Marketing and customer development		30,219		24,879		5,340		21.5
Amortization of intangible assets		15,640		16,717		(1,077	)	(6.4	)
Other noninterest expense		164,523		144,662		19,861		13.7
Total noninterest expense		889,748		818,229		71,519		8.7
INCOME BEFORE INCOME TAXES		497,598		471,097		26,501		5.6
Provision for income taxes		139,121		143,249		(4,128	)	(2.9	)
NET INCOME	$	358,477	$	327,848	$	30,629		9.3
Net interest income (taxable-equivalent)1	$	863,904	$	833,013	$	30,891		3.7
Earnings per share
Diluted		1.26		1.17		0.09		7.7
Basic		1.28		1.18		0.10		8.5
Cash dividends paid per common share		0.50		0.45		0.05		11.1
Average shares outstanding (000s)
Diluted		283,523		281,330		2,193		0.8
Basic		279,523		278,631		892		0.3

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

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SunTrust Banks, Inc. and Subsidiaries

SELECTED FINANCIAL INFORMATION

	1st Quarter 2004			4th Quarter 2003			3rd Quarter 2003			2nd Quarter 2003			1st Quarter 2003
RESULTS OF OPERATIONS (Dollars in thousands, except per share data)
Net interest income	$	851,648		$	865,520		$	832,800		$	799,513		$	822,470
Provision for loan losses		59,388			70,286			79,799			82,662			80,803
Net credit income		792,260			795,234			753,001			716,851			741,667
Securities gains		4,927			19,501			31,098			31,238			42,039
Other noninterest income		590,159			564,571			543,380			565,554			505,620
Net credit and noninterest income		1,387,346			1,379,306			1,327,479			1,313,643			1,289,326
Noninterest expense		889,748			884,794			859,865			837,728			818,229
Income before income taxes		497,598			494,512			467,614			475,915			471,097
Provision for income taxes		139,121			152,005			136,031			145,556			143,249
Net Income	$	358,477		$	342,507		$	331,583		$	330,359		$	327,848
Net interest income (taxable-equivalent)	$	863,904		$	877,501		$	844,388		$	810,415		$	833,013
Total revenue		1,458,990			1,461,573			1,418,866			1,407,207			1,380,672
Total revenue less securities gains1		1,454,063			1,442,072			1,387,768			1,375,969			1,338,633
Earnings per share
Diluted	$	1.26		$	1.21		$	1.18		$	1.17		$	1.17
Basic		1.28			1.23			1.19			1.19			1.18
Dividends paid per common share		0.50			0.45			0.45			0.45			0.45
Average shares outstanding (000s)
Diluted		283,523			282,537			281,567			280,287			281,330
Basic		279,523			278,852			278,296			277,397			278,631
SELECTED AVERAGE BALANCES (Dollars in millions)
Total assets	$	123,854		$	124,756		$	126,702		$	119,448		$	118,276
Earning assets		111,038			112,730			112,329			106,606			105,249
Unrealized gains on securities available for sale		2,580			2,364			2,402			2,293			2,312
Loans		79,905			79,370			77,733			74,311			73,050
Interest-bearing liabilities		89,792			91,213			90,464			86,414			86,834
Total deposits		80,362			81,082			81,373			79,804			77,847
Shareholders’ equity		9,840			9,436			9,237			8,864			8,787
SELECTED RATIOS
Net interest margin2		3.13	%		3.09	%		2.98	%		3.05	%		3.21	%
Return on average total assets		1.16			1.09			1.04			1.11			1.12
Return on average assets less net unrealized gains on securities3		1.19			1.11			1.06			1.13			1.15
Return on average total equity		14.65			14.40			14.24			14.95			15.13
Return on average realized equity3		17.59			17.13			17.06			17.87			18.16
CREDIT DATA (Dollars in thousands)
Allowance for loan losses - beginning	$	941,922		$	941,423		$	940,889		$	931,080		$	930,114
Allowance from acquisitions and other activity - net		—			—			—			9,324			—
Provision for loan losses		59,388			70,286			79,799			82,662			80,803
Net charge-offs		58,787			69,787			79,265			82,177			79,837
Allowance for loan losses - ending	$	942,523		$	941,922		$	941,423		$	940,889		$	931,080
Net charge-offs to average loans		0.30	%		0.35	%		0.40	%		0.44	%		0.44	%
Period Ended
Nonaccrual loans	$	283,918		$	336,587		$	423,320		$	480,582		$	520,052
Restructured loans		18,661			14,782			9,241			2,500			—
Total nonperforming loans		302,579			351,369			432,561			483,082			520,052
Other real estate owned (OREO)		18,380			16,458			19,607			20,887			18,064
Other repossessed assets		10,953			10,270			11,637			11,421			10,279
Total nonperforming assets	$	331,912		$	378,097		$	463,805		$	515,390		$	548,395
Total nonperforming loans to total loans		0.38	%		0.44	%		0.55	%		0.64	%		0.70	%
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.42			0.47			0.59			0.68			0.74
Allowance to period-end loans		1.19			1.17			1.19			1.25			1.26
Allowance to nonperforming loans		311.5			268.1			217.6			194.8			179.0

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

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

³ SunTrust presents a return on average assets less net unrealized gains on securities and a return on average realized equity. The foregoing numbers reflect adjustments to remove the effects of the ownership by the Company of 48.3 million shares of The Coca-Cola Company. The Company uses this information internally to gauge its actual performance in the industry. The Company believes that the return on average assets less the net unrealized gains on the securities portfolio is more indicative of the Company’s return on assets because it more accurately reflects the return on the assets that are related to the Company’s core businesses. The Company also believes that the return on average realized equity is more indicative of the Company’s return on equity because the excluded equity relates primarily to a long term holding of a specific security.

10

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED DAILY AVERAGE BALANCES,

AVERAGE YIELDS EARNED AND RATES PAID

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

	Three Months Ended
	March 31, 2004							March 31, 2003
	Average Balances			Interest Income/ Expense		Yields/ Rates		Average Balances			Interest Income/ Expense		Yields/ Rates
Assets
Loans:
Real estate 1-4 family	$	17,758.0		$	230.5	5.19	%	$	14,622.6		$	230.3	6.30	%
Real estate construction		4,546.3			49.3	4.36			3,947.4			47.4	4.87
Real estate equity		7,111.8			73.9	4.18			5,417.8			61.6	4.61
Real estate commercial		9,295.0			106.9	4.63			9,105.3			117.9	5.25
Commercial		28,464.1			250.2	3.54			27,837.8			270.4	3.94
Business credit card		140.0			2.4	6.74			119.7			2.2	7.26
Consumer – direct		3,533.1			42.2	4.81			3,755.2			49.7	5.36
Consumer – indirect		8,727.4			130.3	6.01			7,711.0			139.1	7.32
Nonaccrual and restructured		329.2			6.0	7.33			533.0			2.7	2.03
Total loans		79,904.9			891.7	4.49			73,049.8			921.3	5.11
Securities available for sale:
Taxable		22,462.5			212.9	3.79			20,554.3			181.3	3.53
Tax-exempt		364.6			5.7	6.21			390.1			6.4	6.57
Total securities available for sale		22,827.1			218.6	3.83			20,944.4			187.7	3.58
Funds sold and securities purchased under agreement to resell		1,240.5			3.3	1.06			1,472.9			4.6	1.25
Loans held for sale		5,316.1			67.1	5.05			8,044.7			111.0	5.52
Interest-bearing deposits		15.2			—	0.85			11.6			—	1.15
Trading assets		1,734.4			5.4	1.24			1,725.6			4.1	0.96
Total earning assets		111,038.2			1,186.1	4.30			105,249.0			1,228.7	4.73
Allowance for loan losses		(953.7	)						(942.0	)
Cash and due from banks		3,371.2							3,475.4
Premises and equipment		1,612.0							1,603.4
Other assets		6,205.7							6,578.8
Unrealized gains on securities available for sale		2,580.3							2,311.6
Total assets	$	123,853.7						$	118,276.2
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
NOW accounts	$	12,332.1		$	11.8	0.38	%	$	11,326.5		$	14.9	0.53	%
Money Market accounts		22,136.8			42.3	0.77			21,856.3			60.4	1.12
Savings		6,334.2			10.1	0.64			6,218.6			14.0	0.91
Consumer time		7,268.8			37.6	2.08			8,435.3			61.0	2.93
Other time		3,392.4			19.9	2.36			3,442.3			16.0	1.89
Total interest-bearing consumer and commercial deposits		51,464.3			121.7	0.95			51,279.0			166.3	1.31
Brokered deposits		3,903.1			22.5	2.28			3,914.5			34.0	3.47
Foreign deposits		6,097.5			16.5	1.07			6,465.4			19.9	1.23
Total interest-bearing deposits		61,464.9			160.7	1.05			61,658.9			220.2	1.45
Funds purchased and securities sold under agreements to repurchase		10,175.6			19.8	0.77			12,644.7			32.5	1.03
Other short-term borrowings		2,738.5			11.0	1.62			747.2			2.1	1.15
Long-term debt		15,412.9			130.7	3.41			11,782.9			140.9	4.85
Total interest-bearing liabilities		89,791.9			322.2	1.44			86,833.7			395.7	1.85
Noninterest-bearing deposits		18,896.7							16,187.8
Other liabilities		5,324.8							6,468.1
Realized shareholders’ equity		8,194.6							7,323.1
Accumulated other comprehensive income		1,645.7							1,463.5
Total liabilities and shareholders’ equity	$	123,853.7						$	118,276.2
Interest rate spread						2.86	%						2.88	%
Net Interest Margin						3.13	%						3.21	%

SunTrust Banks, Inc. and Subsidiaries

RECONCILEMENT OF NON-GAAP MEASURES

APPENDIX A TO THE PRESS RELEASE

	1st Quarter 2004			4th Quarter 2003			3rd Quarter 2003			2nd Quarter 2003			1st Quarter 2003
NON-GAAP MEASURES PRESENTED IN THE PRESS RELEASE (Dollars in thousands)
Return on average total assets		1.16	%		1.09	%		1.04	%		1.11	%		1.12	%
Impact of excluding net unrealized securities gains		0.03			0.02			0.02			0.02			0.03
Return on average total assets less net unrealized gains on securities		1.19	%		1.11	%		1.06	%		1.13	%		1.15	%
Return on average total shareholders’ equity		14.65	%		14.40	%		14.24	%		14.95	%		15.13	%
Impact of excluding net unrealized securities gains		2.94			2.73			2.82			2.92			3.03
Return on average realized shareholders’ equity		17.59	%		17.13	%		17.06	%		17.87	%		18.16	%
Net interest income	$	851,648		$	865,520		$	832,800		$	799,513		$	822,470
FTE adjustment		12,256			11,981			11,588			10,902			10,543
Net interest income - FTE		863,904			877,501			844,388			810,415			833,013
Noninterest income		595,086			584,072			574,478			596,792			547,659
Total revenue		1,458,990			1,461,573			1,418,866			1,407,207			1,380,672
Securities gains		(4,927	)		(19,501	)		(31,098	)		(31,238	)		(42,039	)
Total revenue less securities gains	$	1,454,063		$	1,442,072		$	1,387,768		$	1,375,969		$	1,338,633

	1st Quarter 2004			4th Quarter 2003			Change %2		1st Quarter 2004			1st Quarter 2003			Change %
NON-GAAP DISCLOSURES FOR IMPACTS OF THREE PILLARS, AFFORDABLE HOUSING CONSOLIDATION, AND FICA (Dollars in millions)
Average loans - reported	$	79,905		$	79,370		0.7	%	$	79,905		$	73,050		9.4	%
Impact of Three Pillars		(1,430	)		(2,243	)				(1,430	)		—
Average loans excluding Three Pillars	$	78,475		$	77,127		1.7		$	78,475		$	73,050		7.4
Average earning assets – reported	$	111,038		$	112,730		(1.5	)	$	111,038		$	105,249		5.5
Impact of Three Pillars		(1,715	)		(2,699	)				(1,715	)		—
Average earning assets excluding Three Pillars	$	109,323		$	110,031		(0.6	)	$	109,323		$	105,249		3.9
Average commercial loans – reported	$	28,464		$	29,289		(2.8	)	$	28,464		$	27,838		2.2
Impact of Three Pillars		(1,430	)		(2,243	)				(1,430	)		—
Average commercial loans excluding Three Pillars	$	27,034		$	27,046		—		$	27,034		$	27,838		(2.9	)
Average commercial loan yield – reported		3.54	%		3.58	%	(1.1	)		3.54	%		3.94	%	(10.2	)
Impact of Three Pillars		0.06			0.11					0.06			—
Average commercial loan yield excluding Three Pillars		3.60	%		3.69	%	(2.4	)		3.60	%		3.94	%	(8.6	)
Net interest margin - reported		3.13	%		3.09	%	1.3			3.13	%		3.21	%	(2.5	)
Impact of Three Pillars		0.04			0.06					0.04			—
Impact of affordable housing consolidation		0.01			0.01					0.01			—
Net interest margin excluding Three Pillars and affordable housing consolidation		3.18	%		3.16	%	0.6			3.18	%		3.21	%	(0.9	)
Net charge-offs to average loans – reported		0.30	%		0.35	%	(14.3	)
Impact of Three Pillars		—			0.01
Net charge-offs to average loans excluding Three Pillars		0.30	%		0.36	%	(16.7	)
Allowance to period-end loans – reported		1.19	%		1.17	%	1.7
Impact of Three Pillars		—			0.03
Allowance to period-end loans excluding Three Pillars		1.19	%		1.20	%	(0.8	)
Total nonperforming loans to total loans - reported		0.38	%		0.44	%	(13.6	)
Impact of Three Pillars		—			0.01
Total nonperforming loans to total loans excluding Three Pillars		0.38	%		0.45	%	(15.6	)
Total nonperforming assets to total loans plus OREO and other repossessed assets - reported		0.42	%		0.47	%	(10.6	)
Impact of Three Pillars		—			0.01
Total nonperforming assets to total loans plus OREO and other repossessed assets excluding Three Pillars		0.42	%		0.48	%	(12.5	)
(Dollars in thousands)
Personnel expense - reported	$	506,796		$	516,171		(1.8	)
FICA & unemployment tax		40,766			21,772
Personnel expense excluding FICA & unemployment	$	466,030		$	494,399		(5.7	)
Noninterest expense - reported	$	889,748		$	884,794		0.6
FICA & unemployment tax		40,766			21,772
Noninterest expense excluding FICA & unemployment tax	$	848,982		$	863,022		(1.6	)

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. Certain other affordable housing limited partnerships were also consolidated beginning in the third quarter of 2003. Adjustments were made to reported figures for comparability purposes.

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

Appendix A