SUNTRUST BANKS INC - FORM 8-K - EX-99.1 - NEWS RELEASE

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8-K - FORM 8-K - SUNTRUST BANKS INC	d8k.htm
EX-99.2 - PRESENTATION MATERIALS - SUNTRUST BANKS INC	dex992.htm
EX-99.3 - NEWS RELEASE - SUNTRUST BANKS INC	dex993.htm

Exhibit 99.1



				News Release


Contact:
Investors		Media
Kris Dickson		Mike McCoy
(404) 827-6714		(404) 588-7230

For Immediate Release

April 21, 2011

SunTrust Reports First Quarter 2011 Results

Continued Improvement in Operating Trends; Redemption of TARP Shares Completed

ATLANTA — SunTrust Banks, Inc. (NYSE: STI) today reported net income per average common share of $0.08 for the first quarter of 2011, or $0.22 excluding the $0.14 non-cash charge related to the redemption of the TARP preferred shares issued to the U.S. Treasury under the Capital Purchase Program. Excluding this charge, earnings were essentially flat compared to the $0.23 per share reported in the fourth quarter of 2010. This quarter’s performance was driven by further improvement in credit quality, expansion of the net interest margin and a reduction in expenses. These results were achieved despite seasonal and cyclical factors adversely impacting first quarter results. Results compare favorably to a net loss of $0.46 per average common share reported for the first quarter of 2010. Net income available to common shareholders was $38 million for the first quarter of 2011, or $112 million excluding the $74 million non-cash charge related to the redemption of the TARP preferred shares.

“Our emphasis on profitable growth and continued credit quality improvement resulted in solid performance that was in line with our expectations for the quarter,” said James M. Wells III, chairman and chief executive officer of SunTrust Banks, Inc. Mr. Wells noted that the Company’s patient and deliberate approach to TARP redemption had been completed with the best interests of shareholders in mind, and that SunTrust is now “singularly focused on client-centric strategies to take advantage of the growth opportunities in our markets and further improve profitability.”

First Quarter 2011 Financial Highlights

Income Statement

•

Net income available to common shareholders, excluding the impact from the redemption of TARP preferred shares, was $0.22 per share compared to earnings of $0.23 per share in the prior quarter and a loss of $0.46 per share in the first quarter of 2010.

•

Net interest income was up 6% from the prior year and down 1% from the prior quarter. The growth from the prior year was due primarily to lower funding costs resulting from strong low-cost deposit growth, while the decline from the prior quarter was due to fewer business days in the current quarter.

•

Net interest margin increased from the prior quarter by 9 basis points to 3.53%, continuing the upward quarterly trend experienced in each of the past eight quarters.

•

Noninterest income declined from the prior quarter, as expected, due to lower mortgage production and cyclical capital markets fees. Noninterest income increased from the prior year due to widespread growth in consumer and commercial categories.

•

Noninterest expense declined compared to the prior quarter, despite seasonally higher employee benefits costs, as credit-related, marketing, and technology expenses decreased. Expenses increased from the prior year primarily due to compensation expenses associated with improved business performance and an increase in full-time equivalent employees.

Credit Quality

•

Credit quality continued to improve with net charge-offs, nonperforming loans, nonperforming assets, and early stage delinquencies all declining.

•

Provision for credit losses declined due to lower net charge-offs and the impact of improved credit quality on the allowance for loan losses. The allowance for loan losses was $2.9 billion, or 2.49% of total loans, down 9 basis points from year end.

Balance Sheet

•

Average loans were relatively flat compared to the prior quarter; however, commercial & industrial and consumer loans grew modestly, while the higher-risk segments of the portfolio continued to decline.

•

Average customer deposits grew to a record level, and the favorable trend in the deposit mix toward lower-cost accounts continued.

•

SunTrust’s capital position was further strengthened this quarter by the $1 billion common equity offering in conjunction with the redemption of TARP preferred shares. The Tier 1 common ratio is well above the recent Basel III proposed guidance and is estimated at 9.00%. The estimated Tier 1 capital and total capital ratios were 11.00% and 13.90% at quarter end, which were also well in excess of current and proposed regulatory guidelines to be considered “well capitalized.”


	1Q 2010			4Q 2010			1Q 2011
Income Statement

(Presented on a fully taxable equivalent basis)

(Dollars in millions, except per share data)
Net income/(loss)	$	(161	)	$	185		$	180
Net income/(loss) available to common shareholders		(229	)		114			38
Earnings per average common diluted share		(0.46	)		0.23			0.08
Earnings per average common diluted share excluding impact of TARP redemption		(0.46	)		0.23			0.22
Total revenue		1,900			2,326			2,160
Total revenue, excluding net securities gains/losses		1,899			2,262			2,096
Net interest income		1,202			1,294			1,277
Provision for credit losses		862			512			447
Noninterest income		698			1,032			883
Noninterest expense		1,361			1,548			1,465
Net interest margin		3.32	%		3.44	%		3.53	%

Balance Sheet
(Dollars in billions)
Average loans	$	114.4		$	114.9		$	115.2
Average consumer and commercial deposits		115.1			119.7			120.7

Capital
Tier 1 capital ratio ⁽¹⁾		13.13	%		13.67	%		11.00	%
Tier 1 common equity ratio ⁽¹⁾		7.70	%		8.08	%		9.00	%
Total average shareholders’ equity to total average assets		13.03	%		13.49	%		13.35	%

Asset Quality
Net charge-offs to average loans (annualized)		2.91	%		2.14	%		2.01	%
Allowance for loan losses to period end loans		2.80	%		2.58	%		2.49	%
Nonperforming loans to total loans		4.55	%		3.54	%		3.46	%

⁽¹⁾	Current period Tier 1 capital and Tier 1 common equity ratios are estimated as of the earnings release date.

Consolidated Financial Performance

(Presented on a fully taxable-equivalent basis unless otherwise noted)

Revenue

Total revenue was $2,160 million for the first quarter of 2011 compared with $2,326 million in the fourth quarter of 2010 and $1,900 million for the first quarter of 2010. The 7% decline on a sequential quarter basis was primarily in noninterest income and due to lower mortgage production, declines in investment banking, and reduced mark-to-market valuation gains on the Company’s debt carried at fair value, net of related hedges. The 14% total revenue increase from the prior year was driven by reduced interest expense, due primarily to strong low-cost deposit growth, and broad-based increases in consumer and commercial fee categories. Both the current quarter and the fourth quarter of 2010 included net gains of $64 million from the sales of securities compared with net gains of $1 million in the first quarter of 2010.

Net Interest Income

For the first quarter of 2011, net interest income was $1,277 million compared with $1,294 million in the prior quarter and $1,202 million in the prior year. The $17 million, or 1%, decline on a sequential quarter basis was primarily related to two fewer days in the current quarter. The 6% increase in net interest income over the first quarter of 2010 was attributable to lower deposit rates, continued deposit growth, and the shift in deposit mix toward low-cost deposits, thereby enabling a decline in higher-cost wholesale funding. Interest earning asset yields were relatively stable, despite the lower interest rate environment, due to active management of the balance sheet and improved loan pricing.

Net interest margin for the first quarter of 2011 was 3.53% compared with 3.44% in the prior quarter and 3.32% in the prior year. The 9 basis point increase on a sequential quarter basis was driven by higher rates on average earning assets, primarily related to a reduction in lower-yielding securities available for sale, and favorable changes in deposit mix. Compared to the first quarter of 2010, the 21 basis point increase was primarily driven by a 31 basis point decline in rates paid on interest-bearing liabilities, which more than offset a 6 basis point decline in earning asset yields.

Noninterest Income

Total noninterest income was $883 million in the first quarter of 2011 compared with $1,032 million in the prior quarter and $698 million in the prior year. The $149 million, or 14%, sequential quarter decline was primarily driven by lower mortgage production related income, investment banking revenue, and mark-to-market valuation gains. Compared with the first quarter of 2010, noninterest income increased $185 million, or 27%, due to broad-based growth in consumer and commercial fee-based categories and higher net gains on the sale of investment securities, partially offset by lower service charges on deposit accounts.

Mortgage production and servicing income was a combined $71 million in the current quarter compared with $109 million in the prior quarter and $39 million in the prior year. The $38 million, or 35%, decline on a sequential quarter basis was due to lower mortgage production volume in light of the negative impact that higher mortgage interest rates had on refinance activity, as well as reduced gain on sale margins. The $32 million increase in mortgage income from the prior year was primarily due to a $48 million decline in mortgage repurchase costs. The repurchase cost was $80 million in the current quarter, and reserves for mortgage repurchase losses were $270 million as of March 31, 2011, an increase of $5 million over December 31, 2010. The reserve increase was primarily due to recent increases in agency-related repurchase requests. Mortgage servicing income was essentially flat compared to the prior quarter and prior year. The mortgage servicing portfolio was $164.4 billion as of March 31, 2011, compared to $167.2 billion at December 31, 2010.

Trading account profits and commissions were $52 million in the first quarter of 2011 compared with $93 million in the prior quarter and ($7) million in the prior year. Core capital markets-related trading income remained stable on a sequential quarter basis and was up slightly year-over-year. The $41 million sequential quarter decline was driven by $31 million in valuation related losses, net of hedges, on the Company’s index-linked CDs and public debt, both carried at fair value. This compares with valuation gains of $21 million in the fourth quarter of 2010. The net $52 million change was the result of the Company’s credit spread improving during the current quarter. Partially offsetting these debt-related mark-to-market losses was an incremental $11 million in valuation gains on illiquid securities. Compared to the first quarter of 2010, trading account profits and commissions increased $59 million driven by a $20 million decrease in valuation losses, net of hedges, on the Company’s index-linked CDs and public debt, both carried at fair value, as well as more favorable valuation impacts of approximately $46 million on illiquid securities.

Investment banking income was $67 million in the current quarter compared with $103 million in the fourth quarter of 2010 and $56 million in the first quarter of 2010. The $36 million sequential quarter decline was attributable to high levels of syndicated finance deal flow in the fourth quarter and a typical seasonal decline in investment banking during the first quarter. The $11 million increase from the prior year was due to higher levels of syndicated finance income.

Service charges on deposit accounts declined on a year-over-year and sequential quarter basis, primarily due to overdraft fees, as clients altered their behavior, including responding to regulatory-induced product changes. Conversely, trust income, retail investment income, and card fees all increased on both a sequential quarter and prior year comparison. Net gains on the sale of securities associated with repositioning the investment portfolio were $64 million in the current quarter and the fourth quarter of 2010 and $1 million in the first quarter of 2010. In addition, the fourth quarter of 2010 included a $13 million gain recognized upon the sale of the Company’s money market mutual fund business.

Noninterest Expense

Noninterest expense was $1,465 million in the current quarter compared with $1,548 million in the prior quarter and $1,361 million in the prior year. The decrease of $83 million, or 5%, on a sequential quarter basis was the result of anticipated reductions in marketing and technology expenses, following specific investment-related expenses incurred during the fourth quarter of 2010. In addition, credit-related expenses declined $34 million, or 18%, driven by lower other real estate expenses and credit and collections expenses. Personnel related expenses increased only $16 million, or 2%, despite seasonally higher 401(k) and payroll taxes in the current quarter, as other staff expenses declined. Total full-time equivalent employees were flat compared to the beginning of the quarter.

The increase in noninterest expense over the first quarter of 2010 was primarily driven by a $62 million increase in employee compensation and benefits attributable to a 3% increase in full-time equivalent employees and higher incentive compensation related to improved business performance. Credit-related expenses increased $12 million, or 8%, due to higher other real estate expenses. Outside processing and software expense increased $9 million, or 6%, due to investments in various risk management and client service-related technology projects. FDIC and regulatory expenses increased $7 million, or 11%, primarily due to increased deposit balances.

Income Taxes

In the first quarter of 2011, the Company recorded a provision for income taxes of $33 million compared with a provision of $45 million in the fourth quarter of 2010 and a benefit of $194 million in the first quarter of 2010. The effective tax rate for the current quarter was 15.5%.

U.S. Treasury Preferred Dividends

In the current and 2010 quarters, the Company recorded $66 million of preferred dividends related to the $4.85 billion in TARP preferred shares issued to the U.S. Treasury under the Capital Purchase Program. In addition, in conjunction with the current quarter redemption of TARP preferred shares, the Company incurred a non-cash charge to net income available to common shareholders of $74 million, or $0.14 per common diluted share, related to the unamortized discount on the TARP preferred shares.

Balance Sheet

As of March 31, 2011, SunTrust had total assets of $170.8 billion and shareholders’ equity of $19.2 billion, representing 11.3% of total assets. During the first quarter, common shareholders’ equity was increased as a result of the issuance of $1.0 billion in common equity, while total shareholders’ equity declined $3.9 billion as a result of the redemption of the $4.9 billion in TARP preferred shares. Book and tangible book value per common share were $35.49 and $23.79, respectively, as of March 31, 2011.

Loans

During the current quarter, average loans were $115.2 billion, which compares with average balances of $114.9 billion and $114.4 billion during the fourth and first quarters of 2010, respectively. The relatively flat sequential quarter balance is the net effect of growth in targeted portfolios being offset by declines in higher-risk categories. Consumer loans grew due to the acquisition of high-quality auto loans during the fourth quarter of 2010, while commercial & industrial loans also increased. Sequential quarter declines occurred in higher-risk segments of the portfolio, including commercial construction and certain other real estate-related categories.

Compared to the first quarter of 2010, average loans increased $0.7 billion, or less than 1%. Growth was driven by the acquisition of auto and student loans, as well as from organic growth in commercial & industrial and government-guaranteed residential loans. The growth was offset by reductions in commercial construction, non-guaranteed residential mortgages, and home equity products. The net effect of the growth and declines within these particular loan categories resulted in a continued improvement in the risk profile of the portfolio. As of March 31, 2011, approximately 8% of the Company’s loan portfolio was comprised of government-guaranteed loans.

Deposits

Consumer and commercial deposits in the first quarter of 2011 averaged $120.7 billion, which compares with average balances of $119.7 billion and $115.1 billion in the prior quarter and prior year, respectively. The sequential quarter increase of $1.0 billion, or 0.9%, was concentrated in all low-cost deposit categories, while time deposits continued to decline, resulting in continued improvement in the deposit mix.

The average balance growth compared to the first quarter of 2010 was $5.6 billion, or 5%. Growth was driven by low-cost deposits, primarily demand and money market accounts, which grew a combined $10.1 billion, or 17%, while time deposits declined $4.6 billion, or 19%. While changing client preferences and the economic environment have contributed to this favorable shift in deposit mix, SunTrust also attributes the low-cost deposit growth to its investments in enhancing the client experience, its marketing initiatives, and its growth in core households.

Capital and Liquidity

The Company enhanced the composition of its capital base in the first quarter via the issuance of $1.0 billion in common equity and the redemption of the $4.9 billion in TARP preferred shares. As a result, the estimated Tier 1 common equity ratio is expected to increase 92 bps to 9.00%. Due to the TARP preferred shares redemption, the Tier 1 capital and total capital ratios are expected to decline 267 and 264 basis points, respectively, compared to the prior quarter to 11.00% and 13.90%, respectively, as of March 31, 2011. The Company’s capital position remains well above current regulatory requirements, as well as the proposed guidelines recently published by the Basel Committee and endorsed by U.S. regulatory agencies. The Company also continues to have substantial liquidity, as the inflows of deposits have largely been retained in cash or invested in high quality government-backed securities. In addition, the Company continues to have significant available borrowing capacity from its contingent funding sources, and it completed a $1.0 billion issuance of senior debt during the first quarter.

Asset Quality

Asset quality continued to improve during the quarter with net charge-offs, nonperforming loans, other real estate owned, and early stage delinquencies all declining compared to the fourth and first quarters of 2010.

Net charge-offs were $571 million in the current quarter compared with $621 million in the prior quarter and $821 million in the prior year. The $50 million sequential decline was concentrated in commercial loans, while other loan categories were relatively flat. Compared to the first quarter of 2010, net charge-offs declined $250 million, or 30%, with declines in all loan segments. For the current quarter, the ratio of annualized net charge-offs to total average loans was 2.01%, an improvement of 13 and 90 basis points from the prior quarter and the prior year, respectively. The provision for credit losses for the current quarter was $447 million, down $65 million from the fourth quarter of 2010 and down $415 million from the first quarter of 2010.

Nonperforming loans declined for the seventh consecutive quarter and, as of March 31, 2011, they were $4.0 billion. This compares with $4.1 billion in the prior quarter and $5.2 billion the prior year. The $139 million, or 3%, sequential decline in nonperforming loans was attributable to reductions in commercial construction and residential mortgage loans, partially offset by an increase in commercial real estate loans. A portion of the decline is attributable to the transfer of $57 million of nonperforming residential mortgage loans to loans held for sale, as the Company elected to actively market these loans for sale during the current quarter and intends to sell them during the second quarter. As a result of transferring these loans to held for sale, the Company recorded an incremental $10 million in charge-offs to reflect the lower of cost or market carrying value that is required for loans held for sale. The $1,214 million, or 23%, decline in nonperforming loans from the prior year is driven primarily by reductions in the commercial & industrial, commercial construction, residential mortgage, and residential construction loan classes. At the end of the current quarter, nonperforming loans represented 3.46% of total loans, down 8 basis points from the fourth quarter of 2010 and down 109 basis points from the end of the first quarter of 2010. As of March 31, 2011, other real estate owned totaled $534 million, down $62 million since year end.

Early stage delinquencies were 1.15% at quarter end, a modest improvement of 3 basis points from year end. Excluding government-guaranteed student loans and Ginnie Mae insured repurchased mortgage loans, early stage delinquencies were 0.80%, a decline of 10 basis points from year-end and 24 basis points from the prior year.

As of March 31, 2011, the allowance for loan losses was $2.9 billion representing 2.49% of total loans, down 9 basis points from year end. The allowance for loan losses declined $120 million during the current quarter as a result of the improvement in asset quality.

Accruing and nonaccruing restructured loans totaled $3.6 billion as of March 31, 2011, which was relatively stable compared to year end. $3.1 billion of restructured loans relate to residential mortgages, while $0.5 billion are loans to commercial clients.

LINE OF BUSINESS FINANCIAL PERFORMANCE

Line of Business Results

The Company has included line of business financial tables as part of this release on its website at www.suntrust.com in the Investor Relations section located under “About SunTrust.” The Company’s business segments are: Retail Banking, Diversified Commercial Banking, Corporate and Investment Banking, Mortgage, Wealth and Investment Management, and Commercial Real Estate. All revenue in the line of business tables is reported on a fully taxable-equivalent basis. For the lines of business, results include net interest income, which is computed using matched-maturity funds transfer pricing. Further, provision for loan losses is represented by net charge-offs. SunTrust also reports results for Corporate Other and Treasury, which includes the Treasury department as well as the residual expense associated with operational and support expense allocations. The Corporate Other and Treasury segment also includes differences created between internal management accounting practices and generally accepted accounting principles, certain matched-maturity funds transfer pricing credits and charges, differences in provision for loan losses compared to net charge-offs, as well as equity and its related impact. A detailed discussion of the line of business results will be included in the Company’s forthcoming quarterly report on Form 10-Q.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of SunTrust’s earnings and financial condition in conjunction with the detailed financial tables and information which SunTrust has also published today and SunTrust’s forthcoming quarterly report on Form 10-Q. Detailed financial tables and other information are also available on the Company’s website at www.suntrust.com in the Investor Relations section located under “About SunTrust.” This information is also included in a current report on Form 8-K furnished with the Securities and Exchange Commission today.

Conference Call

SunTrust management will host a conference call on April 21, 2011, at 11:00 a.m. (Eastern Daylight Time) to discuss the earnings results and business trends. Individuals may call in beginning at 10:45 a.m. (Eastern Daylight Time) by dialing 1-888-972-7805 (Passcode: 1Q11). Individuals calling from outside the United States should dial 1-517-308-9091 (Passcode: 1Q11). A replay of the call will be available approximately one hour after the call ends on April 21, 2011, and will remain available until May 5, 2011, by dialing 1-800-294-9493 (domestic) or 1-402-220-3767 (international).

Alternatively, individuals may listen to the live webcast of the presentation by visiting the SunTrust investor relations website at www.suntrust.com/investorrelations. Beginning the afternoon of April 21, 2011, listeners may access an archived version of the webcast in the “Webcasts and Presentations” subsection found on the investor relations webpage. This webcast will be archived and available for one year. 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 banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. The Company operates an extensive branch and ATM network throughout the Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, and trust and investment management services. Through various subsidiaries, the Company provides mortgage banking, insurance, brokerage, equipment leasing, and capital markets services. SunTrust’s Internet address is www.suntrust.com.

Important Cautionary Statement About Forward-Looking Statements

This news release includes non-GAAP financial measures to describe SunTrust’s performance. The reconciliations of those measures to GAAP measures are provided within or in the appendix to this news release. In this news release, the Company presents net interest income and net interest margin on a fully taxable-equivalent (“FTE”) basis, and ratios on an 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.

This news release may contain forward-looking statements. Statements that do not describe historical or current facts are forward-looking statements. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “initiatives,” “potentially,” “potential impacts,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Such statements speak as of the date hereof, and we do not assume any obligation to update the statements made herein or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in Item 1A of Part I of our 10-K and in other periodic reports that we file with the SEC. Those factors include: difficult market conditions have adversely affected our industry; concerns over market volatility continue; recently enacted legislation, legislation enacted in the future, and certain proposed federal programs subject us to increased regulation and may adversely affect us; the Dodd-Frank Act makes fundamental changes to the regulation of the financial services industry, some of which may adversely affect our business; SunTrust Bank may be subject to higher deposit insurance assessments; we are subject to capital adequacy and liquidity guidelines and, if we fail to meet these guidelines, our financial condition would be adversely affected; emergency measures designed to stabilize the U.S. banking system are beginning to wind down; we are subject to credit risk; our ALLL may not be adequate to cover our eventual losses; we will realize future losses if the proceeds we receive upon liquidation of nonperforming assets are less than the carrying value of such assets; weakness in the economy and in the real estate market, including specific weakness within our geographic footprint, has adversely affected us and may continue to adversely affect us; weakness in the real estate market, including the secondary residential mortgage loan markets, has adversely affected us and may continue to adversely affect us; we are subject to certain risks from originating, selling, and holding mortgages, including the risk that we may be required to repurchase mortgage loans or indemnify mortgage loan purchasers as a result of breaches of representations and warranties, borrower fraud, or certain borrower defaults, which could harm our liquidity, results of operations, and financial condition; we are subject to risks related to delays in the foreclosure process; we may continue to suffer increased losses in our loan portfolio despite enhancement of our underwriting policies; as a financial services company, adverse changes in general business or economic conditions could have a material adverse effect on our financial condition and results of operations; changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital or liquidity; the fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our earnings; depressed market values for our stock may require us to write down goodwill; clients could pursue alternatives to bank deposits, causing us to lose a relatively inexpensive source of funding; consumers may decide not to use banks to complete their financial transactions, which could affect net income; we have businesses other than banking which subject us to a variety of risks; hurricanes and other natural or man-made disasters may adversely affect loan portfolios and operations and increase the cost of doing business; negative public opinion could damage our reputation and adversely

impact business and revenues; the soundness of other financial institutions could adversely affect us; we rely on other companies to provide key components of our business infrastructure; we rely on our systems, employees, and certain counterparties, and certain failures could materially adversely affect our operations; we depend on the accuracy and completeness of information about clients and counterparties; regulation by federal and state agencies could adversely affect the business, revenue, and profit margins; competition in the financial services industry is intense and could result in losing business or margin declines; maintaining or increasing market share depends on market acceptance and regulatory approval of new products and services; we may not pay dividends on your common stock; our ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay dividends; disruptions in our ability to access global capital markets may negatively affect our capital resources and liquidity; any reduction in our credit rating could increase the cost of our funding from the capital markets; we have in the past and may in the future pursue acquisitions, which could affect costs and from which we may not be able to realize anticipated benefits; we are subject to certain litigation, and our expenses related to this litigation may adversely affect our results; we depend on the expertise of key personnel, and if these individuals leave or change their roles without effective replacements, operations may suffer; we may not be able to hire or retain additional qualified personnel and recruiting and compensation costs may increase as a result of turnover, both of which may increase costs and reduce profitability and may adversely impact our ability to implement our business strategy; our accounting policies and processes are critical to how we report our financial condition and results of operations, and require management to make estimates about matters that are uncertain; changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition; our stock price can be volatile; our disclosure controls and procedures may not prevent or detect all errors or acts of fraud; our financial instruments carried at fair value expose us to certain market risks; our revenues derived from our investment securities may be volatile and subject to a variety of risks; and we may enter into transactions with off-balance sheet affiliates or our subsidiaries.

###

SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

(Dollars in millions, except per share data) (Unaudited)


	Three Months Ended March 31						%
	2011			2010			Change⁵
EARNINGS & DIVIDENDS
Net income/(loss)		$180			($161	)		NM	%
Net income/(loss) available to common shareholders		38			(229	)		NM
Total revenue - FTE²		2,160			1,900			14
Total revenue - FTE excluding securities gains, net^1,²		2,096			1,899			10
Net income/(loss) per average common share
Diluted⁴		0.08			(0.46	)		NM
Diluted excluding effect of accelerated accretion associated with repurchase of preferred stock issued to the U.S. Treasury¹		0.22			(0.46	)		NM
Basic		0.08			(0.46	)		NM
Dividends paid per common share		0.01			0.01			–

CONDENSED BALANCE SHEETS
Selected Average Balances
Total assets		$173,066			$171,429			1	%
Earning assets		146,786			146,896			–
Loans		115,162			114,435			1
Consumer and commercial deposits		120,710			115,084			5
Brokered and foreign deposits		2,606			3,433			(24	)
Total shareholders’ equity		23,107			22,338			3

As of
Total assets		170,794			171,796			(1	)
Earning assets		145,895			147,056			(1	)
Loans		114,932			113,979			1
Allowance for loan and lease losses		2,854			3,176			(10	)
Consumer and commercial deposits		121,559			116,144			5
Brokered and foreign deposits		2,426			2,606			(7	)
Total shareholders’ equity		19,223			22,620			(15	)

FINANCIAL RATIOS & OTHER DATA
Return on average total assets		0.42	%		(0.38	)%		NM	%
Return on average assets less net unrealized securities gains¹		0.30			(0.42	)		NM
Return on average common shareholders’ equity		0.84			(5.34	)		NM
Return on average realized common shareholders’ equity¹		(0.35	)		(5.93	)		NM
Net interest margin²		3.53			3.32			6
Efficiency ratio²		67.83			71.60			(5	)
Tangible efficiency ratio^1,²		67.32			70.91			(5	)
Effective tax rate/(benefit)		15.54			(54.70	)		NM
Tier 1 common equity		9.00	³		7.70			17
Tier 1 capital		11.00	³		13.13			(16	)
Total capital		13.90	³		16.68			(17	)
Tier 1 leverage		8.70	³		10.95			(21	)
Total average shareholders’ equity to total average assets		13.35			13.03			2
Tangible equity to tangible assets¹		7.87			9.86			(20	)

Book value per common share		$35.49			$35.40			–
Tangible book value per common share¹		23.79			22.76			5
Market price:
High		33.14			28.39			17
Low		27.38			20.16			36
Close		28.84			26.79			8
Market capitalization		15,482			13,391			16

Average common shares outstanding (000s)
Diluted		503,503			498,238			1
Basic		499,669			494,871			1
Full-time equivalent employees		29,052			28,263			3
Number of ATMs		2,924			2,828			3
Full service banking offices		1,665			1,678			(1	)

¹See Appendix A for reconcilements of non-GAAP performance measures.

²Total revenue, 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 net interest income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources. Total revenue - FTE equals net interest income on a FTE basis plus noninterest income.

³Current period tier 1 common equity, tier 1 capital, total capital and tier 1 leverage ratios are estimated as of the earnings release date.

⁴For earnings per share calculation purposes, the impact of dilutive securities are excluded from the diluted share count during periods that the Company has recognized a net loss available to common shareholders because the impact would be antidilutive.

⁵“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 1

SunTrust Banks, Inc. and Subsidiaries

FIVE QUARTER FINANCIAL HIGHLIGHTS

(Dollars in millions, except per share data) (Unaudited)


	Three Months Ended
	March 31 2011			December 31 2010			September 30 2010			June 30 2010			March 31 2010
EARNINGS & DIVIDENDS
Net income/(loss)		$180			$185			$153			$12			($161	)
Net income/(loss) available to common shareholders		38			114			84			(56	)		(229	)
Total revenue - FTE²		2,160			2,326			2,313			2,160			1,900
Total revenue - FTE excluding securities gains, net^1,²		2,096			2,262			2,244			2,103			1,899
Net income/(loss) per average common share
Diluted⁴		0.08			0.23			0.17			(0.11	)		(0.46	)
Diluted excluding effect of accelerated accretion associated with repurchase of preferred stock issued to the U.S. Treasury¹		0.22			0.23			0.17			(0.11	)		(0.46	)
Basic		0.08			0.23			0.17			(0.11	)		(0.46	)
Dividends paid per common share		0.01			0.01			0.01			0.01			0.01

CONDENSED BALANCE SHEETS
Selected Average Balances
Total assets		$173,066			$174,768			$171,999			$171,273			$171,429
Earning assets		146,786			149,114			147,249			145,464			146,896
Loans		115,162			114,930			113,322			113,016			114,435
Consumer and commercial deposits		120,710			119,688			117,233			116,460			115,084
Brokered and foreign deposits		2,606			2,827			2,740			2,670			3,433
Total shareholders’ equity		23,107			23,576			23,091			22,313			22,338

As of
Total assets		170,794			172,874			174,703			170,668			171,796
Earning assets		145,895			148,473			149,994			145,601			147,056
Loans		114,932			115,975			115,055			112,925			113,979
Allowance for loan and lease losses		2,854			2,974			3,086			3,156			3,176
Consumer and commercial deposits		121,559			120,025			117,494			116,261			116,144
Brokered and foreign deposits		2,426			3,019			2,850			2,407			2,606
Total shareholders’ equity		19,223			23,130			23,438			23,024			22,620

FINANCIAL RATIOS & OTHER DATA
Return on average total assets		0.42	%		0.42	%		0.35	%		0.03	%		(0.38	)%
Return on average assets less net unrealized securities (gains)/losses¹		0.30			0.31			0.23			(0.08	)		(0.42	)
Return on average common shareholders’ equity		0.84			2.44			1.83			(1.29	)		(5.34	)
Return on average realized common shareholders’ equity¹		(0.35	)		1.53			0.70			(2.53	)		(5.93	)
Net interest margin²		3.53			3.44			3.41			3.33			3.32
Efficiency ratio²		67.83			66.57			64.80			69.57			71.60
Tangible efficiency ratio^1,²		67.32			66.07			64.24			68.96			70.91
Effective tax rate/(benefit)		15.54			19.66			8.25			(133.13	)		(54.70	)
Tier 1 common equity		9.00	³		8.08			8.02			7.92			7.70
Tier 1 capital		11.00	³		13.67			13.58			13.51			13.13
Total capital		13.90	³		16.54			16.42			16.96			16.68
Tier 1 leverage		8.70	³		10.94			11.03			10.94			10.95
Total average shareholders’ equity to total average assets		13.35			13.49			13.42			13.03			13.03
Tangible equity to tangible assets¹		7.87			10.12			10.19			10.18			9.86

Book value per common share		$35.49			$36.34			$37.01			$36.19			$35.40
Tangible book value per common share¹		23.79			23.76			24.42			23.58			22.76
Market price:
High		33.14			29.82			27.05			31.92			28.39
Low		27.38			23.25			21.79			23.12			20.16
Close		28.84			29.51			25.83			23.30			26.79
Market capitalization		15,482			14,768			12,914			11,648			13,391
Average common shares outstanding (000s)
Diluted		503,503			499,423			498,802			498,499			498,238
Basic		499,669			495,710			495,501			495,351			494,871

Full-time equivalent employees		29,052			29,056			28,599			28,250			28,263
Number of ATMs		2,924			2,918			2,928			2,902			2,828
Full service banking offices		1,665			1,668			1,670			1,675			1,678

¹See Appendix A for reconcilements of non-GAAP performance measures.

³Current period tier 1 common equity, tier 1 capital, total capital and tier 1 leverage ratios are estimated as of the earnings release date.

Page 2

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

(Dollars in millions, except per share data) (Unaudited)


	Three Months Ended
	March 31						Increase/(Decrease)³
	2011			2010			Amount			%
Interest income		$1,554			$1,574			($20	)		(1	)%
Interest expense		305			402			(97	)		(24	)

NET INTEREST INCOME		1,249			1,172			77			7
Provision for credit losses		447			862			(415	)		(48	)

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		802			310			492			NM


NONINTEREST INCOME
Service charges on deposit accounts		163			196			(33	)		(17	)
Trust and investment management income		135			122			13			11
Retail investment services		58			47			11			23
Other charges and fees		126			129			(3	)		(2	)
Investment banking income		67			56			11			20
Trading account profits/(losses) and commissions		52			(7	)		59			NM
Card fees		100			87			13			15
Mortgage production related loss		(1	)		(31	)		30			97
Mortgage servicing related income		72			70			2			3
Other noninterest income		47			28			19			68
Securities gains, net		64			1			63			NM

Total noninterest income		883			698			185			27


NONINTEREST EXPENSE
Employee compensation and benefits		754			692			62			9
Net occupancy expense		89			91			(2	)		(2	)
Outside processing and software		158			149			9			6
Equipment expense		44			41			3			7
Marketing and customer development		38			34			4			12
Amortization of intangible assets		11			13			(2	)		(15	)
Net gain on extinguishment of debt		(1	)		(9	)		(8	)		(89	)
Operating losses		27			14			13			93
FDIC premium/regulatory exams		71			64			7			11
Other noninterest expense		274			272			2			1

Total noninterest expense		1,465			1,361			104			8


INCOME/(LOSS) BEFORE PROVISION/(BENEFIT) FOR INCOME TAXES		220			(353	)		573			NM
Provision/(benefit) for income taxes		33			(194	)		227			NM

INCOME/(LOSS) INCLUDING INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST		187			(159	)		346			NM
Net income attributable to noncontrolling interest		7			2			5			NM

NET INCOME/(LOSS)		$180			($161	)		$341			NM	%

NET INCOME/(LOSS) AVAILABLE TO COMMON SHAREHOLDERS		$38			($229	)		$267			NM	%

Net interest income - FTE¹		1,277			1,202			75			6

Net income/(loss) per average common share
Diluted²		0.08			(0.46	)		0.54			NM
Basic		0.08			(0.46	)		0.54			NM

Cash dividends paid per common share		0.01			0.01			–			–
Average common shares outstanding (000s)
Diluted		503,503			498,238			5,265			1
Basic		499,669			494,871			4,798			1

¹Net interest income includes the effects of FTE 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. See Appendix A for a reconcilement of this non-GAAP measure to the related GAAP measure.

²For earnings per share calculation purposes, the impact of dilutive securities are excluded from the diluted share count during periods that the Company has recognized a net loss available to common shareholders because the impact would be antidilutive.

³“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 3

SunTrust Banks, Inc. and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

(Dollars in millions, except per share data) (Unaudited)


	Three Months Ended											Three Months Ended
	March 31			December 31		Increase/(Decrease)³						September 30			June 30			March 31
	2011			2010		Amount			%			2010			2010			2010

Interest income		$1,554			$1,595		($41	)		(3	)%		$1,604			$1,570			$1,574
Interest expense		305			329		(24	)		(7	)		366			392			402

NET INTEREST INCOME		1,249			1,266		(17	)		(1	)		1,238			1,178			1,172
Provision for credit losses		447			512		(65	)		(13	)		615			662			862

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		802			754		48			6			623			516			310


NONINTEREST INCOME
Service charges on deposit accounts		163			172		(9	)		(5	)		184			208			196
Trust and investment management income		135			130		5			4			124			127			122
Retail investment services		58			57		1			2			52			49			47
Other charges and fees		126			135		(9	)		(7	)		137			133			129
Investment banking income		67			103		(36	)		(35	)		96			58			56
Trading account profits/(losses) and commissions		52			93		(41	)		(44	)		(22	)		109			(7	)
Card fees		100			99		1			1			96			94			87
Mortgage production related income/(loss)		(1	)		41		(42	)		NM			133			(16	)		(31	)
Mortgage servicing related income		72			68		4			6			132			88			70
Other noninterest income		47			70		(23	)		(33	)		46			45			28
Securities gains, net		64			64		–			–			69			57			1

Total noninterest income		883			1,032		(149	)		(14	)		1,047			952			698


NONINTEREST EXPENSE
Employee compensation and benefits		754			738		16			2			709			682			692
Net occupancy expense		89			88		1			1			92			90			91
Outside processing and software		158			174		(16	)		(9	)		157			158			149
Equipment expense		44			46		(2	)		(4	)		45			42			41
Marketing and customer development		38			56		(18	)		(32	)		43			44			34
Amortization of intangible assets		11			12		(1	)		(8	)		13			13			13
Net loss/(gain) on extinguishment of debt		(1	)		4		(5	)		NM			12			63			(9	)
Operating losses		27			26		1			4			27			16			14
FDIC premium/regulatory exams		71			69		2			3			67			65			64
Other noninterest expense		274			335		(61	)		(18	)		334			330			272

Total noninterest expense		1,465			1,548		(83	)		(5	)		1,499			1,503			1,361


INCOME/(LOSS) BEFORE PROVISION/(BENEFIT) FOR INCOME TAXES		220			238		(18	)		(8	)		171			(35	)		(353	)
Provision/(benefit) for income taxes		33			45		(12	)		(27	)		14			(50	)		(194	)

INCOME/(LOSS) INCLUDING INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST		187			193		(6	)		(3	)		157			15			(159	)
Net income attributable to noncontrolling interest		7			8		(1	)		(13	)		4			3			2

NET INCOME/(LOSS)		$180			$185		($5	)		(3	)%		$153			$12			($161	)


NET INCOME/(LOSS) AVAILABLE TO COMMON SHAREHOLDERS		$38			$114		($76	)		(67	)%		$84			($56)			($229	)

Net interest income - FTE¹		1,277			1,294		(17	)		(1	)		1,266			1,208			1,202

Net income/(loss) per average common share
Diluted²		0.08			0.23		(0.15	)		(65	)		0.17			(0.11	)		(0.46	)
Basic		0.08			0.23		(0.15	)		(65	)		0.17			(0.11	)		(0.46	)

Cash dividends paid per common share		0.01			0.01		–			–			0.01			0.01			0.01
Average common shares outstanding (000s)
Diluted		503,503			499,423		4,080			1			498,802			498,499			498,238
Basic		499,669			495,710		3,959			1			495,501			495,351			494,871

³“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 4

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Dollars in millions and shares in thousands) (Unaudited)


	As of March 31						Increase/(Decrease)
	2011			2010			Amount			%

ASSETS
Cash and due from banks		$5,216			$4,671			$545			12	%
Interest-bearing deposits in other banks		20			24			(4	)		(17	)
Funds sold and securities purchased under agreements to resell		981			1,614			(633	)		(39	)
Trading assets		6,289			6,038			251			4
Securities available for sale		26,569			26,239			330			1
Loans held for sale		2,165			3,697			(1,532	)		(41	)
Loans held for investment:
Commercial & industrial		45,080			44,459			621			1
Commercial real estate		6,043			6,857			(814	)		(12	)
Commercial construction		2,109			4,301			(2,192	)		(51	)
Residential mortgages - guaranteed		4,516			2,300			2,216			96
Residential mortgages - nonguaranteed		23,443			25,023			(1,580	)		(6	)
Residential home equity products		16,382			17,422			(1,040	)		(6	)
Residential construction		1,208			1,722			(514	)		(30	)
Consumer student loans - guaranteed		4,477			3,005			1,472			49
Consumer other direct		1,786			1,529			257			17
Consumer indirect		9,469			6,841			2,628			38
Consumer credit cards		419			520			(101	)		(19	)

Total loans held for investment		114,932			113,979			953			1
Allowance for loan and lease losses		(2,854	)		(3,176	)		(322	)		(10	)

Net loans held for investment		112,078			110,803			1,275			1
Goodwill		6,324			6,323			1			–
Other intangible assets		1,659			1,800			(141	)		(8	)
Other real estate owned		534			628			(94	)		(15	)
Other assets		8,959			9,959			(1,000	)		(10	)

Total assets¹		$170,794			$171,796			($1,002	)		(1	)%


LIABILITIES
Deposits:
Noninterest-bearing consumer and commercial deposits		$28,521			$25,149			$3,372			13	%
Interest-bearing consumer and commercial deposits:
NOW accounts		25,462			25,657			(195	)		(1	)
Money market accounts		43,055			36,873			6,182			17
Savings		4,518			4,027			491			12
Consumer time		12,747			14,547			(1,800	)		(12	)
Other time		7,256			9,891			(2,635	)		(27	)

Total consumer and commercial deposits		121,559			116,144			5,415			5
Brokered deposits		2,369			2,351			18			1
Foreign deposits		57			255			(198	)		(78	)

Total deposits		123,985			118,750			5,235			4
Funds purchased		1,150			1,159			(9	)		(1	)
Securities sold under agreements to repurchase		2,113			2,794			(681	)		(24	)
Other short-term borrowings		2,858			2,388			470			20
Long-term debt		14,663			16,531			(1,868	)		(11	)
Trading liabilities		2,731			3,247			(516	)		(16	)
Other liabilities		4,071			4,307			(236	)		(5	)

Total liabilities		151,571			149,176			2,395			2


SHAREHOLDERS’ EQUITY
Preferred stock, no par value		172			4,923			(4,751	)		(97	)
Common stock, $1.00 par value		550			515			35			7
Additional paid in capital		9,324			8,446			878			10
Retained earnings		8,575			8,419			156			2
Treasury stock, at cost, and other		(823	)		(989	)		(166	)		(17	)
Accumulated other comprehensive income		1,425			1,306			119			9

Total shareholders’ equity		19,223			22,620			(3,397	)		(15	)


Total liabilities and shareholders’ equity		$170,794			$171,796			($1,002	)		(1	)%


Common shares outstanding		536,817			499,858			36,959			7	%
Common shares authorized		750,000			750,000			–			–
Preferred shares outstanding		2			50			(48	)		(96	)
Preferred shares authorized		50,000			50,000			–			–
Treasury shares of common stock		13,104			14,809			(1,705	)		(12	)
¹Includesearning assets of		$145,895			$147,056			($1,161	)		(1	)%

Page 5

SunTrust Banks, Inc. and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEETS

(Dollars in millions and shares in thousands) (Unaudited)


	As of												As of
	March 31			December 31			Increase/(Decrease)						September 30			June 30			March 31
	2011			2010			Amount			%			2010			2010			2010
ASSETS
Cash and due from banks		$5,216			$4,296			$920			21	%		$3,169			$3,836			$4,671
Interest-bearing deposits in other banks		20			24			(4	)		(17	)		25			24			24
Funds sold and securities purchased under agreements to resell		981			1,058			(77	)		(7	)		962			933			1,614
Trading assets		6,289			6,175			114			2			6,650			6,166			6,038
Securities available for sale		26,569			26,895			(326	)		(1	)		30,310			27,598			26,239
Loans held for sale		2,165			3,501			(1,336	)		(38	)		3,114			3,185			3,697
Loans held for investment:
Commercial & industrial		45,080			44,753			327			1			44,374			43,982			44,459
Commercial real estate		6,043			6,167			(124	)		(2	)		6,616			6,814			6,857
Commercial construction		2,109			2,568			(459	)		(18	)		3,052			3,653			4,301
Residential mortgages - guaranteed		4,516			4,520			(4	)		–			4,090			2,894			2,300
Residential mortgages - nonguaranteed		23,443			23,959			(516	)		(2	)		24,124			24,457			25,023
Residential home equity products		16,382			16,751			(369	)		(2	)		16,913			17,144			17,422
Residential construction		1,208			1,291			(83	)		(6	)		1,413			1,526			1,722
Consumer student loans - guaranteed		4,477			4,260			217			5			4,044			3,305			3,005
Consumer other direct		1,786			1,722			64			4			1,636			1,555			1,529
Consumer indirect		9,469			9,499			(30	)		–			8,310			7,100			6,841
Consumer credit cards		419			485			(66	)		(14	)		483			495			520

Total loans held for investment		114,932			115,975			(1,043	)		(1	)		115,055			112,925			113,979
Allowance for loan and lease losses		(2,854	)		(2,974	)		(120	)		(4	)		(3,086	)		(3,156	)		(3,176	)

Net loans held for investment		112,078			113,001			(923	)		(1	)		111,969			109,769			110,803
Goodwill		6,324			6,323			1			–			6,323			6,323			6,323
Other intangible assets		1,659			1,571			88			6			1,204			1,443			1,800
Other real estate owned		534			596			(62	)		(10	)		645			700			628
Other assets		8,959			9,434			(475	)		(5	)		10,332			10,691			9,959

Total assets¹		$170,794			$172,874			($2,080	)		(1	)%		$174,703			$170,668			$171,796


LIABILITIES
Deposits:
Noninterest-bearing consumer and commercial deposits		$28,521			$27,290			$1,231			5	%		$26,707			$25,382			$25,149
Interest-bearing consumer and commercial deposits:
NOW accounts		25,462			26,115			(653	)		(3	)		23,444			24,487			25,657
Money market accounts		43,055			42,005			1,050			2			40,798			38,444			36,873
Savings		4,518			4,094			424			10			4,051			4,107			4,027
Consumer time		12,747			12,879			(132	)		(1	)		13,966			14,665			14,547
Other time		7,256			7,642			(386	)		(5	)		8,528			9,176			9,891

Total consumer and commercial deposits		121,559			120,025			1,534			1			117,494			116,261			116,144
Brokered deposits		2,369			2,365			4			–			2,409			2,343			2,351
Foreign deposits		57			654			(597	)		(91	)		441			64			255

Total deposits		123,985			123,044			941			1			120,344			118,668			118,750
Funds purchased		1,150			951			199			21			1,076			1,260			1,159
Securities sold under agreements to repurchase		2,113			2,180			(67	)		(3	)		2,429			2,477			2,794
Other short-term borrowings		2,858			2,690			168			6			4,894			2,517			2,388
Long-term debt		14,663			13,648			1,015			7			15,208			15,659			16,531
Trading liabilities		2,731			2,678			53			2			2,702			2,655			3,247
Other liabilities		4,071			4,553			(482	)		(11	)		4,612			4,408			4,307

Total liabilities		151,571			149,744			1,827			1			151,265			147,644			149,176


SHAREHOLDERS’ EQUITY
Preferred stock, no par value		172			4,942			(4,770	)		(97	)		4,936			4,929			4,923
Common stock, $1.00 par value		550			515			35			7			515			515			515
Additional paid in capital		9,324			8,403			921			11			8,443			8,445			8,446
Retained earnings		8,575			8,542			33			–			8,431			8,358			8,419
Treasury stock, at cost, and other		(823	)		(888	)		(65	)		(7	)		(952	)		(968	)		(989	)
Accumulated other comprehensive income		1,425			1,616			(191	)		(12	)		2,065			1,745			1,306

Total shareholders’ equity		19,223			23,130			(3,907	)		(17	)		23,438			23,024			22,620


Total liabilities and shareholders’ equity		$170,794			$172,874			($2,080	)		(1	)%		$174,703			$170,668			$171,796


Common shares outstanding		536,817			500,436			36,381			7	%		499,955			499,929			499,858
Common shares authorized		750,000			750,000			–			–			750,000			750,000			750,000
Preferred shares outstanding		2			50			(48	)		(96	)		50			50			50
Preferred shares authorized		50,000			50,000			–			–			50,000			50,000			50,000
Treasury shares of common stock		13,104			14,231			(1,127	)		(8	)		14,712			14,738			14,809
¹Includesearning assets of		$145,895			$148,473			($2,578	)		(2	)%		$149,994			$145,601			$147,056

Page 6

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED DAILY AVERAGE BALANCES,

AVERAGE YIELDS EARNED AND RATES PAID

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

Three Months Ended

March 31, 2011

Average
Balances

Interest
Income/
Expense

Yields/
Rates

ASSETS

Loans (Post-Adoption):³

Commercial and industrial - FTE¹

$44,181

$583

5.35

Commercial real estate

5,720

3.76

Commercial construction

1,466

3.80

Residential mortgages - guaranteed

4,305

3.26

Residential mortgages - nonguaranteed

22,173

287

5.18

Home equity products

16,214

151

3.78

Residential construction

962

5.20

Guaranteed student loans

4,376

4.30

Other direct

1,741

5.01

Indirect

9,473

114

4.89

Credit cards

522

11.54

Nonaccrual

4,029

0.77

Total loans

115,162

1,340

4.72

Securities available for sale:

Taxable

23,705

185

3.12

Tax-exempt - FTE¹

549

5.54

Total securities available for sale - FTE¹

24,254

192

3.17

Funds sold and securities purchased under agreements to resell

1,064

–

0.01

Loans held for sale

2,726

4.13

Interest-bearing deposits

–

0.13

Interest earning trading assets

3,558

2.49

Total earning assets

146,786

1,582

4.37

Allowance for loan and lease losses

(2,852

)

Cash and due from banks

6,485

Other assets

17,699

Noninterest earning trading assets

2,654

Unrealized gains on securities available for sale, net

2,294

Total assets

$173,066

LIABILITIES AND SHAREHOLDERS’ EQUITY

Interest-bearing deposits:

NOW accounts

$25,370

$11

0.17

Money market accounts

42,603

0.46

Savings

4,266

0.13

Consumer time

12,774

1.61

Other time

7,417

1.78

Total interest-bearing consumer and commercial deposits

92,430

144

0.63

Brokered deposits

2,347

4.36

Foreign deposits

259

–

0.15

Total interest-bearing deposits

95,036

169

0.72

Funds purchased

1,114

–

0.18

Securities sold under agreements to repurchase

2,302

0.16

Interest-bearing trading liabilities

930

3.34

Other short-term borrowings

2,760

0.41

Long-term debt

13,806

124

3.64

Total interest-bearing liabilities

115,948

305

1.07

Noninterest-bearing deposits

28,280

Other liabilities

3,955

Noninterest-bearing trading liabilities

1,776

Shareholders’ equity

23,107

Total liabilities and shareholders’ equity

$173,066

Interest Rate Spread

3.30

Net Interest Income - FTE¹

$1,277

Net Interest Margin²

3.53

¹The fully taxable-equivalent (“FTE”) basis adjusts for the tax-favored status of net interest income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources.

²The net interest margin is calculated by dividing annualized net interest income - FTE by average total earning assets.

³Average balances, interest income, and yields are presented using the new loan classifications as initially adopted in the Company’s 2010 Annual Report on Form 10-K. Due to the inability of the Company to present prior periods using the new classifications, the current period amounts have also been presented using prior loan classifications on the next page.

Page 7

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED DAILY AVERAGE BALANCES,

AVERAGE YIELDS EARNED AND RATES PAID, continued

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


	Three Months Ended																Increase/(Decrease) From
	March 31, 2011								December 31, 2010								Sequential Quarter						Prior Year Quarter

	Average Balances			Interest Income/ Expense		Yields/ Rates			Average Balances			Interest Income/ Expense		Yields/ Rates			Average Balances			Yields/ Rates			Average Balances			Yields/ Rates
ASSETS
Loans (Pre-Adoption):³
Real estate residential mortgage 1-4 family		$29,427			$369		5.01	%		$29,789			$378		5.07	%		($362	)		(0.06	)%		$892			(0.55	)%
Real estate construction		2,487			24		3.95			2,839			28		3.98			(352	)		(0.03	)		(1,591	)		0.51
Real estate home equity lines		14,571			121		3.37			14,738			126		3.38			(167	)		(0.01	)		(586	)		0.04
Real estate commercial		13,514			137		4.10			13,967			143		4.07			(453	)		0.03			(1,591	)		0.05
Commercial - FTE¹		33,925			472		5.64			33,067			472		5.67			858			(0.03	)		831			0.14
Credit card		1,013			21		8.13			1,054			21		8.04			(41	)		0.09			(54	)		(0.56	)
Consumer - direct		6,723			74		4.49			6,565			73		4.38			158			0.11			1,469			0.38
Consumer - indirect		9,473			114		4.89			8,683			114		5.19			790			(0.30	)		2,776			(1.21	)
Nonaccrual		4,029			8		0.77			4,228			7		0.67			(199	)		0.10			(1,419	)		(0.06	)

Total loans		115,162			1,340		4.72			114,930			1,362		4.70			232			0.02			727			(0.04	)
Securities available for sale:
Taxable		23,705			185		3.12			25,702			196		3.05			(1,997	)		0.07			(1,074	)		(0.03	)
Tax-exempt - FTE¹		549			7		5.54			627			8		5.27			(78	)		0.27			(361	)		0.14

Total securities available for sale - FTE¹		24,254			192		3.17			26,329			204		3.11			(2,075	)		0.06			(1,435	)		(0.06	)
Funds sold and securities purchased under agreements to resell		1,064			–		0.01			964			–		0.02			100			(0.01	)		182			(0.10	)
Loans held for sale		2,726			28		4.13			3,312			35		4.17			(586	)		(0.04	)		(522	)		0.04
Interest-bearing deposits		22			–		0.13			25			–		0.14			(3	)		(0.01	)		(4	)		(0.15	)
Interest earning trading assets		3,558			22		2.49			3,554			22		2.43			4			0.06			942			(0.58	)

Total earning assets		146,786			1,582		4.37			149,114			1,623		4.32			(2,328	)		0.05			(110	)		(0.06	)
Allowance for loan and lease losses		(2,852	)							(2,958	)							106						231
Cash and due from banks		6,485								4,889								1,596						2,077
Other assets		17,699								17,929								(230	)					(991	)
Noninterest earning trading assets		2,654								3,130								(476	)					20
Unrealized gains on securities available for sale, net		2,294								2,664								(370	)					410

Total assets		$173,066								$174,768								($1,702	)					$1,637


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
NOW accounts		$25,370			$11		0.17	%		$24,637			$12		0.20	%		$733			(0.03	)%		($223	)		(0.10	)%
Money market accounts		42,603			48		0.46			41,711			53		0.50			892			(0.04	)		6,353			(0.21	)
Savings		4,266			1		0.13			4,087			2		0.19			179			(0.06	)		410			(0.11	)
Consumer time		12,774			51		1.61			13,360			57		1.68			(586	)		(0.07	)		(1,643	)		(0.36	)
Other time		7,417			33		1.78			8,045			37		1.85			(628	)		(0.07	)		(3,031	)		(0.40	)

Total interest-bearing consumer and commercial deposits		92,430			144		0.63			91,840			161		0.70			590			(0.07	)		1,866			(0.29	)
Brokered deposits		2,347			25		4.36			2,411			27		4.36			(64	)		–			(658	)		0.75
Foreign deposits		259			–		0.15			416			–		0.15			(157	)		–			(169	)		0.05

Total interest-bearing deposits		95,036			169		0.72			94,667			188		0.79			369			(0.07	)		1,039			(0.29	)
Funds purchased		1,114			–		0.18			1,092			1		0.19			22			(0.01	)		(302	)		0.01
Securities sold under agreements to repurchase		2,302			1		0.16			2,541			1		0.17			(239	)		(0.01	)		322			0.06
Interest-bearing trading liabilities		930			8		3.34			812			7		3.55			118			(0.21	)		194			(0.04	)
Other short-term borrowings		2,760			3		0.41			3,464			4		0.40			(704	)		0.01			(93	)		(0.04	)
Long-term debt		13,806			124		3.64			14,914			128		3.41			(1,108	)		0.23			(3,775	)		(0.02	)

Total interest-bearing liabilities		115,948			305		1.07			117,490			329		1.11			(1,542	)		(0.04	)		(2,615	)		(0.31	)
Noninterest-bearing deposits		28,280								27,848								432						3,760
Other liabilities		3,955								4,045								(90	)					(267	)
Noninterest-bearing trading liabilities		1,776								1,809								(33	)					(10	)
Shareholders’ equity		23,107								23,576								(469	)					769

Total liabilities and shareholders’ equity		$173,066								$174,768								($1,702	)					$1,637



Interest Rate Spread							3.30	%							3.21	%					0.09	%					0.25	%


Net Interest Income - FTE¹					$1,277								$1,294


Net Interest Margin²							3.53	%							3.44	%					0.09	%					0.21	%

²The net interest margin is calculated by dividing annualized net interest income - FTE by average total earning assets.

³For comparability to prior periods, the Company has presented current period loans in this table using the prior period loan classifications. The previous page presents average balances, interest income, and yields for loans under the new classification that aligns with the new loan class presentation in the Company’s 2010 Annual Report on Form 10-K.

Page 8

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED DAILY AVERAGE BALANCES,

AVERAGE YIELDS EARNED AND RATES PAID, continued

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


	Three Months Ended
	September 30, 2010								June 30, 2010								March 31, 2010

	Average Balances			Interest Income/ Expense		Yields/ Rates			Average Balances			Interest Income/ Expense		Yields/ Rates			Average Balances			Interest Income/ Expense		Yields/ Rates
ASSETS
Loans:
Real estate residential mortgage 1-4 family		$29,252			$386		5.27	%		$28,638			$393		5.49	%		$28,535			$397		5.56	%
Real estate construction		3,431			33		3.78			3,274			30		3.67			4,078			34		3.44
Real estate home equity lines		14,785			127		3.40			14,973			126		3.37			15,157			125		3.33
Real estate commercial		14,166			146		4.08			15,091			154		4.09			15,105			151		4.05
Commercial - FTE¹		32,491			459		5.60			32,503			447		5.52			33,094			449		5.50
Credit card		1,049			22		8.37			1,064			23		8.45			1,067			23		8.69
Consumer - direct		5,872			66		4.45			5,544			60		4.32			5,254			53		4.11
Consumer - indirect		7,770			108		5.50			6,946			101		5.86			6,697			101		6.10
Nonaccrual³		4,506			8		0.88			4,983			11		0.86			5,448			11		0.83

Total loans		113,322			1,355		4.74			113,016			1,345		4.77			114,435			1,344		4.76
Securities available for sale:
Taxable		25,502			208		3.26			23,977			186		3.11			24,779			195		3.15
Tax-exempt - FTE¹		732			10		5.26			866			12		5.39			910			12		5.40

Total securities available for sale - FTE¹		26,234			218		3.32			24,843			198		3.19			25,689			207		3.23
Funds sold and securities purchased under agreements to resell		1,021			–		0.08			1,009			–		0.11			882			–		0.11
Loans held for sale		3,276			35		4.33			3,342			33		3.97			3,248			33		4.09
Interest-bearing deposits		25			–		0.10			27			–		0.17			26			–		0.28
Interest earning trading assets		3,371			24		2.75			3,227			24		3.03			2,616			20		3.07

Total earning assets		147,249			1,632		4.40			145,464			1,600		4.41			146,896			1,604		4.43
Allowance for loan and lease losses		(3,035	)							(3,107	)							(3,083	)
Cash and due from banks		4,200								5,788								4,408
Other assets		18,019								18,450								18,690
Noninterest earning trading assets		3,171								2,709								2,634
Unrealized gains on securities available for sale, net		2,395								1,969								1,884

Total assets	$	171,999							$	171,273							$	171,429


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
NOW accounts		$23,514			$13		0.23	%		$24,949			$16		0.25	%		$25,593			$17		0.27	%
Money market accounts		39,839			57		0.57			37,703			57		0.61			36,250			61		0.67
Savings		4,074			3		0.22			4,093			2		0.22			3,856			2		0.24
Consumer time		14,381			68		1.87			14,779			72		1.96			14,417			70		1.97
Other time		8,914			45		2.02			9,445			50		2.11			10,448			56		2.18

Total interest-bearing consumer and commercial deposits		90,722			186		0.81			90,969			197		0.87			90,564			206		0.92
Brokered deposits		2,418			28		4.53			2,416			28		4.57			3,005			27		3.61
Foreign deposits		322			–		0.15			254			–		0.11			428			–		0.10

Total interest-bearing deposits		93,462			214		0.91			93,639			225		0.96			93,997			233		1.01
Funds purchased		1,176			1		0.20			1,224			1		0.18			1,416			1		0.17
Securities sold under agreements to repurchase		2,505			1		0.16			2,632			1		0.14			1,980			–		0.10
Interest-bearing trading liabilities		917			9		3.61			868			8		3.76			736			6		3.38
Other short-term borrowings		3,192			3		0.40			2,537			3		0.48			2,853			3		0.45
Long-term debt		15,396			138		3.56			16,529			154		3.75			17,581			159		3.66

Total interest-bearing liabilities		116,648			366		1.24			117,429			392		1.34			118,563			402		1.38
Noninterest-bearing deposits		26,511								25,491								24,520
Other liabilities		3,891								4,240								4,222
Noninterest-bearing trading liabilities		1,858								1,800								1,786
Shareholders’ equity		23,091								22,313								22,338

Total liabilities and shareholders’ equity	$	171,999							$	171,273							$	171,429



Interest Rate Spread							3.16	%							3.07	%							3.05	%


Net Interest Income - FTE¹				$	1,266							$	1,208							$	1,202


Net Interest Margin²							3.41	%							3.33	%							3.32	%

²The net interest margin is calculated by dividing annualized net interest income - FTE by average total earning assets.

³Accruing TDRs were classified in Nonaccrual during prior periods. Due to sustained performance, accruing TDRs have been reclassified to the applicable loan category where the related interest income is being classified in all periods presented.

Page 9

SunTrust Banks, Inc. and Subsidiaries

OTHER FINANCIAL DATA

(Dollars in millions) (Unaudited)


	Three Months Ended March 31
							Increase/(Decrease)
	2011			2010			Amount			%
CREDIT DATA
Allowance for credit losses - beginning		$3,032			$3,235			($203	)		(6	)%
Provision/(benefit) for unfunded commitments		(4	)		(15	)		(11	)		(73	)
Provision for loan losses
Commercial		108			215			(107	)		(50	)
Residential		322			601			(279	)		(46	)
Consumer		21			61			(40	)		(66	)

Total provision for loan losses		451			877			(426	)		(49	)

Charge-offs
Commercial		(185	)		(192	)		(7	)		(4	)
Residential		(385	)		(608	)		(223	)		(37	)
Consumer		(45	)		(62	)		(17	)		(27	)

Total charge-offs		(615	)		(862	)		(247	)		(29	)

Recoveries
Commercial		29			23			6			26
Residential		5			5			–			–
Consumer		10			13			(3	)		(23	)

Total recoveries		44			41			3			7

Net charge-offs		(571	)		(821	)		(250	)		(30	)

Allowance for credit losses - ending		$2,908			$3,276			($368	)		(11	)%


Components:
Allowance for loan and lease losses		$2,854			$3,176			($322	)		(10	)%
Unfunded commitments reserve		54			100			(46	)		(46	)

Allowance for credit losses		$2,908			$3,276			($368	)		(11	)%


Net charge-offs to average loans (annualized)¹
Commercial		1.19	%		1.22	%		(0.03	)%
Residential		3.37			5.26			(1.89	)
Consumer		0.89			1.69			(0.80	)

Total net charge-offs to total average loans		2.01	%		2.91	%		(0.90	)%


Period Ended
Nonaccrual/nonperforming loans
Commercial		$1,863			$2,301			($438	)		(19	)%
Residential		2,076			2,853			(777	)		(27	)
Consumer		32			31			1			3

Total nonaccrual/nonperforming loans		3,971			5,185			(1,214	)		(23	)
Other real estate owned (“OREO”)		534			628			(94	)		(15	)
Other repossessed assets		16			70			(54	)		(77	)
Nonperforming loans held for sale (“LHFS”)		47			160			(113	)		(71	)

Total nonperforming assets		$4,568			$6,043			($1,475	)		(24	)%

Restructured loans (accruing)		$2,643			$1,908			$735			39	%
Total accruing loans past due 90 days or more²		1,658			1,475			183			12
Total nonperforming loans to total loans		3.46	%		4.55	%		(1.09	)%		(24	)%
Total nonperforming assets to total loans plus OREO, other repossessed assets, and nonperforming LHFS		3.95			5.26			(1.31	)		(25	)
Allowance to period-end loans^3,4		2.49			2.80			(0.31	)		(11	)
Allowance to nonperforming loans^3,4		72.29			61.74			10.55			17
Allowance to annualized net charge-offs³		1.23	x		0.95	x		0.28	x		29

¹Average loans under the new loan classifications in periods prior to the first quarter of 2011 were computed using monthly averages due to an inability to calculate daily averages for prior periods. The Company believes that monthly averages are representative of its operations and materially approximates daily averages.

²Total accruing loans past due 90 days or more contain loans that are guaranteed by governmental agencies. These loans were $1.5 billion and $1.3 billion at March 31, 2011 and 2010, respectively.

³This ratio is computed using the allowance for loan and lease losses.

⁴Loans carried at fair value were excluded from the calculation.

Page 10

SunTrust Banks, Inc. and Subsidiaries

FIVE QUARTER OTHER FINANCIAL DATA

(Dollars in millions) (Unaudited)


	Three Months Ended
	March 31, 2011			December 31, 2010			Increase/(Decrease)						September 30, 2010			June 30, 2010			March 31, 2010
	March 31, 2011			December 31, 2010			Amount			%¹			September 30, 2010			June 30, 2010			March 31, 2010
CREDIT DATA
Allowance for credit losses - beginning		$3,032			$3,141			($109)			(3	)%		$3,216			$3,276			$3,235
Provision/(benefit) for unfunded commitments		(4	)		3			(7	)		NM			(5	)		(40	)		(15	)
Provision for loan losses
Commercial		108			104			4			4			186			270			215
Residential		322			379			(57	)		(15	)		392			413			601
Consumer		21			26			(5	)		(19	)		42			19			61

Total provision for loan losses		451			509			(58	)		(11	)		620			702			877

Charge-offs
Commercial		(185	)		(228	)		(43	)		(19	)		(251	)		(251	)		(192	)
Residential		(385	)		(390	)		(5	)		(1	)		(433	)		(470	)		(608	)
Consumer		(45	)		(45	)		–			–			(41	)		(47	)		(62	)

Total charge-offs		(615	)		(663	)		(48	)		(7	)		(725	)		(768	)		(862	)

Recoveries
Commercial		29			25			4			16			20			29			23
Residential		5			7			(2	)		(29	)		5			5			5
Consumer		10			10			–			–			10			12			13

Total recoveries		44			42			2			5			35			46			41

Net charge-offs		(571	)		(621	)		(50	)		(8	)		(690	)		(722	)		(821	)

Allowance for credit losses - ending		$2,908			$3,032			($124)			(4	)%		$3,141			$3,216			$3,276


Components:
Allowance for loan and lease losses		$2,854			$2,974			($120)			(4	)%		$3,086			$3,156			$3,176
Unfunded commitments reserve		54			58			(4	)		(7	)		55			60			100

Allowance for credit losses		$2,908			$3,032			($124)			(4	)%		$3,141			$3,216			$3,276


Net charge-offs to average loans (annualized)²
Commercial		1.19	%		1.50	%		(0.31	)%					1.70	%		1.61	%		1.22	%
Residential		3.37			3.28			0.09						3.68			4.06			5.26
Consumer		0.89			0.93			(0.04	)					0.91			1.19			1.69

Total net charge-offs to total average loans		2.01	%		2.14	%		(0.13	)%					2.42	%		2.57	%		2.91	%


Period Ended
Nonaccrual/nonperforming loans
Commercial		$1,863			$1,887			($24)			(1	)%		$2,058			$2,191			$2,301
Residential		2,076			2,188			(112	)		(5	)		2,273			2,473			2,853
Consumer		32			35			(3	)		(9	)		42			35			31

Total nonaccrual/nonperforming loans		3,971			4,110			(139	)		(3	)		4,373			4,699			5,185
OREO		534			596			(62	)		(10	)		645			700			628
Other repossessed assets		16			52			(36	)		(69	)		51			64			70
Nonperforming LHFS		47			–			47			NM			–			–			160

Total nonperforming assets		$4,568			$4,758			($190)			(4	)%		$5,069			$5,463			$6,043

Restructured loans (accruing)		$2,643			$2,613			$30			1	%		$2,516			$2,269			$1,908
Total accruing loans past due 90 days or more³		1,658			1,565			93			6			1,580			1,376			1,475
Total nonperforming loans to total loans		3.46	%		3.54	%		(0.08	)%		(2	)%		3.80	%		4.16	%		4.55	%
Total nonperforming assets to total loans plus OREO, other repossessed assets, and nonperforming LHFS		3.95			4.08			(0.13	)		(3	)		4.38			4.81			5.26
Allowance to period-end loans^4,5		2.49			2.58			(0.09	)		(3	)		2.69			2.81			2.80
Allowance to nonperforming loans^4,5		72.29			72.86			(0.57	)		(1	)		71.07			67.64			61.74
Allowance to annualized net charge-offs⁴		1.23	x		1.21	x		0.02	x		2			1.13	x		1.09	x		0.95	x

¹“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

²Average loans under the new loan classifications in periods prior to the first quarter of 2011 were computed using monthly averages due to an inability to calculate daily averages for prior periods. The Company believes that monthly averages are representative of its operations and materially approximates daily averages.

³Total accruing loans past due 90 days or more contain loans that are guaranteed by governmental agencies. These loans were $1.5 billion, $1.4 billion, $1.4 billion, $1.2 billion, and $1.3 billion at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010, and March 31, 2010, respectively.

⁴This ratio is computed using the allowance for loan and lease losses.

⁵Loans carried at fair value were excluded from the calculation.

Page 11

SunTrust Banks, Inc. and Subsidiaries

OTHER FINANCIAL DATA, continued

(Dollars in millions) (Unaudited)

Three Months Ended March 31

Core Deposit
Intangibles

Mortgage
Servicing Rights-
Amortized Cost

Mortgage
Servicing Rights-
Fair Value

Other

Total

OTHER INTANGIBLE ASSET ROLLFORWARD

Balance, beginning of period

$104

$604

$936

$67

$1,711

Designated at fair value (transfers from amortized cost)

–

(604

)

604

–

Amortization

)

–

)

(12

)

MSRs originated

–

Fair value change due to fair value election

–

145

–

145

Fair value changes due to inputs and assumptions

–

(45

)

–

(45

)

Other changes in fair value

–

(65

)

–

(65

)

Balance, March 31, 2010

$95

$–

$1,641

$64

$1,800

Balance, beginning of period

$67

$–

$1,439

$65

$1,571

Amortization

)

–

)

(11

)

MSRs originated

–

Sale of MSRs

–

)

–

)

Fair value changes due to inputs and assumptions

–

Other changes in fair value

–

(52

)

–

(52

)

Balance, March 31, 2011

$59

$–

$1,538

$62

$1,659

Three Months Ended

March 31 2011

December 31
2010

September 30
2010

June 30
2010

March 31
2010

COMMON SHARE ROLLFORWARD (000’s)

Balance, beginning of period

500,436

499,955

499,929

499,858

499,157

Common shares issued/exchanged for employee benefit plans, stock option, and restricted stock activity

1,127

481

701

Issuance of common stock - Capital Plan

35,254

–

Balance, end of period

536,817

500,436

499,955

499,929

499,858

Page 12

SunTrust Banks, Inc. and Subsidiaries

RECONCILEMENT OF NON-GAAP MEASURES

APPENDIX A TO THE EARNINGS RELEASE

(Dollars in millions, except per share data) (Unaudited)


	Three Months Ended
	March 31 2011			December 31 2010			September 30 2010			June 30 2010			March 31 2010
NON-GAAP MEASURES PRESENTED IN THE EARNINGS RELEASE⁸

Total average assets		$173,066			$174,768			$171,999			$171,273			$171,429
Average net unrealized securities gains		(2,294	)		(2,664	)		(2,395	)		(1,969	)		(1,884	)

Average assets less net unrealized securities gains		$170,772			$172,104			$169,604			$169,304			$169,545


Total average common shareholders’ equity		$18,269			$18,638			$18,159			$17,387			$17,419
Average accumulated other comprehensive income		(1,530	)		(2,055	)		(1,721	)		(998	)		(889	)

Total average realized common shareholders’ equity		$16,739			$16,583			$16,438			$16,389			$16,530


Return on average total assets		0.42	%		0.42	%		0.35	%		0.03	%		(0.38	)%
Impact of excluding net realized and unrealized securities (gains)/losses and The Coca-Cola Company stock dividend		(0.12	)		(0.11	)		(0.12	)		(0.11	)		(0.04	)

Return on average total assets less net unrealized securities gains¹		0.30	%		0.31	%		0.23	%		(0.08	)%		(0.42	)%


Return on average common shareholders’ equity		0.84	%		2.44	%		1.83	%		(1.29	)%		(5.34	)%
Impact of excluding net realized and unrealized securities (gains)/losses and The Coca-Cola Company stock dividend		(1.19	)		(0.91	)		(1.13	)		(1.24	)		(0.59	)

Return on average realized common shareholders’ equity²		(0.35	)%		1.53	%		0.70	%		(2.53	)%		(5.93	)%


Efficiency ratio³		67.83	%		66.57	%		64.80	%		69.57	%		71.60	%
Impact of excluding amortization of intangible assets		(0.51	)		(0.50	)		(0.56	)		(0.61	)		(0.69	)

Tangible efficiency ratio⁴		67.32	%		66.07	%		64.24	%		68.96	%		70.91	%


Total shareholders’ equity		$19,223			$23,130			$23,438			$23,024			$22,620
Goodwill, net of deferred taxes		(6,185	)		(6,189	)		(6,192	)		(6,197	)		(6,202	)
Other intangible assets including MSRs, net of deferred taxes		(1,635	)		(1,545	)		(1,174	)		(1,409	)		(1,761	)
MSRs		1,538			1,439			1,072			1,298			1,641

Tangible equity		12,941			16,835			17,144			16,716			16,298
Preferred stock		(172	)		(4,942	)		(4,936	)		(4,929	)		(4,923	)

Tangible common equity		$12,769			$11,893			$12,208			$11,787			$11,375


Total assets		$170,794			$172,874			$174,703			$170,668			$171,796
Goodwill		(6,324	)		(6,323	)		(6,323	)		(6,323	)		(6,323	)
Other intangible assets including MSRs		(1,659	)		(1,571	)		(1,204	)		(1,443	)		(1,800	)
MSRs		1,538			1,439			1,072			1,298			1,641

Tangible assets		$164,349			$166,419			$168,248			$164,200			$165,314


Tangible equity to tangible assets⁵		7.87	%		10.12	%		10.19	%		10.18	%		9.86	%
Tangible book value per common share⁶		$23.79			$23.76			$24.42			$23.58			$22.76

Net interest income		$1,249			$1,266			$1,238			$1,178			$1,172
Taxable-equivalent adjustment		28			28			28			30			30

Net interest income - FTE		1,277			1,294			1,266			1,208			1,202
Noninterest income		883			1,032			1,047			952			698

Total revenue - FTE		2,160			2,326			2,313			2,160			1,900
Securities gains, net		(64	)		(64	)		(69	)		(57	)		(1	)

Total revenue - FTE excluding net securities gains⁷		$2,096			$2,262			$2,244			$2,103			$1,899

¹SunTrust presents a return on average assets less net unrealized gains on securities. The foregoing numbers primarily reflect adjustments to remove the effects of the securities portfolio which includes the ownership by the Company of common 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 client relationship and client transaction driven. The return on average assets less net unrealized gains on securities is computed by dividing annualized net income/(loss), excluding securities (gains)/losses and The Coca-Cola Company stock dividend, net of tax, by average assets less net unrealized securities (gains)/losses.

²SunTrust believes that the return on average realized common shareholders’ equity is more indicative of the Company’s return on equity because the excluded equity relates primarily to the holding of a specific security. The return on average realized common shareholders’ equity is computed by dividing annualized net income/(loss) available to common shareholders, excluding securities (gains)/losses and The Coca-Cola Company stock dividend, net of tax, by average realized common shareholders’ equity.

³Computed by dividing noninterest expense by total revenue - FTE. The FTE basis adjusts for the tax-favored status of net interest income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources.

⁴SunTrust presents a tangible efficiency ratio which excludes the amortization/impairment of goodwill/intangible assets other than MSRs. The Company believes this measure is useful to investors because, by removing the effect of these intangible asset costs (the level of which may vary from company to company), it allows investors to more easily compare the Company’s efficiency to other companies in the industry. This measure is utilized by management to assess the efficiency of the Company and its lines of business.

⁵SunTrust presents a tangible equity to tangible assets ratio that excludes the after-tax impact of purchase accounting intangible assets. The Company believes this measure is useful to investors because, by removing the effect of intangible assets that result from merger and acquisition activity (the level of which may vary from company to company), it allows investors to more easily compare the Company’s capital adequacy to other companies in the industry. This measure is used by management to analyze capital adequacy.

⁶SunTrust presents a tangible book value per common share a that excludes the after-tax impact of purchase accounting intangible assets and also excludes preferred stock from tangible equity. The Company believes this measure is useful to investors because, by removing the effect of intangible assets that result from merger and acquisition activity as well as preferred stock (the level of which may vary from company to company), it allows investors to more easily compare the Company’s book value on common stock to other companies in the industry.

⁷SunTrust presents total revenue - FTE excluding net securities gains. The Company believes noninterest income without net securities gains is more indicative of the Company’s performance because it isolates income that is primarily client relationship and client transaction driven and is more indicative of normalized operations.

⁸Certain amounts in this schedule are presented net of applicable income taxes, which are calculated based on each subsidiary’s federal and state tax rates and laws. In general, the federal marginal tax rate is 35%, but the state marginal tax rates range from 1% to 8% in accordance with the subsidiary’s income tax filing requirements with various tax authorities. In addition, the effective tax rate may differ from the federal and state marginal tax rates in certain cases where a permanent difference exists.

Page 13

SunTrust Banks, Inc. and Subsidiaries

RECONCILEMENT OF NON-GAAP MEASURES

APPENDIX A TO THE EARNINGS RELEASE, continued

(Dollars in millions, except per share data) (Unaudited)


	Three Months Ended
	March 31 2011			December 31 2010			September 30 2010			June 30 2010			March 31 2010
NON-GAAP MEASURES PRESENTED IN THE EARNINGS RELEASE¹
Net income/(loss)		$180			$185			$153			$12			($161	)
Preferred dividends, Series A		(2	)		(2	)		(2	)		(2	)		(2	)
U.S. Treasury preferred dividends and accretion of discount		(66	)		(67	)		(67	)		(66	)		(66	)
Accelerated accretion associated with repurchase of preferred stock issued to the U.S. Treasury		(74	)		–			–			–			–
Dividends and undistributed earnings allocated to unvested shares		–			(2	)		–			–			–

Net income/(loss) available to common shareholders		38			114			84			(56	)		(229	)
Securities gains, net of tax		(40	)		(39	)		(43	)		(35	)		(1	)
The Coca-Cola Company stock dividend, net of tax		(13	)		(12	)		(12	)		(12	)		(12	)

Net income/(loss) available to common shareholders excluding securities gains and The Coca-Cola Company stock dividend, net of tax		($15	)		$63			$29			($103	)		($242	)

Net income/(loss) excluding securities gains and The Coca-Cola Company stock dividend, net of tax		$127			$134			$98			($35	)		($174	)

Net income/(loss) available to common shareholders		$38			$114			$84			($56	)		($229	)

Accelerated accretion associated with repurchase of preferred stock issued to the U.S. Treasury		74			–			–			–			–

Net income/(loss) available to common shareholders excluding accelerated accretion associated with repurchase of preferred stock issued to the U.S. Treasury		$112			$114			$84			($56	)		($229	)


Net income/(loss) per average common share - diluted		$0.08			$0.23			$0.17			($0.11	)		($0.46	)
Effect of accelerated accretion associated with repurchase of preferred stock issued to the U.S. Treasury		0.14			–			–			–			–

Net income/(loss) per average common share - diluted, excluding effect of accelerated accretion associated with repurchase of preferred stock issued to the U.S. Treasury		$0.22			$0.23			$0.17			($0.11	)		($0.46	)

¹Certain amounts in this schedule are presented net of applicable income taxes, which are calculated based on each subsidiary’s federal and state tax rates and laws. In general, the federal marginal tax rate is 35%, but the state marginal tax rates range from 1% to 8% in accordance with the subsidiary’s income tax filing requirements with various tax authorities. In addition, the effective tax rate may differ from the federal and state marginal tax rates in certain cases where a permanent difference exists.

Page 14

SunTrust Banks, Inc. and Subsidiaries

RETAIL BANKING LINE OF BUSINESS

(Dollars in millions) (Unaudited)

		$35,141			$35,141			$35,141
	Three Months Ended March 31
	2011			2010			% Change³

Statements of Income

Net interest income¹		$623			$608			2	%
FTE adjustment		–			–			–

Net interest income - FTE		623			608			2
Provision for credit losses²		216			284			(24	)

Net interest income - FTE - after provision for credit losses		407			324			26


Noninterest income before securities gains		263			276			(5	)
Securities gains, net		–			–			–

Total noninterest income		263			276			(5	)


Noninterest expense before amortization of intangible assets		620			591			5
Amortization of intangible assets		8			10			(20	)

Total noninterest expense		628			601			4


Income/(loss) before provision/(benefit) for income taxes		42			(1	)		NM
Provision/(benefit) for income taxes		16			(1	)		NM
FTE adjustment		–			–			–

Net income including income attributable to noncontrolling interest		26			–			100
Less: net income attributable to noncontrolling interest		–			–			–

Net income		$26			$–			100


Total revenue - FTE		$886			$884			–

Selected Average Balances

Total loans		$35,141			$32,475			8	%
Goodwill		4,854			4,854			–
Other intangible assets excluding MSRs		69			108			(36	)
Total assets		40,544			38,513			5
Consumer and commercial deposits		75,574			73,506			3

Performance Ratios

Efficiency ratio		70.88	%		67.99	%
Impact of excluding amortization of intangible assets		(4.87	)		(5.24	)

Tangible efficiency ratio		66.01	%		62.75	%

¹Net interest income does not include the funding benefit that would result from holding shareholders’ equity at the line of business level due to the fact that shareholder’s equity is not allocated to the lines of business at this time.

²Provision for credit losses represents net charge-offs for the lines of business.

³“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 15

SunTrust Banks, Inc. and Subsidiaries

DIVERSIFIED COMMERCIAL BANKING LINE OF BUSINESS

(Dollars in millions) (Unaudited)

		$35,141			$35,141			$35,141
	Three Months Ended March 31
	2011			2010			% Change³

Statements of Income

Net interest income¹		$147			$130			13	%
FTE adjustment		25			27			(7	)

Net interest income - FTE		172			157			10
Provision for credit losses²		8			24			(67	)

Net interest income - FTE - after provision for credit losses		164			133			23


Noninterest income before securities gains		58			52			12
Securities gains, net		–			–			–

Total noninterest income		58			52			12


Noninterest expense before amortization of intangible assets		114			116			(2	)
Amortization of intangible assets		–			–			–

Total noninterest expense		114			116			(2	)


Income - FTE - before provision/(benefit) for income taxes		108			69			57
Provision/(benefit) for income taxes		14			(2	)		NM
FTE adjustment		25			27			(7	)

Net income including income attributable to noncontrolling interest		69			44			57
Less: net income attributable to noncontrolling interest		–			–			–

Net income		$69			$44			57


Total revenue - FTE		$230			$209			10

Selected Average Balances

Total loans		$22,567			$22,746			(1	)%
Goodwill		928			928			–
Other intangible assets excluding MSRs		–			–			–
Total assets		24,702			25,149			(2	)
Consumer and commercial deposits		19,228			19,346			(1	)

Performance Ratios

Efficiency ratio		49.57	%		55.50	%
Impact of excluding amortization of intangible assets		(1.89	)		(2.60	)

Tangible efficiency ratio		47.68	%		52.90	%

²Provision for credit losses represents net charge-offs for the lines of business.

³“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 16

SunTrust Banks, Inc. and Subsidiaries

COMMERCIAL REAL ESTATE LINE OF BUSINESS

(Dollars in millions) (Unaudited)

		$hange3			$hange3			$hange3
	Three Months Ended March 31
	2011			2010			% Change³

Statements of Income

Net interest income¹		$35			$43			(19	)%
FTE adjustment		–			–			–

Net interest income - FTE		35			43			(19	)
Provision for credit losses²		108			70			54

Net interest income - FTE - after provision for credit losses		(73	)		(27	)		NM


Noninterest income before securities gains		27			21			29
Securities gains, net		–			–			–

Total noninterest income		27			21			29


Noninterest expense before amortization of intangible assets		109			93			17
Amortization of intangible assets		–			–			–

Total noninterest expense		109			93			17


Loss before benefit for income taxes		(155	)		(99	)		57
Benefit for income taxes		(77	)		(57	)		35
FTE adjustment		–			–			–

Net loss including income attributable to noncontrolling interest		(78	)		(42	)		86
Less: net income attributable to noncontrolling interest		–			–			–

Net loss		($78	)		($42	)		86


Total revenue - FTE		$62			$64			(3	)

Selected Average Balances

Total loans		$7,970			$10,835			(26	)%
Goodwill		–			–			–
Other intangible assets excluding MSRs		–			–			–
Total assets		8,913			11,927			(25	)
Consumer and commercial deposits		1,429			1,752			(18	)

Performance Ratios

Efficiency ratio		175.81	%		145.31	%
Impact of excluding amortization of intangible assets		–			–

Tangible efficiency ratio		175.81	%		145.31	%

²Provision for credit losses represents net charge-offs for the lines of business.

³“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 17

SunTrust Banks, Inc. and Subsidiaries

CORPORATE AND INVESTMENT BANKING LINE OF BUSINESS

(Dollars in millions) (Unaudited)

$hange3

Three Months Ended March 31

2011

2010

% Change³

Statements of Income

Net interest income¹

$116

$83

FTE adjustment

–

Net interest income - FTE

116

Provision for credit losses²

)

Net interest income - FTE - after provision for credit losses

117

Noninterest income before securities gains

176

113

Securities gains, net

–

Total noninterest income

176

113

Noninterest expense before amortization of intangible assets

147

110

Amortization of intangible assets

–

Total noninterest expense

147

110

Income before provision for income taxes

146

Provision for income taxes

FTE adjustment

–

Net income including income attributable to noncontrolling interest

Less: net income attributable to noncontrolling interest

–

Net income

$93

$36

Total revenue - FTE

$292

$196

Selected Average Balances

Total loans

$12,170

$10,969

Goodwill

180

180

–

Other intangible assets excluding MSRs

–

Total assets

21,396

18,851

Consumer and commercial deposits

7,843

5,929

Performance Ratios

Efficiency ratio

50.34

56.12

Impact of excluding amortization of intangible assets

(0.53

)

(0.77

)

Tangible efficiency ratio

49.81

55.35

²Provision for credit losses represents net charge-offs for the lines of business.

³“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 18

SunTrust Banks, Inc. and Subsidiaries

MORTGAGE LINE OF BUSINESS

(Dollars in millions) (Unaudited)

		$164,463			$164,463			$164,463
	Three Months Ended March 31
	2011			2010			% Change
Statements of Income
Net interest income¹		$125			$102			23	%
FTE adjustment		–			–			–

Net interest income - FTE		125			102			23
Provision for credit losses²		223			401			(44	)

Net interest income - FTE - after provision for credit losses		(98	)		(299	)		(67	)

Noninterest income before securities losses		81			48			69
Securities losses, net		–			(1	)		(100	)

Total noninterest income		81			47			72

Noninterest expense before amortization of intangible assets		252			254			(1	)
Amortization of intangible assets		–			–			–

Total noninterest expense		252			254			(1	)

Loss before benefit for income taxes		(269	)		(506	)		(47	)
Benefit for income taxes		(103	)		(192	)		(46	)
FTE adjustment		–			–			–

Net loss including income attributable to noncontrolling interest		(166	)		(314	)		(47	)
Less: net income attributable to noncontrolling interest		–			–			–

Net loss		($166	)		($314	)		(47	)

Total revenue - FTE		$206			$149			38
Selected Average Balances
Total loans		$29,315			$28,886			1	%
Goodwill		–			–			–
Other intangible assets excluding MSRs		–			–			–
Total assets		34,538			34,702			–
Consumer and commercial deposits		2,983			2,444			22
Performance Ratios
Efficiency ratio		122.33	%		170.47	%
Impact of excluding amortization of intangible assets		–			–

Tangible efficiency ratio		122.33	%		170.47	%

Other Information
Production Data
Channel mix
Retail		$3,716			$3,252			14	%
Wholesale		769			1,338			(43	)
Correspondent		1,266			1,056			20

Total production		$5,751			$5,646			2

Channel mix - percent
Retail		65	%		58	%
Wholesale		13			24
Correspondent		22			18

Total production		100	%		100	%

Purchase and refinance mix
Refinance		$4,077			$3,440			19
Purchase		1,674			2,206			(24	)

Total production		$5,751			$5,646			2

Purchase and refinance mix - percent
Refinance		71	%		61	%
Purchase		29			39

Total production		100	%		100	%

Applications		$9,094			$9,898			(8	)
Mortgage Servicing Data (End of Period)
Total loans serviced		$164,463			$178,032			(8	)%
Total loans serviced for others		132,685			146,019			(9	)
Net carrying value of MSRs		1,538			1,641			(6	)
Ratio of net carrying value of MSRs to total loans serviced for others		1.159	%		1.124	%

²Provision for credit losses represents net charge-offs for the lines of business.

Page 19

SunTrust Banks, Inc. and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT LINE OF BUSINESS

(Dollars in millions) (Unaudited)

		$164,463			$164,463			$164,463
	Three Months Ended March 31
	2011			2010			% Change

Statements of Income

Net interest income¹		$105			$95			11	%
FTE adjustment		–			–			–

Net interest income - FTE		105			95			11
Provision for credit losses²		17			13			31

Net interest income - FTE - after provision for credit losses		88			82			7


Noninterest income before securities gains		215			186			16
Securities gains, net		–			–			–

Total noninterest income		215			186			16


Noninterest expense before amortization of intangible assets		234			219			7
Amortization of intangible assets		3			3			–

Total noninterest expense		237			222			7


Income before provision for income taxes		66			46			43
Provision for income taxes		22			17			29
FTE adjustment		–			–			–

Net income including income attributable to noncontrolling interest		44			29			52
Less: net income attributable to noncontrolling interest		5			–			100

Net income		$39			$29			34


Total revenue - FTE		$320			$281			14

Selected Average Balances

Total loans		$7,797			$8,220			(5	)%
Goodwill		362			358			1
Other intangible assets excluding MSRs		54			55			(2	)
Total assets		8,901			9,219			(3	)
Consumer and commercial deposits		12,716			11,409			11

Performance Ratios

Efficiency ratio		74.06	%		79.00	%
Impact of excluding amortization of intangible assets		(1.78	)		(2.33	)

Tangible efficiency ratio		72.28	%		76.67	%


Other Information (End of Period)

Assets under adminstration³
Managed (discretionary) assets		$104,593			$122,651			(15	)%
Non-managed assets		51,187			46,685			10

Total assets under administration		155,780			169,336			(8	)


Brokerage assets		35,685			33,258			7
Corporate trust assets		10,429			9,263			13

Total assets under advisement		$201,894			$211,857			(5	)

²Provision for credit losses represents net charge-offs for the lines of business.

³March 31, 2010 assets under management and assets under administration includes $18 billion in money market fund assets that were previously managed by RidgeWorth. SunTrust completed the sale of their money market fund business to Federated Investors, Inc. in the fourth quarter of 2010.

Page 20

SunTrust Banks, Inc. and Subsidiaries

CORPORATE OTHER AND TREASURY

(Dollars in millions) (Unaudited)

		$115,162			$115,162			$115,162
	Three Months Ended March 31
	2011			2010			% Change³

Statements of Income

Net interest income		$98			$111			(12	)%
FTE adjustment		3			3			–

Net interest income - FTE		101			114			(11	)
Provision for credit losses¹		(124	)		41			NM

Net interest income - FTE - after provision for credit losses		225			73			NM


Noninterest income before securities gains		(1	)		1			NM
Securities gains, net		64			2			NM

Total noninterest income		63			3			NM


Noninterest expense before amortization of intangible assets		(22	)		(35	)		(37	)
Amortization of intangible assets		–			–			–

Total noninterest expense		(22	)		(35	)		(37	)


Income - FTE - before provision for income taxes		310			111			NM
Provision for income taxes		108			20			NM
FTE adjustment		3			3			–

Net income including income attributable to noncontrolling interest		199			88			NM
Less: net income attributable to noncontrolling interest		2			2			–

Net income		$197			$86			NM


Total revenue - FTE		$164			$117			40

Selected Average Balances

Total loans		$202			$304			(34	)%
Securities available for sale		24,223			25,993			(7	)
Goodwill		(1	)		–			(100	)
Other intangible assets excluding MSRs		3			3			–
Total assets		34,072			33,068			3
Consumer and commercial deposits		937			698			34

Other Information

Duration of investment portfolio		3.2	%		2.6	%

Accounting net interest income interest rate sensitivity²:
% Change in net interest income under:
Instantaneous 100 bp increase in rates over next 12 months		(0.1	)%		1.0	%
Instantaneous 100 bp decrease in rates over next 12 months		(1.0	)%		(0.4	)%

Economic net interest income interest rate sensitivity²:
% Change in net interest income under:
Instantaneous 100 bp increase in rates over next 12 months		(0.5	)%		0.4	%
Instantaneous 100 bp decrease in rates over next 12 months		(0.8	)%		(0.1	)%

¹Provision for credit losses is the difference between net charge-offs recorded by the lines of business and consolidated provision for credit losses.

²The recognition of interest rate sensitivity from an accounting perspective is different from the economic perspective due to the election of fair value accounting for certain long term debt and the related interest rate swaps. The net interest income sensitivity profile from an economic perspective assumes the net interest payments from the related swaps were included in net interest income.

³“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 21

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED - SEGMENT TOTALS

(Dollars in millions) (Unaudited)

		$115,162			$115,162			$115,162
	Three Months Ended March 31
	2011			2010			% Change¹

Statements of Income

Net interest income		$1,249			$1,172			7	%
FTE adjustment		28			30			(7	)

Net interest income - FTE		1,277			1,202			6
Provision for credit losses		447			862			(48	)

Net interest income - FTE - after provision for credit losses		830			340			NM


Noninterest income before securities gains		819			697			18
Securities gains, net		64			1			NM

Total noninterest income		883			698			27


Noninterest expense before amortization of intangible assets		1,454			1,348			8
Amortization of intangible assets		11			13			(15	)

Total noninterest expense		1,465			1,361			8


Income/(loss) - FTE - before provision/(benefit) for income taxes		248			(323	)		NM
Provision/(benefit) for income taxes		33			(194	)		NM
FTE adjustment		28			30			(7	)

Net income/(loss) including income attributable to noncontrolling interest		187			(159	)		NM
Less: net income attributable to noncontrolling interest		7			2			NM

Net income/(loss)		$180			($161	)		NM


Total revenue - FTE		$2,160			$1,900			14

Selected Average Balances

Total loans		$115,162			$114,435			1	%
Goodwill		6,323			6,320			–
Other intangible assets excluding MSRs		126			166			(24	)
Total assets		173,066			171,429			1
Consumer and commercial deposits		120,710			115,084			5

Performance Ratios

Efficiency ratio		67.83	%		71.60	%
Impact of excluding amortization of intangible assets		(0.51	)		(0.69	)

Tangible efficiency ratio		67.32	%		70.91	%

¹“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 22

SUNTRUST BANKS INC - FORM 8-K - EX-99.1 - NEWS RELEASE - April 21, 2011

Attached files