UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 22, 2008

SunTrust Banks, Inc.
(Exact name of registrant as specified in its charter)

 
					
Georgia	 	001-08918	 	58-1575035	
(State or other jurisdiction
of incorporation)	 	(Commission File Number)	 	(IRS Employer
Identification No.)	

303 Peachtree St., N.E., Atlanta, Georgia	 	30308	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code (404) 588-7711
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02	Results of Operations and Financial Condition.	
 
Item 7.01	Regulation FD Disclosure.	
The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure.” Consequently, it is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.
On April 22, 2008, SunTrust Banks, Inc. (the “Registrant”) announced financial results for the quarter ended March 31, 2008. A copy of the news release announcing the Registrant’s results for the quarter ended March 31, 2008 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The Registrant intends to hold an investor call and webcast to discuss financial results for the quarter ended March 31, 2008 on April 22, 2008, at 8:00 a.m. Eastern time. Additional presentation materials relating to such call are attached hereto as Exhibit 99.2 and are incorporated herein by reference.
All information in the news release and the presentation materials speak as of the date thereof and the Registrant does not assume any obligation to update such information in the future. In addition, the Registrant disclaims any inference regarding the materiality of such information which otherwise may arise as a result of its furnishing such information under Item 2.02 and/or Item 7.01 of this report on Form 8-K.
 
Item 9.01	Financial Statements and Exhibits.	
(d) Exhibits

99.1	 	News release dated April 22, 2008 (furnished with the Commission as a part of this Form 8-K).	
		
99.2	 	Presentation materials dated April 22, 2008 (furnished with the Commission as a part of this Form 8-K).	
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 	 	SUNTRUST BANKS, INC.	
	 		 	        (Registrant)	
			
Date: April 22, 2008.	 	By:	 	/s/ Thomas E. Panther	
	 		 	Thomas E. Panther,	
	 		 	Senior Vice President and Controller	

Exhibit 99.1

	  	News Release	

Contact:	  		  		
Investors	  	Media	  		
Steve Shriner	  	Barry Koling	  		
(404) 827-6714	  	(404) 230-5268	  		
For Immediate Release
April 22, 2008
SunTrust Reports First Quarter Earnings of $0.81 Per Share
Credit Costs Impact Results as Company Points to Underlying Progress and Financial Strength

ATLANTA— SunTrust Banks, Inc. (NYSE: STI) today reported net income available to common shareholders for the first quarter of 2008 of $283.6 million, or $0.81 per average common diluted share, compared to $513.9 million, or $1.44 per average common diluted share, in the first quarter of 2007. Growth in the balance sheet and core business revenues coupled with disciplined expense management were more than offset by increased credit costs associated with the continued deterioration in the housing market, as well as net mark-to-market valuation losses related to certain asset-backed securities. Positively impacting the quarter were gains from the Company’s interest in Visa, Inc. (“Visa”) and prior decisions to sell its remaining interest in Lighthouse Investment Partners and certain bank-owned real estate.
“Growth in credit costs associated with the residential real estate correction continued to take a toll in the first quarter; further, the backdrop of emerging recession fears clouds the near-term outlook. However, SunTrust is financially strong, with ample liquidity, adequate capital, and a solid balance sheet, and we are effectively managing through this difficult economic environment. Perhaps most importantly, we are encouraged by underlying progress in key business lines, good deposit and some modest loan growth, and the positive impact of improved expense discipline. Given the success we are achieving in our E 2 Efficiency and Productivity program, we have increased our 2008 savings estimate to $500 million, up $150 million from our previous estimate. Economic uncertainty notwithstanding, we remain confident in the validity of our strategies, our execution of those strategies, and the growth potential within our existing businesses and markets,” said James M. Wells III, President and Chief Executive Officer of SunTrust.
As the deterioration of residential real estate markets continued in the first quarter of 2008, the Company increased its provision for loan losses to $560 million, increasing the ratio of allowance to total loans outstanding to 1.25% as of March 31, 2008. Annualized net charge-offs for the quarter of 0.97% of average loans were principally related to loans secured by residential real estate. The increase in the allowance for loan and lease losses was also attributable to an increase in expected losses in the existing residential mortgage, home equity lines of credit, and residential construction portfolios.
During the quarter, the Company also recognized approximately $163.7 million in net valuation losses. The losses pertained primarily to mark-to-market valuation adjustments on trading assets and loan warehouses, as well as certain asset-backed securities that are classified as available for sale, net of gains on the Company’s public debt carried at fair value and related hedges. The unrealized loss on certain available for sale securities was recognized through earnings, as the assets were deemed to be other-than-temporarily impaired, thus triggering an accounting recognition of the losses. The after-tax earnings impact of the net valuation losses was $101.5 million, or $0.29 per diluted common share. Through sales, maturities and pay downs, the Company has reduced its exposure to these distressed assets by over $1.0 billion since the end of 2007, leaving the quarter-end exposure at approximately $1.6 billion. The Company continues to actively evaluate its holdings of these specific securities with an objective of continuing to lower its exposure to such assets.

First Quarter 2008 Consolidated Highlights:

 	  	1 st  Quarter
2008	 	 	1 st  Quarter
2007	 	 	%
Change	 	
	  			 			 			
Income Statement	  				 				 			
(Dollars in millions, except per share data)	  				 				 			
Net income available to common shareholders	  	$	283.6	 	 	$	513.9	 	 	(44.8	)%	
Net income per average common diluted share	  	 	0.81	 	 	 	1.44	 	 	(43.8	)%	
Revenue – fully taxable-equivalent	  	 	2,225.3	 	 	 	2,067.2	 	 	7.6	%	
Net interest income – fully taxable equivalent	  	 	1,167.8	 	 	 	1,188.3	 	 	(1.7	)%	
Provision for loan losses	  	 	560.0	 	 	 	56.4	 	 	892.2	%	
Noninterest income	  	 	1,057.5	 	 	 	878.9	 	 	20.3	%	
Noninterest expense	  	 	1,255.1	 	 	 	1,236.0	 	 	1.5	%	
Net interest margin	  	 	3.07	%	 	 	3.02	%	 			
Efficiency ratio	  	 	56.40	%	 	 	59.79	%	 			
				
Balance Sheet	  				 				 			
(Dollars in billions)	  				 				 			
Average loans	  	$	123.3	 	 	$	121.5	 	 	1.4	%	
Average consumer and commercial deposits	  	 	101.2	 	 	 	97.8	 	 	3.5	%	
				
Capital	  				 				 			
Tier 1 capital ratio (1)	  	 	7.25	%	 	 	7.60	%	 			
Total average shareholders’ equity to total average assets	  	 	10.21	%	 	 	9.76	%	 			
Tangible equity to tangible assets	  	 	6.53	%	 	 	5.97	%	 			
				
Asset Quality
Net charge-offs to average loans (annualized)	  	 	0.97	%	 	 	0.21	%	 			
Nonperforming loans to total loans	  	 	1.67	%	 	 	0.57	%	 			

(1)	Current period Tier 1 capital ratio is estimated as of the earnings release date.	
 
•	 	Net income available to common shareholders decreased 44.8% and net income per average common diluted share decreased 43.8% from the first quarter of 2007 primarily due to higher provision for loan losses.	
 
•	 	Fully taxable-equivalent revenue increased 7.6% compared to the first quarter of 2007, as growth in noninterest income more than offset a decline in net interest income.	
 
•	 	Fully taxable-equivalent net interest income declined 1.7% from the first quarter of 2007, despite a five basis point improvement in margin, as earning assets declined 4.1% due to a reduction in interest earning trading assets. Both the increase in margin and the decrease in interest earning trading assets were a result of balance sheet management strategies.	
 
•	 	Noninterest income increased 20.3% from the first quarter of 2007, driven by double digit growth in service charges on deposit accounts, retail investment services, investment banking, and card fees. Net market valuation losses were offset by gains related to the Company’s interest in Visa, gain on the sale of its remaining 24.9% interest in Lighthouse Investment Partners, and the gain on the sale/leaseback of certain bank-owned branches and office buildings.	
 
•	 	Noninterest expense increased 1.5% from the first quarter of 2007 and declined 13.8% compared to the fourth quarter of 2007. During the first quarter of 2008, the Company reversed $39.1 million of Visa litigation expense that was recorded in the fourth quarter of 2007 and incurred $11.7 million in debt extinguishment costs. Year-over-year core expense growth remained well controlled and would have declined if not for $35.9 million in higher credit-related expenses.	
 
•	 	The effective income tax rate for the first quarter of 2008 was 24.0% due to lower pre-tax income and the release of tax reserves in conjunction with the settlement of certain tax positions.	
 
•	 	Total average loans increased 1.4% from the first quarter of 2007. The increase in average loans was due to growth in the commercial (C&I) loan portfolio, partially offset by declines in real estate 1-4 family and	
 
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 	construction loans as a result of loan sales in the second quarter of 2007 associated with specific balance sheet management strategies and risk management tactics, respectively. Average consumer and commercial deposits increased 3.5% over the first quarter of 2007. The increase in average consumer and commercial deposits was driven mainly by growth in NOW and money market account balances.	
 
•	 	The estimated Tier 1 capital, total average shareholders’ equity to total average assets, and tangible equity to tangible asset ratios were 7.25%, 10.21%, and 6.53%, respectively. The Company maintains a Tier 1 capital ratio target of 7.5%.	
 
•	 	Annualized net charge-offs were 0.97% of average loans for the first quarter of 2008, up from 0.21% in the first quarter of 2007 and 0.55% in the fourth quarter of 2007. The increase reflects deterioration in consumer credit, particularly in residential real estate secured loans.	
 
•	 	Nonperforming loans to total loans increased to 1.67% as of March 31, 2008, from 1.19% as of December 31, 2007 and 0.57% as of March 31, 2007, due mainly to increased levels of residential real estate secured loans and residential real estate construction loans.	
CONSOLIDATED FINANCIAL PERFORMANCE
Revenue
Fully taxable-equivalent revenue was $2,225.3 million for the first quarter of 2008, an increase of 7.6% compared to the first quarter of 2007, driven by gains from the Company’s interest in Visa, gains on the sale of certain non-strategic assets, and double digit growth in many of the fee-related core business products. These gains more than offset a slight decline in net interest income and net mark-to-market valuation losses.
Net Interest Income
Fully taxable-equivalent net interest income was $1,167.8 million in the first quarter of 2008, a decrease of 1.7% from the first quarter of 2007, despite a five basis point improvement in margin, as earning assets declined 4.1% due to a reduction in interest earning trading assets. Both the increase in margin and the decrease in interest earning trading assets were a result of balance sheet management strategies. On a sequential quarter basis, net interest margin was down six basis points. The decline was driven by the impact of benchmark interest rate reductions on earning asset yields that exceeded reductions in rates paid on interest-bearing deposits.
Noninterest Income
Total noninterest income was $1,057.5 million for the first quarter of 2008, up $178.6 million, or 20.3%, from the first quarter of 2007. Included in the first quarter of 2008 were the following transaction-related gains:
 
 	•	 	$89.4 million from the gain on sale of Lighthouse Investment Partners	
 
 	•	 	$86.3 million from the Visa initial public offering	
 
 	•	 	$37.0 million from the sale/leaseback of corporate owned real estate	
During the quarter, the Company also recorded approximately $287 million in market valuation losses related primarily to investments in asset-backed securities that were acquired in late 2007 and other trading and securitization activities. These losses were recorded primarily in trading account profits and commissions, which declined $62.0 million, or 68.7%, from first quarter of 2007 and also included approximately $240 million of valuation gains recorded on the Company’s publicly-traded debt net of associated hedges carried at fair value. In the first quarter of 2007, trading account profit and commissions income included $81.0 million in market valuation gains related to trading assets and liabilities and related hedges that the Company elected to record at fair value. Underlying growth in trading account profit and
 
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commissions income in the first quarter of 2008 as compared to the first quarter of 2007 was due to increased core client activity, primarily in derivative sales. Securities gains/losses in the first quarter of 2008 included $64.1 million in market value impairment related primarily to certain asset-backed securities that were classified as available for sale and estimated to be other-than-temporarily impaired at quarter end, triggering accounting recognition of the unrealized loss in current period earnings.
Mortgage production income was $85.5 million in the first quarter of 2008 compared to a loss of $8.7 million in the first quarter of 2007. The increase was due to higher margins on current mortgage production, as well as certain changes in accounting methodologies. Specifically, application of Staff Accounting Bulletin 109 (SAB 109) accelerated the recognition of servicing value to the date of the interest rate lock commitment in 2008, and in connection with the Company’s second quarter of 2007 election to record at fair value certain newly-originated mortgage loans held for sale, the recognition of loan fees were accelerated in 2008 to the date of closing. The first quarter of 2008 included $52.6 million in market value declines in mortgages held for sale, while the first quarter of 2007 included $42.2 million of income reductions related to the Company’s adoption of the fair value accounting standards and $26.6 million of losses related to Alt-A loan valuations.
In the first quarter of 2008, the Company experienced strong growth in the following noninterest income categories: service charges on deposit accounts increased 12.1%, retail investment services increased 13.8%, card fees increased 14.9%, and investment banking income increased 10.5%. Trust and investment management income decreased 7.6% compared to the first quarter of 2007, which reflects the sale of Lighthouse Investment Partners on January 2, 2008. The first quarter of 2007 results included a $32.3 million gain on sale upon merger of Lighthouse Partners.
Noninterest Expense
Total noninterest expense in the first quarter of 2008 was $1,255.1 million, up $19.1 million, or 1.5%, from the first quarter of 2007 and down $200.2 million, or 13.8%, on a sequential quarter basis as the Company recognized the benefits of its cost savings from the E 2 Efficiency and Productivity program. Personnel expenses in the first quarter of 2008 increased $16.1 million, or 2.3%, from the same period in 2007; however, personnel expenses would have declined if not for a $34.5 million impact related to loan origination costs that were deferred prior to the Company’s election to record at fair value certain newly-originated mortgage loans held for sale. Total personnel declined from 33,397 as of March 31, 2007 to 31,745 as of March 31, 2008. Compared to the fourth quarter of 2007, personnel expense increased $32.3 million, or 4.7%, primarily due to the seasonal increase in Company paid payroll taxes and 401(k) matching contributions. Other expenses included in the first quarter of 2008 included an $11.7 million net cost of early retirement of debt and a $35.9 million increase in credit-related expenses such as collection services, valuation losses on other real estate owned, and mortgage fraud related losses. The first quarter of 2008 also included a $39.1 million reversal of a portion of the accrued liability associated with Visa litigation for which the Company recorded $76.9 million in the fourth quarter of 2007.
Balance Sheet
As of March 31, 2008, SunTrust had total assets of $179.0 billion. Shareholders’ equity of $18.4 billion as of March 31, 2008, represented 10.3% of total assets. Book value per common share was $51.26 as of March 31, 2008.
Loans
Average loans for the first quarter of 2008 were $123.3 billion, up $1.7 billion, or 1.4%, from the first quarter of 2007. The increase was primarily in commercial loans, as average residential real estate and consumer loans declined as a result of balance sheet management strategies, while construction declined due to slowing residential building activity and Company efforts to reduce exposure. Compared to the fourth quarter of 2007, average loans were up $2.2 billion, or 7.2%, on a sequential annualized basis, primarily driven by commercial loan growth.
 
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Deposits
Average consumer and commercial deposits for the first quarter of 2008 were $101.2 billion, up 3.5% from the first quarter of 2007, as increases in NOW and money market deposits were partially offset by declines in demand deposit and savings account balances. Average total brokered and foreign deposits declined 42.1% from the first quarter of 2007, as the Company strategically reduced the size of its earning assets, thereby enabling the reduction of these higher cost funding sources and substantially improving the Company’s liquidity position.
On a sequential annualized basis, average consumer and commercial deposits increased 6.1% from the fourth quarter of 2007, driven by growth in NOW and money market account balances as a result of marketing campaigns and customers’ increased preference for the safety of insured deposit products. This growth offset declines in demand and savings deposit balances.
Capital
The estimated Tier 1 capital, total average shareholders’ equity to total average assets, and tangible equity to tangible asset ratios at March 31, 2008, were 7.25%, 10.21%, and 6.53%, respectively. Tier 1 capital decreased 35 basis points compared to March 31, 2007, while the total average shareholders’ equity to total average assets and tangible equity to tangible asset ratios increased 45 and 56 basis points, respectively. Compared to December 31, 2007, Tier 1 capital increased 32 basis points due to the issuance of Tier 1 qualifying enhanced trust preferred securities which primarily replaced securities retired in the third and fourth quarters of 2007. The Company’s regulatory capital ratios are in excess of the regulatory requirements for well capitalized status. The Company maintains its established Tier 1 capital ratio target of 7.5%.
The Company’s current Tier 1 capital level does not include the benefit of the equity value of its common stock holdings in The Coca-Cola Company (“Coke”), as SunTrust does not receive regulatory credit for the equity value of this position. As SunTrust has stated, the Company anticipates completing transactions related to this position in the second quarter of 2008 which will generate approximately $1 billion of Tier 1 capital or approximately 65 basis points of capital. The process that the Company embarked upon in 2007 is designed to result in a regulatory capital benefit from the holdings. In addition, as SunTrust management has indicated, this process is entirely focused on increasing the capital efficiency of this position and does not relate to SunTrust’s view of the current value of the Coke stock, nor its positive view of the long-term prospects of the company.
Asset Quality
Annualized net charge-offs in the first quarter of 2008 were 0.97% of average loans, up from 0.21% in the first quarter of 2007 and 0.55% in the fourth quarter of 2007. Net charge-offs were $297.2 million in the first quarter of 2008, as compared to $62.9 million in the first quarter of 2007 and $168.0 million in the fourth quarter of 2007. The increase in net charge-offs over the first quarter of 2007 reflects deterioration in consumer credit, particularly in residential real estate secured loans. The increase in net charge-offs in 2008 was most pronounced in home equity and residential mortgages.
Nonperforming loans were $2,068.7 million, or 1.67%, of total loans, as of March 31, 2008, compared to $1,460.3 million, or 1.19%, of total loans, as of December 31, 2007, and $665.1 million, or 0.57%, of total loans, as of March 31, 2007. The increase in nonperforming loans was mainly due to an increase in residential mortgage and real estate construction loans as the overall weakening of the housing markets and economy continued to increase delinquencies.
The allowance for loan and lease losses increased $262.8 million from December 31, 2007, to $1,545.3 million as of March 31, 2008. The increase in the allowance for loan and lease losses was attributable to the deterioration in certain segments of the consumer and residential real estate market, and contributed to the $203.2 million increase in provision for loan losses compared to the fourth quarter of 2007. The allowance for loan and lease losses as of March 31, 2008, represented 1.25% of period-end total loans compared to 1.05% as of December 31, 2007. The allowance for loan and lease losses as of March
 
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31, 2008 represented 75% of period-end nonperforming loans of which over 63% were mortgages secured by residential real estate.
LINE OF BUSINESS FINANCIAL PERFORMANCE
The following discussion details results for SunTrust’s four business lines: Retail and Commercial Banking, Wholesale Banking, Mortgage, and Wealth and Investment Management. All revenue is reported on a fully taxable-equivalent basis. Previously, the Company had five business segments. The segment reporting structure was adjusted to align with the recently modified organizational structure that better aligns with serving clients’ needs. 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. This 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 expense compared to net charge-offs, as well as equity and its related impact.
Retail and Commercial Banking
Three Months Ended March 31, 2008 vs. 2007
Retail and Commercial Banking net income for the first quarter of 2008 was $96.7 million, a decrease of $107.3 million, or 52.6%, compared to the first quarter of 2007. This decrease was primarily the result of higher provision expense due to home equity related charge-offs, lower net interest income driven by a continued shift in deposit mix and decreased spreads, partially offset by higher noninterest income driven by an increase in service charges on deposits.
Net interest income decreased $81.0 million, or 11.4%, mainly driven by the continued shift in deposit mix and decreased spreads as deposit competition and the interest rate environment encouraged customers to migrate into higher yielding interest-bearing deposits. Average loan balances declined $1.0 billion, or 1.9%, with the movement of Middle Market clients to the Wholesale Banking segment decreasing loans by approximately $2.0 billion. Remaining loan growth was driven by commercial loans and equity lines.
Provision for loan losses increased $129.1 million over the same period in 2007. The provision increase was most pronounced in home equity lines and loans reflecting the negative impact from the current deterioration in certain segments of the consumer portfolio, primarily related to the residential real estate market.
Total noninterest income increased $25.7 million, or 8.8%, from the first quarter of 2007. This increase was driven primarily by an $18.9 million, or 11.4%, increase in service charges on deposits related to both consumer and business accounts.
Total noninterest expense declined $13.2 million, or 2.1%, from the first quarter of 2007 with the transfer of the Middle Market business to Wholesale Banking being responsible for $5.5 million of the decline. The remainder of the decline reflects the continuing impact of expense savings initiatives, offset primarily by investments in the branch distribution network.
Wholesale Banking
Three Months Ended March 31, 2008 vs. 2007
Wholesale Banking reported net income of $86.2 million for the first quarter of 2008, a decrease of $6.3 million, or 6.8%, compared to the first quarter of 2007. An increase in net income due to the
 
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movement of Middle Market clients into Wholesale Banking was offset by lower net interest income and higher provision for loan losses.
Net interest income decreased $5.7 million, or 4.0%. Average loan balances increased $3.1 billion, or 10.5%, while the corresponding net interest income was virtually unchanged due to a decline in the higher spread residential builder portfolio and increased levels of real estate related nonaccrual loans. The increase in average loan balances includes an approximate $2.0 billion impact from the migration of Middle Market balances to Wholesale Banking. The remainder of Wholesale Banking’s loan growth of approximately $1.2 billion, or 4.0%, was despite a $1.9 billion structured asset sale of corporate loans in the first quarter of 2007. The additional loan growth was driven by corporate banking, partially offset by declining loan balances in the residential builder portfolio. Total average deposits were up $3.7 billion, or 79.2%; however, net interest income decreased $3.2 million. Higher cost corporate money market balances increased $3.1 billion while the resulting net interest income increased $1.8 million. Interest income from demand deposits was down $4.6 million due to slightly lower balances and the impact of the lower rate environment on the value of these deposits.
Provision for loan losses was $12.3 million, an increase of $9.5 million from the same period in 2007, driven primarily by higher residential builder related charge-offs.
Total noninterest income increased $4.8 million, or 2.8%. The migration of Middle Market clients into Wholesale Banking accounted for $4.4 million of the growth while the remaining Wholesale Banking increased $0.4 million, or 0.2%. Solid performances in fixed income sales and trading, derivatives, bond originations, structured leasing, and equity capital markets were offset, in part, by lower revenues from securitization and loan syndications, as well as lower income related to the structured asset sale in the first quarter of 2007.
Total noninterest expense increased $8.9 million, or 4.7%. Expense associated with Middle Market relationship management accounted for $5.6 million, or over 60% of the noninterest expense increase. The remaining $3.4 million was driven by higher incentive-based compensation expenses primarily related to increased fixed income and equity sales and trading revenue, increased Affordable Housing related expenses, and higher outside processing costs.
Mortgage
Three Months Ended March 31, 2008 vs. 2007
Mortgage reported a net loss of $31.4 million for the first quarter of 2008, a decrease in income of $38.3 million compared to the first quarter of 2007. The decrease resulted from higher credit related costs that were partially offset by the impact of adopting new accounting standards and by higher margins in secondary marketing in the first quarter of 2008.
Net interest income for the first quarter increased $0.9 million, or 0.7%, due to higher income from mortgage loans held for sale, mortgage backed securities and deposits offset by lower income on loans held for investment and increased funding cost of nonearning assets. Total average loans, principally residential mortgage and residential construction loans, decreased $0.4 billion, or 1.2%. The decline in average loans was partially due to the Company’s balance sheet management strategies that included the transfer of $4.1 billion of portfolio loans to loans held for sale at the end of first quarter 2007. The effect of the transfer has been substantially offset by new loan originations. Lower loan portfolio balances, declining spreads, and increased nonaccrual loans resulted in lower loan-related net interest income of $15.4 million. Average nonearning assets increased $0.7 billion over the first quarter of 2007. Funding of these assets lowered net interest income by $6.7 million. Average loans held for sale declined $4.3 billion, or 43.4%. However, higher spreads increased net interest income by $14.6 million. Additionally, average investment securities, which were up $3.6 billion, contributed $8.7 million to net interest income, and deposits, which were up $0.3 billion, contributed $1.2 million to net interest income.
Provision for loan losses increased $88.0 million, driven by higher residential mortgage and residential construction charge-offs.
Total noninterest income increased $93.6 million. This increase was driven by the adoption of new accounting standards, which impacted the timing of recognizing origination fees and servicing value and
 
7

improved secondary marketing margins. The increases were partially offset by valuation adjustments on loans held for sale and lower servicing income. Loan production of $11.7 billion was down $3.1 billion, or 20.9%; however, mortgage production income was up $104.4 million. In 2007, income was reduced by $42.2 million resulting from the adoption of SFAS 157. Additionally, loan fees increased $32.9 million in the first quarter of 2008 due to the recognition of loan fees that were previously deferred prior to the May 2007 fair value election under SFAS 159 for certain newly-originated loans. Newly adopted accounting standards related to the recognition of loan servicing value at the time of interest rate lock commitment in the first quarter of 2008 contributed $18.3 million to production income during the quarter. Servicing income declined $6.0 million, principally due to higher MSR amortization that was only partially offset by higher fees resulting from an increased servicing portfolio. Total loans serviced at March 31, 2008 were $155.5 billion, up 12.1% from March 31, 2007. Noninterest income was also impacted by $8.5 million of net securities losses related to market value impairment on asset-backed securities deemed to be other-than-temporarily impaired.
Total noninterest expense increased $67.9 million, or 44.6%. Drivers of the increase were higher loan origination costs, higher operating losses and increased credit costs related to collections and other real estate. Loan origination expense was up $37.0 million due to recognition of loan origination costs on certain newly originated mortgage loans that were previously deferred. Operating losses recorded in the first quarter of 2008 were higher due to loan application fraud from customer misstatements of income or assets primarily on Alt-A products originated in prior periods.
Wealth and Investment Management
Three Months Ended March 31, 2008 vs. 2007
Wealth and Investment Management’s net income for the first quarter of 2008 was $104.2 million, an increase of $36.2 million, or 53.1%, compared to the first quarter of 2007. The increase was driven by approximately $33 million of incremental net income generated by the sale of the Company’s investment in Lighthouse Partners. In the first quarter of 2007, the Company’s investment in Lighthouse Partners generated $22.4 million of net income, which included a $20.1 million after-tax gain resulting from the gain on sale upon merger of Lighthouse Partners into Lighthouse Investment Partners, the entity that was serving as the sub-advisor to the Lighthouse funds. This transaction resulted in the Company maintaining a 24.9% minority interest in the combined entity. In the first quarter 2008, SunTrust recorded a $55.4 million after tax gain on the merger of Lighthouse Investment Partners with HFA Holdings, an Australian fund manager, in exchange for the Company’s 24.9% minority interest in the firm. Additional increases in net income primarily resulted from lower noninterest expense and higher retail investment and trust income, offset by lower net interest income primarily from deposits.
Net interest income decreased $10.2 million, or 11.3%, primarily due to a continued shift in deposit mix to higher cost deposits. Average deposits were practically unchanged as declines in demand deposit and certain money market accounts were offset by increases in higher-cost NOW accounts and time deposits. This shift in deposit mix coupled with compressed spreads due to increased competition for deposits resulted in a $7.9 million decrease in net interest income. Average loans decreased $306.1 million, or 3.7%, reducing net interest income $0.4 million. The decline in average loans was driven by lower consumer and commercial real estate balances.
Provision for loan losses increased $4.1 million primarily due to higher home equity, personal credit line and consumer mortgage net charge-offs.
Total noninterest income increased $45.7 million, or 16.0%, compared to the first quarter of 2007 driven by $39.0 million of incremental revenue from the sale of the Company’s Lighthouse Partners investment. Retail investment income increased $7.7 million, or 12.4%, due to strong annuity sales and higher recurring managed account fees. Trust income, excluding Lighthouse Partners, increased $4.3 million, or 2.7%. As of March 31, 2008, assets under management were approximately $140.4 billion compared to $137.2 billion as of March 31, 2007. Assets under management include individually managed assets, the Ridgeworth Funds, institutional assets managed by Ridgeworth Capital Management, and participant-directed retirement accounts as of March 31, 2008. SunTrust’s total assets under advisement
 
8

were approximately $248.3 billion, which includes $140.4 billion in assets under management, $63.9 billion in non-managed trust assets, $39.3 billion in retail brokerage assets, and $4.7 billion in non-managed corporate trust assets.
Total noninterest expense decreased $25.4 million, or 9.5%, driven by lower salaries, discretionary expense, and allocated overhead and operations costs, as well as lower structural expense resulting from the sale of Lighthouse Partners.
Corporate Other and Treasury
Three Months Ended March 31, 2008 vs. 2007
Corporate Other and Treasury’s net income for the first quarter of 2008 was $34.7 million, a decrease of $115.1 million, or 76.8%, compared to the first quarter of 2007 driven by an increased provision for loan losses and securities losses. This decreases was partially offset by an increase in net interest income due to favorable net gains on hedges, an increase in noninterest income due to a gain on the Visa initial public offering, gains from the sale/leaseback of corporate real estate properties, and a decrease in noninterest expenses due to the reversal of a portion of the accrued liability associated with the Visa litigation.
Net interest income in the first quarter of 2008 increased $75.6 million, or 66.1%, over the same period in 2007 mainly due to interest rate hedging activities and an increase in net interest income due to balance sheet management strategies executed in the second quarter of last year. These strategies improved the yield on the securities portfolio and delevered the balance sheet, thereby reducing reliance on higher-cost wholesale funding. Total average assets decreased $8.4 billion, or 26.7%, mainly due to the reduction in size of the investment portfolio. Total average deposits decreased $11.6 billion, or 42.8%, mainly due to a decrease in brokered and foreign deposits, as the Company reduced its reliance on wholesale funding sources.
Provision for loan losses, which predominantly represents the difference between consolidated provision for loan losses and net charge-offs for the lines of business, increased $272.9 million in conjunction with an increase in the allowance for loan losses due to the further deterioration in the residential real estate market and consumer credit quality.
Total noninterest income increased $8.8 million, or 9.4%, in the first quarter of 2008 compared to the same period in 2007. In the first quarter of 2008, the Company recognized approximately $240 million of valuation gains recorded on the Company’s publicly traded debt carried at fair value. The Company also realized an $86.3 million gain from the Visa initial public offering and $37.0 million gain from the sale/leaseback of real estate properties. These gains were offset by securities gains/losses in the first quarter of 2008 which included $55.6 million in market value impairment related primarily to certain asset-backed securities that were classified as available for sale and estimated to be other-than-temporarily impaired, triggering accounting recognition of the unrealized loss in current period earnings. There were also an additional $239 million in trading losses in the first quarter of 2008 versus a $74.3 million gain in the first quarter of 2007. These mark-downs reflect the lack of liquidity in the market for these securities and deterioration in the credit quality of some of the underlying assets.
Total noninterest expense decreased $19.1 million compared to the first quarter of 2007. The decrease in expenses was mainly due to a $39.1 million reversal of a portion of the accrued liability associated with the Visa litigation. This decrease was partially offset by the recognition of $11.7 million of net cost related to the early retirement of debt and an increase of $9.8 million in advertising cost related to the “My Cause” advertisement campaign.
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 Web site at www.suntrust.com in the Investor
 
9

Relations section located under “About SunTrust”. This information is also included in a current report on Form 8-K filed with the SEC today.
This news release contains certain non-US GAAP financial measures to describe the Company’s performance. The reconciliation of those measures to the most directly comparable US GAAP financial measures, and the reasons why SunTrust believes such financial measures may be useful to investors, can be found in the financial information contained in the appendices of this news release.
Conference Call
SunTrust management will host a conference call on April 22, 2008, at 8:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Individuals are encouraged to call in beginning at 7:45 a.m. (Eastern Time) by dialing 1-888-972-7805 (Passcode: 1Q08). Individuals calling from outside the United States should dial 1-517-308-9091 (Passcode: 1Q08). A replay of the call will be available beginning April 22, 2008, and ending May 6, 2008, by dialing 1-800-333-1859 (domestic) or 1-402-220-0205 (international).
Alternatively, individuals may listen to the live webcast of the presentation by visiting the SunTrust Web site at www.suntrust.com. The webcast will be hosted under “Investor Relations” located under “About SunTrust” or may be accessed directly from the SunTrust home page by clicking on the earnings-related link, “1st Quarter Earnings Release.” Beginning the afternoon of April 22, 2008, listeners may access an archived version of the webcast in the “Webcasts and Presentations” subsection found under “Investor Relations.” 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 high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, brokerage, equipment leasing and capital markets services. SunTrust’s Internet address is www.suntrust.com.
Forward-Looking Statements
This news release may contain forward-looking statements. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These statements often include the words “may,” “could,” “will,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “initiatives,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions. Such statements are based upon the current beliefs and expectations of SunTrust’s management, and on information currently available to management, and speak as of the date hereof. 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 SunTrust’s results to differ materially from those described in the forward-looking statements can be found in the Company’s 2007 Annual Report on Form 10-K, in the Quarterly Reports on Form 10-Q and in the Current Reports filed on Form 8-K with the Securities and Exchange Commission and available at the Securities and Exchange Commission’s internet site (http://www.sec.gov). Those factors include: (1) adverse changes in general business or economic conditions could have a material adverse effect on our financial condition and results of operations; (2) changes in market interest rates or capital markets could adversely affect our revenues and expenses, the value of assets and obligations, costs of capital, or liquidity; (3) the fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our earnings; (4) changes in securities markets or markets for commercial or residential real estate could harm our revenues and profitability; (5) customers could pursue alternatives to bank deposits, causing us to lose a relatively inexpensive source of funding; (6) customers may decide not to use banks to complete their financial transactions, which could affect net income; (7) we have businesses other than banking, which subjects us
 
10

to a variety of risks; (8) hurricanes and other natural disasters may adversely affect loan portfolios and operations and increase the cost of doing business; (9) negative public opinion could damage our reputation and adversely impact our business; (10) we rely on other companies for key components of our business infrastructure; (11) we rely on our systems, employees and certain counterparties, and certain failures could materially adversely affect our operations; (12) we depend on the accuracy and completeness of information about clients and counterparties; (13) regulation by federal and state agencies could adversely affect our business, revenues, and profit margins; (14) competition in the financial services industry is intense and could result in losing business or reducing profit margins; (15) future legislation could harm our competitive position; (16) maintaining or increasing market share depends on market acceptance and regulatory approval of new products and services; (17) our ability to receive dividends from our subsidiaries accounts for most of our revenues and could affect our liquidity and ability to pay dividends; (18) significant legal actions could subject us to substantial uninsured liabilities; (19) 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; (20) we depend on the expertise of key personnel without whom our operations may suffer; (21) we may be unable 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; (22) our accounting policies and methods are key to how we report financial condition and results of operations, and may require management to make estimates about matters that are uncertain; (23) changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition; (24) our stock price can be volatile; (25) our disclosure controls and procedures may fail to prevent or detect all errors or acts of fraud; (26) our trading assets and financial instruments carried at fair value expose the Company to certain market risks; (27) weakness in residential property values and mortgage loan markets could adversely affect us; (28) 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; and (29) we may enter into transactions with off-balance sheet entities affiliated with SunTrust or its subsidiaries which may cause us to recognize current or future losses.
The forward-looking statements in this news release speak only as of this date, and SunTrust does not assume any obligation to update such statements or to update the reasons why actual results could differ from those contained in such statements.
###
 
11

SunTrust Banks, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
(Dollars in millions, except per share data) (Unaudited)

 
										
 	  	Three Months Ended
March 31	 	 	%
Change 	 	
 	  	2008	 	 	2007	 	 			
EARNINGS & DIVIDENDS	  			 			 			
Net income	  	$290.6	 	 	$521.2	 	 	(44.2	)%	
Net income available to common shareholders	  	283.6	 	 	513.9	 	 	(44.8	)	
Total revenue - FTE 2	  	2,225.3	 	 	2,067.2	 	 	7.6	 	
Net income per average common share	  			 			 			
Diluted	  	0.81	 	 	1.44	 	 	(43.8	)	
Basic	  	0.82	 	 	1.45	 	 	(43.4	)	
Dividends paid per average common share	  	0.77	 	 	0.73	 	 	5.5	 	
				
CONDENSED BALANCE SHEETS	  			 			 			
Selected Average Balances	  			 			 			
Total assets	  	$176,917	 	 	$181,506	 	 	(2.5	)%	
Earning assets	  	153,004	 	 	159,474	 	 	(4.1	)	
Loans	  	123,263	 	 	121,515	 	 	1.4	 	
Consumer and commercial deposits	  	101,168	 	 	97,792	 	 	3.5	 	
Brokered and foreign deposits	  	15,469	 	 	26,714	 	 	(42.1	)	
Total shareholders’ equity	  	18,062	 	 	17,720	 	 	1.9	 	
				
As of	  			 			 			
Total assets	  	178,987	 	 	186,385	 	 	(4.0	)	
Earning assets	  	152,715	 	 	163,299	 	 	(6.5	)	
Loans	  	123,713	 	 	116,913	 	 	5.8	 	
Allowance for loan and lease losses	  	1,545	 	 	1,034	 	 	49.4	 	
Consumer and commercial deposits	  	103,432	 	 	99,875	 	 	3.6	 	
Brokered and foreign deposits	  	12,747	 	 	23,563	 	 	(45.9	)	
Total shareholders’ equity	  	18,431	 	 	17,969	 	 	2.6	 	
				
FINANCIAL RATIOS & OTHER DATA	  			 			 			
Return on average total assets	  	0.66	%	 	1.16	%	 	(43.1	)%	
Return on average assets less net unrealized securities gains 1	  	0.72	 	 	1.15	 	 	(37.4	)	
Return on average common shareholders’ equity	  	6.49	 	 	12.10	 	 	(46.4	)	
Return on average realized common shareholders’ equity 1	  	7.69	 	 	12.54	 	 	(38.7	)	
Net interest margin 2	  	3.07	 	 	3.02	 	 	1.7	 	
Efficiency ratio 2	  	56.40	 	 	59.79	 	 	(5.7	)	
Tangible efficiency ratio 1	  	55.47	 	 	58.65	 	 	(5.4	)	
Effective tax rate	  	23.98	 	 	30.59	 	 	(21.6	)	
Tier 1 capital ratio	  	7.25 	3	 	7.60	 	 	(4.6	)	
Total capital ratio	  	11.00 	3	 	10.94	 	 	0.5	 	
Tier 1 leverage ratio	  	7.20 	3	 	7.24	 	 	(0.6	)	
Total average shareholders’ equity to total average assets	  	10.21	 	 	9.76	 	 	4.6	 	
Tangible equity to tangible assets 1	  	6.53	 	 	5.97	 	 	9.4	 	
				
Full-time equivalent employees	  	31,745	 	 	33,397	 	 	(4.9	)	
Number of ATMs	  	2,509	 	 	2,543	 	 	(1.3	)	
Full service banking offices	  	1,678	 	 	1,691	 	 	(0.8	)	
Traditional	  	1,343	 	 	1,338	 	 	0.4	 	
In-store	  	335	 	 	353	 	 	(5.1	)	
				
Book value per common share	  	$51.26	 	 	$49.00	 	 	4.6	 	
Market price:	  			 			 			
High	  	70.00	 	 	87.43	 	 	(19.9	)	
Low	  	52.94	 	 	80.76	 	 	(34.4	)	
Close	  	55.14	 	 	83.04	 	 	(33.6	)	
Market capitalization	  	19,290	 	 	29,604	 	 	(34.8	)	
				
Average common shares outstanding (000s)	  			 			 			
Diluted	  	348,072	 	 	357,214	 	 	(2.6	)	
Basic	  	346,581	 	 	353,448	 	 	(1.9	)	

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

2	Total 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.	

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

SunTrust Banks, Inc. and Subsidiaries
FIVE QUARTER FINANCIAL HIGHLIGHTS
(Dollars in millions, except per share data) (Unaudited)

 
																
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	December 31
2007	 	 	September 30
2007	 	 	June 30
2007	 	 	March 31
2007	 	
EARNINGS & DIVIDENDS	  			 			 			 			 			
Net income	  	$290.6	 	 	$11.1	 	 	$420.2	 	 	$681.4	 	 	$521.2	 	
Net income available to common shareholders	  	283.6	 	 	3.3	 	 	412.6	 	 	673.9	 	 	513.9	 	
Total revenue - FTE 2	  	2,225.3	 	 	1,770.8	 	 	2,038.3	 	 	2,374.6	 	 	2,067.2	 	
Net income per average common share	  			 			 			 			 			
Diluted	  	0.81	 	 	0.01	 	 	1.18	 	 	1.89	 	 	1.44	 	
Basic	  	0.82	 	 	0.01	 	 	1.19	 	 	1.91	 	 	1.45	 	
Dividends paid per average common share	  	0.77	 	 	0.73	 	 	0.73	 	 	0.73	 	 	0.73	 	
						
CONDENSED BALANCE SHEETS	  			 			 			 			 			
Selected Average Balances	  			 			 			 			 			
Total assets	  	$176,917	 	 	$175,130	 	 	$174,653	 	 	$179,996	 	 	$181,506	 	
Earning assets	  	153,004	 	 	151,541	 	 	152,328	 	 	157,594	 	 	159,474	 	
Loans	  	123,263	 	 	121,094	 	 	119,559	 	 	118,165	 	 	121,515	 	
Consumer and commercial deposits	  	101,168	 	 	99,649	 	 	96,708	 	 	97,927	 	 	97,792	 	
Brokered and foreign deposits	  	15,469	 	 	15,717	 	 	21,140	 	 	23,983	 	 	26,714	 	
Total shareholders’ equity	  	18,062	 	 	18,033	 	 	17,550	 	 	17,928	 	 	17,720	 	
						
As of	  			 			 			 			 			
Total assets	  	178,987	 	 	179,574	 	 	175,857	 	 	180,314	 	 	186,385	 	
Earning assets	  	152,715	 	 	154,397	 	 	151,229	 	 	157,095	 	 	163,299	 	
Loans	  	123,713	 	 	122,319	 	 	120,748	 	 	118,788	 	 	116,913	 	
Allowance for loan and lease losses	  	1,545	 	 	1,283	 	 	1,094	 	 	1,050	 	 	1,034	 	
Consumer and commercial deposits	  	103,432	 	 	101,870	 	 	98,834	 	 	97,822	 	 	99,875	 	
Brokered and foreign deposits	  	12,747	 	 	15,973	 	 	17,026	 	 	25,069	 	 	23,563	 	
Total shareholders’ equity	  	18,431	 	 	18,053	 	 	17,907	 	 	17,369	 	 	17,969	 	
						
FINANCIAL RATIOS & OTHER DATA	  			 			 			 			 			
Return on average total assets	  	0.66	%	 	0.03	%	 	0.95	%	 	1.52	%	 	1.16	%	
Return on average assets less net unrealized securities gains 1	  	0.72	 	 	(0.01	)	 	0.93	 	 	1.18	 	 	1.15	 	
Return on average common shareholders’ equity	  	6.49	 	 	0.07	 	 	9.60	 	 	15.51	 	 	12.10	 	
Return on average realized common shareholders’ equity 1	  	7.69	 	 	(0.33	)	 	9.86	 	 	12.71	 	 	12.54	 	
Net interest margin 2	  	3.07	 	 	3.13	 	 	3.18	 	 	3.10	 	 	3.02	 	
Efficiency ratio 2	  	56.40	 	 	82.19	 	 	63.35	 	 	52.69	 	 	59.79	 	
Tangible efficiency ratio 1	  	55.47	 	 	80.86	 	 	62.13	 	 	51.64	 	 	58.65	 	
Effective tax rate	  	23.98	 	 	(116.22	)	 	26.68	 	 	31.45	 	 	30.59	 	
Tier 1 capital ratio	  	7.25 	3	 	6.93	 	 	7.44	 	 	7.49	 	 	7.60	 	
Total capital ratio	  	11.00 	3	 	10.30	 	 	10.72	 	 	10.67	 	 	10.94	 	
Tier 1 leverage ratio	  	7.20 	3	 	6.90	 	 	7.28	 	 	7.11	 	 	7.24	 	
Total average shareholders’ equity to total average assets	  	10.21	 	 	10.30	 	 	10.05	 	 	9.96	 	 	9.76	 	
Tangible equity to tangible assets 1	  	6.53	 	 	6.28	 	 	6.32	 	 	5.85	 	 	5.97	 	
						
Full-time equivalent employees	  	31,745	 	 	32,323	 	 	32,903	 	 	33,241	 	 	33,397	 	
Number of ATMs	  	2,509	 	 	2,507	 	 	2,518	 	 	2,533	 	 	2,543	 	
Full service banking offices	  	1,678	 	 	1,682	 	 	1,683	 	 	1,685	 	 	1,691	 	
Traditional	  	1,343	 	 	1,343	 	 	1,339	 	 	1,338	 	 	1,338	 	
In-store	  	335	 	 	339	 	 	344	 	 	347	 	 	353	 	
						
Book value per common share	  	$51.26	 	 	$50.38	 	 	$50.01	 	 	$48.33	 	 	$49.00	 	
Market price:	  			 			 			 			 			
High	  	70.00	 	 	78.76	 	 	90.47	 	 	94.18	 	 	87.43	 	
Low	  	52.94	 	 	60.02	 	 	73.61	 	 	78.16	 	 	80.76	 	
Close	  	55.14	 	 	62.49	 	 	75.67	 	 	85.74	 	 	83.04	 	
Market capitalization	  	19,290	 	 	21,772	 	 	26,339	 	 	29,928	 	 	29,604	 	
						
Average common shares outstanding (000s)	  			 			 			 			 			
Diluted	  	348,072	 	 	348,072	 	 	349,592	 	 	356,008	 	 	357,214	 	
Basic	  	346,581	 	 	345,917	 	 	346,150	 	 	351,987	 	 	353,448	 	

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

2	Total 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.	

3	Current period 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
(Dollars in thousands, except per share data) (Unaudited)

 
													
 	  	Three Months Ended	 	
 	  	March 31	 	 	Increase/(Decrease)  2	 	
 	  	2008	 	 	2007	 	 	Amount	 	 	%	 	
Interest income	  	$2,258,332	 	 	$2,528,057	 	 	($269,725	)	 	(10.7	)%	
Interest expense	  	1,118,465	 	 	1,363,498	 	 	(245,033	)	 	(18.0	)	
	  	 	 	 	 	 	 			 			
NET INTEREST INCOME	  	1,139,867	 	 	1,164,559	 	 	(24,692	)	 	(2.1	)	
Provision for loan losses	  	560,022	 	 	56,441	 	 	503,581	 	 	NM	 	
	  	 	 	 	 	 	 			 			
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	  	579,845	 	 	1,108,118	 	 	(528,273	)	 	(47.7	)	

NONINTEREST INCOME	  			 			 			 			
Service charges on deposit accounts	  	211,839	 	 	189,035	 	 	22,804	 	 	12.1	 	
Trust and investment management income	  	161,102	 	 	174,318	 	 	(13,216	)	 	(7.6	)	
Retail investment services	  	72,300	 	 	63,543	 	 	8,757	 	 	13.8	 	
Other charges and fees	  	127,231	 	 	118,137	 	 	9,094	 	 	7.7	 	
Investment banking income	  	55,420	 	 	50,157	 	 	5,263	 	 	10.5	 	
Trading account profits and commissions	  	28,218	 	 	90,201	 	 	(61,983	)	 	(68.7	)	
Card fees	  	73,761	 	 	64,195	 	 	9,566	 	 	14.9	 	
Mortgage production related income/(loss)	  	85,549	 	 	(8,655	)	 	94,204	 	 	NM	 	
Mortgage servicing related income	  	29,098	 	 	35,403	 	 	(6,305	)	 	(17.8	)	
Gain on Visa IPO	  	86,305	 	 	-	 	 	86,305	 	 	NM	 	
Net gain on sale or merger of Lighthouse interests	  	89,390	 	 	32,340	 	 	57,050	 	 	NM	 	
Net gain on sale/leaseback of premises	  	37,039	 	 	-	 	 	37,039	 	 	NM	 	
Other noninterest income	  	60,836	 	 	70,212	 	 	(9,376	)	 	(13.4	)	
Securities gains/(losses), net	  	(60,586	)	 	20	 	 	(60,606	)	 	NM	 	
	  	 	 	 	 	 	 			 			
Total noninterest income	  	1,057,502	 	 	878,906	 	 	178,596	 	 	20.3	 	

NONINTEREST EXPENSE	  			 			 			 			
Employee compensation and benefits	  	715,083	 	 	699,000	 	 	16,083	 	 	2.3	 	
Net occupancy expense	  	86,441	 	 	86,257	 	 	184	 	 	0.2	 	
Outside processing and software	  	109,165	 	 	99,676	 	 	9,489	 	 	9.5	 	
Equipment expense	  	52,395	 	 	49,409	 	 	2,986	 	 	6.0	 	
Marketing and customer development	  	55,703	 	 	45,705	 	 	9,998	 	 	21.9	 	
Amortization of intangible assets	  	20,715	 	 	23,542	 	 	(2,827	)	 	(12.0	)	
Net loss on extinguishment of debt	  	11,723	 	 	-	 	 	11,723	 	 	NM	 	
Visa litigation	  	(39,124	)	 	-	 	 	(39,124	)	 	NM	 	
Other noninterest expense	  	243,043	 	 	232,408	 	 	10,635	 	 	4.6	 	
	  	 	 	 	 	 	 			 			
Total noninterest expense	  	1,255,144	 	 	1,235,997	 	 	19,147	 	 	1.5	 	

INCOME BEFORE PROVISION FOR INCOME TAXES	  	382,203	 	 	751,027	 	 	(368,824	)	 	(49.1	)	
Provision for income taxes	  	91,648	 	 	229,731	 	 	(138,083	)	 	(60.1	)	
	  	 	 	 	 	 	 			 			
Net income	  	290,555	 	 	521,296	 	 	(230,741	)	 	(44.3	)	
Preferred dividends	  	6,977	 	 	7,363	 	 	(386	)	 	(5.2	)	
	  	 	 	 	 	 	 			 			
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	  	$283,578	 	 	$513,933	 	 	($230,355	)	 	(44.8	)	

Net interest income - FTE 1	  	$1,167,842	 	 	$1,188,272	 	 	($20,430	)	 	(1.7	)	
					
Net income per average common share	  			 			 			 			
Diluted	  	0.81	 	 	1.44	 	 	(0.63	)	 	(43.8	)	
Basic	  	0.82	 	 	1.45	 	 	(0.63	)	 	(43.4	)	
					
Cash dividends paid per common share	  	0.77	 	 	0.73	 	 	0.04	 	 	5.5	 	
Average common shares outstanding (000s)	  			 			 			 			
Diluted	  	348,072	 	 	357,214	 	 	(9,142	)	 	(2.6	)	
Basic	  	346,581	 	 	353,448	 	 	(6,867	)	 	(1.9	)	

1	Net 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.	

2	“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
(Dollars in thousands, except per share data) (Unaudited)

 
															
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	December 31
2007	 	 	September 30
2007	 	 	June 30
2007	  	March 31
2007	 	
Interest income	  	$2,258,332	 	 	$2,448,701	 	 	$2,515,292	 	 	$2,543,870	  	$2,528,057	 	
Interest expense	  	1,118,465	 	 	1,281,188	 	 	1,323,104	 	 	1,348,586	  	1,363,498	 	
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	
NET INTEREST INCOME	  	1,139,867	 	 	1,167,513	 	 	1,192,188	 	 	1,195,284	  	1,164,559	 	
Provision for loan losses	  	560,022	 	 	356,781	 	 	147,020	 	 	104,680	  	56,441	 	
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	  	579,845	 	 	810,732	 	 	1,045,168	 	 	1,090,604	  	1,108,118	 	

NONINTEREST INCOME	  			 			 			 		  			
Service charges on deposit accounts	  	211,839	 	 	222,213	 	 	213,939	 	 	196,844	  	189,035	 	
Trust and investment management income	  	161,102	 	 	170,854	 	 	175,242	 	 	164,620	  	174,318	 	
Retail investment services	  	72,300	 	 	71,650	 	 	71,064	 	 	71,785	  	63,543	 	
Other charges and fees	  	127,231	 	 	121,849	 	 	120,730	 	 	118,358	  	118,137	 	
Investment banking income	  	55,420	 	 	55,041	 	 	47,688	 	 	61,999	  	50,157	 	
Trading account profits/(losses) and commissions	  	28,218	 	 	(437,162	)	 	(31,187	)	 	16,437	  	90,201	 	
Card fees	  	73,761	 	 	77,481	 	 	70,450	 	 	68,580	  	64,195	 	
Mortgage production related income	  	85,549	 	 	22,366	 	 	12,950	 	 	64,322	  	(8,655	)	
Mortgage servicing related income	  	29,098	 	 	57,364	 	 	57,142	 	 	45,527	  	35,403	 	
Gain on Visa IPO	  	86,305	 	 	-	 	 	-	 	 	-	  	-	 	
Net gain on sale or merger of Lighthouse interests	  	89,390	 	 	-	 	 	-	 	 	-	  	32,340	 	
Net gain on sale/leaseback of premises	  	37,039	 	 	118,840	 	 	-	 	 	-	  	-	 	
Other noninterest income	  	60,836	 	 	89,827	 	 	80,130	 	 	109,738	  	70,212	 	
Securities gains/(losses), net	  	(60,586	)	 	5,694	 	 	991	 	 	236,412	  	20	 	
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	
Total noninterest income	  	1,057,502	 	 	576,017	 	 	819,139	 	 	1,154,622	  	878,906	 	

NONINTEREST EXPENSE	  			 			 			 		  			
Employee compensation and benefits	  	715,083	 	 	682,810	 	 	677,765	 	 	710,613	  	699,000	 	
Net occupancy expense	  	86,441	 	 	92,705	 	 	87,626	 	 	84,650	  	86,257	 	
Outside processing and software	  	109,165	 	 	105,407	 	 	105,132	 	 	100,730	  	99,676	 	
Equipment expense	  	52,395	 	 	51,734	 	 	51,532	 	 	53,823	  	49,409	 	
Marketing and customer development	  	55,703	 	 	59,115	 	 	46,897	 	 	43,326	  	45,705	 	
Amortization of intangible assets	  	20,715	 	 	23,414	 	 	24,820	 	 	24,904	  	23,542	 	
Net loss on extinguishment of debt	  	11,723	 	 	-	 	 	9,800	 	 	-	  	-	 	
Visa litigation	  	(39,124	)	 	76,930	 	 	-	 	 	-	  	-	 	
Other noninterest expense	  	243,043	 	 	363,226	 	 	287,673	 	 	233,148	  	232,408	 	
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	
Total noninterest expense	  	1,255,144	 	 	1,455,341	 	 	1,291,245	 	 	1,251,194	  	1,235,997	 	

INCOME/(LOSS) BEFORE PROVISION/(BENEFIT) FOR INCOME TAXES	  	382,203	 	 	(68,592	)	 	573,062	 	 	994,032	  	751,027	 	
Provision/(benefit) for income taxes	  	91,648	 	 	(79,716	)	 	152,898	 	 	312,601	  	229,731	 	
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	
Net income	  	290,555	 	 	11,124	 	 	420,164	 	 	681,431	  	521,296	 	
Preferred dividends	  	6,977	 	 	7,867	 	 	7,526	 	 	7,519	  	7,363	 	
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	  	$283,578	 	 	$3,257	 	 	$412,638	 	 	$673,912	  	$513,933	 	

Net interest income - FTE 1	  	$1,167,842	 	 	$1,194,757	 	 	$1,219,243	 	 	$1,219,952	  	$1,188,272	 	
						
Net income per average common share	  			 			 			 		  			
Diluted	  	0.81	 	 	0.01	 	 	1.18	 	 	1.89	  	1.44	 	
Basic	  	0.82	 	 	0.01	 	 	1.19	 	 	1.91	  	1.45	 	
						
Cash dividends paid per common share	  	0.77	 	 	0.73	 	 	0.73	 	 	0.73	  	0.73	 	
Average common shares outstanding (000s)	  			 			 			 		  			
Diluted	  	348,072	 	 	348,072	 	 	349,592	 	 	356,008	  	357,214	 	
Basic	  	346,581	 	 	345,917	 	 	346,150	 	 	351,987	  	353,448	 	

1	Net 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.	
 
Page 4

SunTrust Banks, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) (Unaudited)

 
													
 	  	As of March 31	 	 	Increase/(Decrease)  3	 	
 	  	2008	 	 	2007	 	 	Amount	 	 	%	 	
ASSETS	  			 			 			 			
Cash and due from banks	  	$3,994,267	 	 	$3,867,957	 	 	$126,310	 	 	3.3	%	
Interest-bearing deposits in other banks	  	21,283	 	 	21,974	 	 	(691	)	 	(3.1	)	
Funds sold and securities purchased under agreements to resell	  	1,247,495	 	 	883,833	 	 	363,662	 	 	41.1	 	
Trading assets	  	10,932,251	 	 	21,545,502	 	 	(10,613,251	)	 	(49.3	)	
Securities available for sale 1	  	15,882,088	 	 	13,163,036	 	 	2,719,052	 	 	20.7	 	
Loans held for sale (loans at fair value: $5,097,410 and $ 4,033,083 as of
March 31, 2008 and 2007, respectively)	  	6,977,289	 	 	14,067,788	 	 	(7,090,499	)	 	(50.4	)	
Loans:	  			 			 			 			
Commercial	  	37,306,872	 	 	33,484,170	 	 	3,822,702	 	 	11.4	 	
Real estate:	  			 			 			 			
Home equity lines	  	15,134,297	 	 	14,039,685	 	 	1,094,612	 	 	7.8	 	
Construction	  	12,980,917	 	 	14,175,478	 	 	(1,194,561	)	 	(8.4	)	
Residential mortgages (loans at fair value: $282,760 and $ 0 as of
March 31, 2008 and 2007, respectively)	  	33,092,433	 	 	30,248,543	 	 	2,843,890	 	 	9.4	 	
Commercial real estate	  	12,893,708	 	 	12,454,475	 	 	439,233	 	 	3.5	 	
Consumer:	  			 			 			 			
Direct	  	4,192,168	 	 	4,293,308	 	 	(101,140	)	 	(2.4	)	
Indirect	  	7,305,213	 	 	7,840,962	 	 	(535,749	)	 	(6.8	)	
Credit card	  	807,587	 	 	375,938	 	 	431,649	 	 	NM	 	
	  	 	 	 	 	 	 			 			
Total loans	  	123,713,195	 	 	116,912,559	 	 	6,800,636	 	 	5.8	 	
Allowance for loan and lease losses	  	(1,545,340	)	 	(1,033,939	)	 	511,401	 	 	49.5	 	
	  	 	 	 	 	 	 			 			
Net loans	  	122,167,855	 	 	115,878,620	 	 	6,289,235	 	 	5.4	 	
Goodwill	  	6,923,033	 	 	6,896,723	 	 	26,310	 	 	0.4	 	
Other intangible assets	  	1,430,268	 	 	1,293,457	 	 	136,811	 	 	10.6	 	
Other real estate owned	  	244,906	 	 	74,645	 	 	170,261	 	 	NM	 	
Other assets	  	9,166,212	 	 	8,691,306	 	 	474,906	 	 	5.5	 	
	  	 	 	 	 	 	 			 			
Total assets 2	  	$178,986,947	 	 	$186,384,841	 	 	($7,397,894	)	 	(4.0	)	

LIABILITIES	  			 			 			 			
Noninterest-bearing consumer and commercial deposits	  	$22,325,750	 	 	$22,765,045	 	 	($439,295	)	 	(1.9	)%	
Interest-bearing consumer and commercial deposits:	  			 			 			 			
NOW accounts	  	22,292,330	 	 	20,802,207	 	 	1,490,123	 	 	7.2	 	
Money market accounts	  	25,843,396	 	 	22,070,587	 	 	3,772,809	 	 	17.1	 	
Savings	  	3,990,007	 	 	5,102,312	 	 	(1,112,305	)	 	(21.8	)	
Consumer time	  	16,876,836	 	 	17,044,783	 	 	(167,947	)	 	(1.0	)	
Other time	  	12,104,125	 	 	12,089,882	 	 	14,243	 	 	0.1	 	
	  	 	 	 	 	 	 			 			
Total consumer and commercial deposits	  	103,432,444	 	 	99,874,816	 	 	3,557,628	 	 	3.6	 	
Brokered deposits (CDs at fair value: $317,578 and $ 229,884 as of
March 31, 2008 and 2007, respectively)	  	11,034,332	 	 	18,203,295	 	 	(7,168,963	)	 	(39.4	)	
Foreign deposits	  	1,712,504	 	 	5,360,164	 	 	(3,647,660	)	 	(68.1	)	
	  	 	 	 	 	 	 			 			
Total deposits	  	116,179,280	 	 	123,438,275	 	 	(7,258,995	)	 	(5.9	)	
Funds purchased	  	3,795,641	 	 	6,433,195	 	 	(2,637,554	)	 	(41.0	)	
Securities sold under agreements to repurchase	  	5,446,204	 	 	6,851,863	 	 	(1,405,659	)	 	(20.5	)	
Other short-term borrowings	  	3,061,003	 	 	1,958,438	 	 	1,102,565	 	 	56.3	 	
Long-term debt (debt at fair value: $7,784,744 and $ 6,896,790 as of
March 31, 2008 and 2007, respectively)	  	23,602,919	 	 	19,007,959	 	 	4,594,960	 	 	24.2	 	
Trading liabilities	  	2,356,037	 	 	1,642,958	 	 	713,079	 	 	43.4	 	
Other liabilities	  	6,114,415	 	 	9,083,615	 	 	(2,969,200	)	 	(32.7	)	
	  	 	 	 	 	 	 			 			
Total liabilities	  	160,555,499	 	 	168,416,303	 	 	(7,860,804	)	 	(4.7	)	

SHAREHOLDERS’ EQUITY	  			 			 			 			
Preferred stock, no par value	  	500,000	 	 	500,000	 	 	-	 	 	-	 	
Common stock, $1.00 par value	  	370,578	 	 	370,578	 	 	-	 	 	-	 	
Additional paid in capital	  	6,682,828	 	 	6,688,660	 	 	(5,832	)	 	(0.1	)	
Retained earnings	  	10,661,250	 	 	10,325,246	 	 	336,004	 	 	3.3	 	
Treasury stock, at cost, and other	  	(1,692,117	)	 	(1,101,172	)	 	590,945	 	 	53.7	 	
Accumulated other comprehensive income, net of tax	  	1,908,909	 	 	1,185,226	 	 	723,683	 	 	61.1	 	
	  	 	 	 	 	 	 			 			
Total shareholders’ equity	  	18,431,448	 	 	17,968,538	 	 	462,910	 	 	2.6	 	

Total liabilities and shareholders’ equity	  	$178,986,947	 	 	$186,384,841	 	 	($7,397,894	)	 	(4.0	)	

Common shares outstanding	  	349,832,264	 	 	356,504,563	 	 	(6,672,299	)	 	(1.9	)	
Common shares authorized	  	750,000,000	 	 	750,000,000	 	 	-	 	 	-	 	
Preferred shares outstanding	  	5,000	 	 	5,000	 	 	-	 	 	-	 	
Preferred shares authorized	  	50,000,000	 	 	50,000,000	 	 	-	 	 	-	 	
Treasury shares of common stock	  	20,746,134	 	 	14,073,835	 	 	6,672,299	 	 	47.4	 	

1    Includes net unrealized gains of	  	$2,835,823	 	 	$2,333,896	 	 	$501,927	 	 	21.5	%	
2    Includes earning assets of	  	152,714,700	 	 	163,299,162	 	 	(10,584,462	)	 	(6.5	)	
3	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.	
 
Page 5

SunTrust Banks, Inc. and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) (Unaudited)

 
																
 	  	As of	 	
 	  	March 31
2008	 	 	December 31
2007	 	 	September 30
2007	 	 	June 30
2007	 	 	March 31
2007	 	
ASSETS	  			 			 			 			 			
Cash and due from banks	  	$3,994,267	 	 	$4,270,917	 	 	$4,162,456	 	 	$4,254,430	 	 	$3,867,957	 	
Interest-bearing deposits in other banks	  	21,283	 	 	24,355	 	 	29,684	 	 	25,991	 	 	21,974	 	
Funds sold and securities purchased under agreements to resell	  	1,247,495	 	 	1,347,329	 	 	968,553	 	 	1,143,995	 	 	883,833	 	
Trading assets	  	10,932,251	 	 	10,518,379	 	 	9,566,806	 	 	13,044,972	 	 	21,545,502	 	
Securities available for sale 1	  	15,882,088	 	 	16,264,107	 	 	15,243,133	 	 	14,725,957	 	 	13,163,036	 	
Loans held for sale	  	6,977,289	 	 	8,851,695	 	 	8,675,427	 	 	12,474,932	 	 	14,067,788	 	
Loans:	  			 			 			 			 			
Commercial	  	37,306,872	 	 	35,929,400	 	 	34,969,714	 	 	34,362,837	 	 	33,484,170	 	
Real estate:	  			 			 			 			 			
Home equity lines	  	15,134,297	 	 	14,911,598	 	 	14,598,774	 	 	14,303,659	 	 	14,039,685	 	
Construction	  	12,980,917	 	 	13,776,651	 	 	14,358,990	 	 	14,417,949	 	 	14,175,478	 	
Residential mortgages	  	33,092,433	 	 	32,779,744	 	 	31,603,884	 	 	30,759,216	 	 	30,248,543	 	
Commercial real estate	  	12,893,708	 	 	12,609,543	 	 	12,487,309	 	 	12,416,329	 	 	12,454,475	 	
Consumer:	  			 			 			 			 			
Direct	  	4,192,168	 	 	3,963,869	 	 	4,419,290	 	 	4,391,739	 	 	4,293,308	 	
Indirect	  	7,305,213	 	 	7,494,130	 	 	7,642,099	 	 	7,739,369	 	 	7,840,962	 	
Credit card	  	807,587	 	 	854,059	 	 	668,353	 	 	396,624	 	 	375,938	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total loans	  	123,713,195	 	 	122,318,994	 	 	120,748,413	 	 	118,787,722	 	 	116,912,559	 	
Allowance for loan and lease losses	  	(1,545,340	)	 	(1,282,504	)	 	(1,093,691	)	 	(1,050,362	)	 	(1,033,939	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loans	  	122,167,855	 	 	121,036,490	 	 	119,654,722	 	 	117,737,360	 	 	115,878,620	 	
Goodwill	  	6,923,033	 	 	6,921,493	 	 	6,912,110	 	 	6,897,050	 	 	6,896,723	 	
Other intangible assets	  	1,430,268	 	 	1,362,995	 	 	1,327,060	 	 	1,290,460	 	 	1,293,457	 	
Other real estate owned	  	244,906	 	 	183,753	 	 	156,106	 	 	100,973	 	 	74,645	 	
Other assets	  	9,166,212	 	 	8,792,420	 	 	9,161,172	 	 	8,618,252	 	 	8,691,306	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets 2	  	$178,986,947	 	 	$179,573,933	 	 	$175,857,229	 	 	$180,314,372	 	 	$186,384,841	 	

LIABILITIES	  			 			 			 			 			
Noninterest-bearing consumer and commercial deposits	  	$22,325,750	 	 	$21,083,234	 	 	$20,857,240	 	 	$22,725,654	 	 	$22,765,045	 	
Interest-bearing consumer and commercial deposits:	  			 			 			 			 			
NOW accounts	  	22,292,330	 	 	22,558,374	 	 	20,319,435	 	 	20,255,930	 	 	20,802,207	 	
Money market accounts	  	25,843,396	 	 	24,522,640	 	 	24,011,524	 	 	21,645,616	 	 	22,070,587	 	
Savings	  	3,990,007	 	 	3,917,099	 	 	4,376,155	 	 	4,698,516	 	 	5,102,312	 	
Consumer time	  	16,876,836	 	 	17,264,208	 	 	17,037,866	 	 	16,745,010	 	 	17,044,783	 	
Other time	  	12,104,125	 	 	12,524,470	 	 	12,231,832	 	 	11,751,246	 	 	12,089,882	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consumer and commercial deposits	  	103,432,444	 	 	101,870,025	 	 	98,834,052	 	 	97,821,972	 	 	99,874,816	 	
Brokered deposits	  	11,034,332	 	 	11,715,024	 	 	14,188,886	 	 	16,659,978	 	 	18,203,295	 	
Foreign deposits	  	1,712,504	 	 	4,257,601	 	 	2,836,775	 	 	8,408,752	 	 	5,360,164	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total deposits	  	116,179,280	 	 	117,842,650	 	 	115,859,713	 	 	122,890,702	 	 	123,438,275	 	
Funds purchased	  	3,795,641	 	 	3,431,185	 	 	1,512,054	 	 	3,405,459	 	 	6,433,195	 	
Securities sold under agreements to repurchase	  	5,446,204	 	 	5,748,277	 	 	5,548,486	 	 	6,081,096	 	 	6,851,863	 	
Other short-term borrowings	  	3,061,003	 	 	3,021,358	 	 	2,971,761	 	 	2,083,518	 	 	1,958,438	 	
Long-term debt	  	23,602,919	 	 	22,956,508	 	 	22,661,381	 	 	20,604,933	 	 	19,007,959	 	
Trading liabilities	  	2,356,037	 	 	2,160,385	 	 	1,906,002	 	 	2,156,279	 	 	1,642,958	 	
Other liabilities	  	6,114,415	 	 	6,361,052	 	 	7,490,585	 	 	5,723,532	 	 	9,083,615	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	160,555,499	 	 	161,521,415	 	 	157,949,982	 	 	162,945,519	 	 	168,416,303	 	

SHAREHOLDERS’ EQUITY	  			 			 			 			 			
Preferred stock, no par value	  	500,000	 	 	500,000	 	 	500,000	 	 	500,000	 	 	500,000	 	
Common stock, $1.00 par value	  	370,578	 	 	370,578	 	 	370,578	 	 	370,578	 	 	370,578	 	
Additional paid in capital	  	6,682,828	 	 	6,707,293	 	 	6,709,002	 	 	6,589,387	 	 	6,688,660	 	
Retained earnings	  	10,661,250	 	 	10,646,640	 	 	10,897,059	 	 	10,739,449	 	 	10,325,246	 	
Treasury stock, at cost, and other	  	(1,692,117	)	 	(1,779,142	)	 	(1,821,360	)	 	(1,751,449	)	 	(1,101,172	)	
Accumulated other comprehensive income, net of tax	  	1,908,909	 	 	1,607,149	 	 	1,251,968	 	 	920,888	 	 	1,185,226	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	18,431,448	 	 	18,052,518	 	 	17,907,247	 	 	17,368,853	 	 	17,968,538	 	

Total liabilities and shareholders’ equity	  	$178,986,947	 	 	$179,573,933	 	 	$175,857,229	 	 	$180,314,372	 	 	$186,384,841	 	

Common shares outstanding	  	349,832,264	 	 	348,411,163	 	 	348,073,971	 	 	349,052,800	 	 	356,504,563	 	
Common shares authorized	  	750,000,000	 	 	750,000,000	 	 	750,000,000	 	 	750,000,000	 	 	750,000,000	 	
Preferred shares outstanding	  	5,000	 	 	5,000	 	 	5,000	 	 	5,000	 	 	5,000	 	
Preferred shares authorized	  	50,000,000	 	 	50,000,000	 	 	50,000,000	 	 	50,000,000	 	 	50,000,000	 	
Treasury shares of common stock	  	20,746,134	 	 	22,167,235	 	 	22,504,427	 	 	21,525,598	 	 	14,073,835	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1    Includes net unrealized gains of	  	$2,835,823	 	 	$2,724,643	 	 	$2,391,606	 	 	$2,035,623	 	 	$2,333,896	 	
2    Includes earning assets of	  	152,714,700	 	 	154,397,231	 	 	151,228,575	 	 	157,094,873	 	 	163,299,162	 	
 
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, 2008	 	 	December 31, 2007	 	
 	  	Average
Balances	 	 	Interest
Income/
Expense	  	Yields/
Rates	 	 	Average
Balances	 	 	Interest
Income/
Expense	  	Yields/
Rates	 	
ASSETS	  			 		  			 			 		  			
Loans:	  			 		  			 			 		  			
Real estate 1-4 family	  	$32,440.0	 	 	$521.3	  	6.43	%	 	$31,990.3	 	 	$517.4	  	6.47	%	
Real estate construction	  	12,450.2	 	 	189.8	  	6.13	 	 	13,250.9	 	 	238.8	  	7.15	 	
Real estate home equity lines	  	14,603.0	 	 	234.3	  	6.45	 	 	14,394.8	 	 	268.1	  	7.39	 	
Real estate commercial	  	13,113.1	 	 	201.3	  	6.17	 	 	12,891.6	 	 	221.2	  	6.81	 	
Commercial - FTE 1	  	36,374.6	 	 	539.2	  	5.96	 	 	34,879.3	 	 	564.9	  	6.43	 	
Credit card	  	774.4	 	 	2.9	  	1.52	 	 	690.1	 	 	2.1	  	1.23	 	
Consumer - direct	  	4,063.4	 	 	62.5	  	6.19	 	 	3,949.3	 	 	70.7	  	7.10	 	
Consumer - indirect	  	7,645.3	 	 	120.2	  	6.32	 	 	7,877.3	 	 	125.7	  	6.33	 	
Nonaccrual and restructured	  	1,799.0	 	 	5.4	  	1.21	 	 	1,170.7	 	 	4.3	  	1.45	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total loans	  	123,263.0	 	 	1,876.9	  	6.12	 	 	121,094.3	 	 	2,013.2	  	6.60	 	
Securities available for sale:	  			 		  			 			 		  			
Taxable	  	12,087.1	 	 	186.8	  	6.18	 	 	11,814.6	 	 	182.9	  	6.19	 	
Tax-exempt - FTE 1	  	1,071.4	 	 	16.5	  	6.13	 	 	1,054.0	 	 	16.0	  	6.07	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total securities available for sale - FTE 1	  	13,158.5	 	 	203.3	  	6.18	 	 	12,868.6	 	 	198.9	  	6.18	 	
Funds sold and securities purchased under agreements to resell	  	1,326.9	 	 	8.9	  	2.67	 	 	1,066.1	 	 	11.6	  	4.25	 	
Loans held for sale	  	6,865.7	 	 	99.0	  	5.77	 	 	8,777.6	 	 	139.2	  	6.34	 	
Interest-bearing deposits	  	21.9	 	 	0.2	  	4.54	 	 	18.2	 	 	0.3	  	6.22	 	
Interest earning trading assets	  	8,367.6	 	 	98.0	  	4.71	 	 	7,716.2	 	 	112.8	  	5.80	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total earning assets	  	153,003.6	 	 	2,286.3	  	6.01	 	 	151,541.0	 	 	2,476.0	  	6.48	 	
Allowance for loan and lease losses	  	(1,393.1	)	 		  			 	(1,114.9	)	 		  			
Cash and due from banks	  	3,166.5	 	 		  			 	3,462.6	 	 		  			
Other assets	  	17,076.4	 	 		  			 	17,172.3	 	 		  			
Noninterest earning trading assets	  	2,609.5	 	 		  			 	1,660.9	 	 		  			
Unrealized gains on securities available for sale, net	  	2,454.0	 	 		  			 	2,408.6	 	 		  			
	  	 	 	 		  			 	 	 	 		  			
Total assets	  	$176,916.9	 	 		  			 	$175,130.5	 	 		  			

LIABILITIES AND SHAREHOLDERS’ EQUITY	  			 		  			 			 		  			
Interest-bearing deposits:	  			 		  			 			 		  			
NOW accounts	  	$21,981.1	 	 	$101.9	  	1.87	%	 	$20,737.2	 	 	$121.0	  	2.32	%	
Money market accounts	  	25,342.7	 	 	154.7	  	2.46	 	 	24,261.5	 	 	177.7	  	2.91	 	
Savings	  	3,917.0	 	 	5.7	  	0.59	 	 	4,177.7	 	 	11.1	  	1.05	 	
Consumer time	  	17,030.8	 	 	187.8	  	4.43	 	 	17,170.7	 	 	197.2	  	4.56	 	
Other time	  	12,280.5	 	 	141.1	  	4.62	 	 	12,353.3	 	 	151.5	  	4.87	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total interest-bearing consumer and commercial deposits	  	80,552.1	 	 	591.2	  	2.95	 	 	78,700.4	 	 	658.5	  	3.32	 	
Brokered deposits	  	11,216.4	 	 	123.0	  	4.34	 	 	12,771.1	 	 	168.2	  	5.15	 	
Foreign deposits	  	4,252.2	 	 	33.6	  	3.13	 	 	2,945.9	 	 	32.6	  	4.33	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total interest-bearing deposits	  	96,020.7	 	 	747.8	  	3.13	 	 	94,417.4	 	 	859.3	  	3.61	 	
Funds purchased	  	2,885.7	 	 	21.9	  	3.00	 	 	2,151.4	 	 	24.1	  	4.38	 	
Securities sold under agreements to repurchase	  	5,889.4	 	 	35.1	  	2.36	 	 	5,706.7	 	 	55.2	  	3.78	 	
Interest-bearing trading liabilities	  	713.0	 	 	6.0	  	3.41	 	 	504.2	 	 	3.5	  	2.75	 	
Other short-term borrowings	  	2,887.6	 	 	22.8	  	3.17	 	 	3,202.8	 	 	37.4	  	4.63	 	
Long-term debt	  	22,808.3	 	 	284.9	  	5.02	 	 	22,808.1	 	 	301.7	  	5.25	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total interest-bearing liabilities	  	131,204.7	 	 	1,118.5	  	3.43	 	 	128,790.6	 	 	1,281.2	  	3.95	 	
Noninterest-bearing deposits	  	20,616.3	 	 		  			 	20,948.1	 	 		  			
Other liabilities	  	5,347.4	 	 		  			 	5,812.5	 	 		  			
Noninterest-bearing trading liabilities	  	1,686.8	 	 		  			 	1,546.5	 	 		  			
Shareholders’ equity	  	18,061.7	 	 		  			 	18,032.8	 	 		  			
	  	 	 	 		  			 	 	 	 		  			
Total liabilities and shareholders’ equity	  	$176,916.9	 	 		  			 	$175,130.5	 	 		  			

Interest Rate Spread	  			 		  	2.58	%	 			 		  	2.53	%	
	  			 	 	  	 	 	 			 	 	  	 	 	
Net Interest Income - FTE 1	  			 	$1,167.8	  			 			 	$1,194.8	  			

Net Interest Margin 2	  			 		  	3.07	%	 			 		  	3.13	%	

 

1	The 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.	

2	The net interest margin is calculated by dividing annualized net interest income - FTE by average total earning assets.	
 
Page 7

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	 	
 	 	September 30, 2007	 	 	June 30, 2007	 	 	March 31, 2007	 	
 	 	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 1-4 family	 	$31,003.5	 	 	$498.5	 	6.43	%	 	$30,754.4	 	 	$493.2	 	6.42	%	 	$34,089.1	 	 	$527.3	 	6.19	%	
Real estate construction	 	13,686.6	 	 	260.0	 	7.54	 	 	13,710.1	 	 	259.4	 	7.59	 	 	13,430.3	 	 	252.7	 	7.63	 	
Real estate home equity lines	 	14,133.1	 	 	279.5	 	7.85	 	 	13,849.7	 	 	272.4	 	7.89	 	 	13,738.1	 	 	268.3	 	7.92	 	
Real estate commercial	 	12,759.3	 	 	225.3	 	7.01	 	 	12,731.8	 	 	220.8	 	6.95	 	 	12,830.6	 	 	220.2	 	6.96	 	
Commercial-FTE 1	 	34,247.9	 	 	562.6	 	6.52	 	 	33,607.7	 	 	539.6	 	6.44	 	 	34,032.8	 	 	535.6	 	6.38	 	
Credit card	 	516.3	 	 	4.2	 	3.29	 	 	403.7	 	 	5.9	 	5.80	 	 	369.5	 	 	5.5	 	5.94	 	
Consumer-direct	 	4,368.0	 	 	80.0	 	7.26	 	 	4,347.5	 	 	78.2	 	7.21	 	 	4,220.5	 	 	76.0	 	7.30	 	
Consumer-indirect	 	7,966.4	 	 	124.6	 	6.21	 	 	8,063.6	 	 	123.1	 	6.12	 	 	8,166.5	 	 	122.0	 	6.06	 	
Nonaccrual and restructured	 	877.5	 	 	3.8	 	1.72	 	 	696.1	 	 	4.8	 	2.76	 	 	637.5	 	 	4.5	 	2.85	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total loans	 	119,558.6	 	 	2,038.5	 	6.76	 	 	118,164.6	 	 	1,997.4	 	6.78	 	 	121,514.9	 	 	2,012.1	 	6.72	 	
Securities available for sale:	 			 		 			 			 		 			 			 		 			
Taxable	 	11,546.2	 	 	179.7	 	6.23	 	 	11,014.3	 	 	167.7	 	6.09	 	 	6,650.6	 	 	108.7	 	6.54	 	
Tax-exempt-FTE 1	 	1,040.9	 	 	15.8	 	6.05	 	 	1,041.2	 	 	15.2	 	5.85	 	 	1,038.8	 	 	15.2	 	5.86	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total securities available for sale-FTE 1	 	12,587.1	 	 	195.5	 	6.21	 	 	12,055.5	 	 	182.9	 	6.07	 	 	7,689.4	 	 	123.9	 	6.44	 	
Funds sold and securities purchased under agreements to resell	 	872.5	 	 	11.1	 	4.99	 	 	1,038.1	 	 	13.2	 	5.04	 	 	1,006.3	 	 	12.9	 	5.12	 	
Loans held for sale	 	9,748.0	 	 	155.6	 	6.39	 	 	13,454.3	 	 	200.4	 	5.96	 	 	11,205.2	 	 	173.7	 	6.20	 	
Interest-bearing deposits	 	24.9	 	 	0.3	 	4.28	 	 	24.1	 	 	0.3	 	5.74	 	 	28.9	 	 	0.4	 	5.69	 	
Interest earning trading assets	 	9,536.5	 	 	141.2	 	5.88	 	 	12,857.6	 	 	174.3	 	5.44	 	 	18,028.9	 	 	228.8	 	5.15	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total earning assets	 	152,327.6	 	 	2,542.2	 	6.62	 	 	157,594.2	 	 	2,568.5	 	6.54	 	 	159,473.6	 	 	2,551.8	 	6.49	 	
Allowance for loan and lease losses	 	(1,059.1	)	 		 			 	(1,037.6	)	 		 			 	(1,050.5	)	 		 			
Cash and due from banks	 	3,417.2	 	 		 			 	3,427.7	 	 		 			 	3,520.0	 	 		 			
Other assets	 	16,719.9	 	 		 			 	16,626.9	 	 		 			 	16,272.9	 	 		 			
Noninterest earning trading assets	 	1,155.9	 	 		 			 	986.6	 	 		 			 	985.1	 	 		 			
Unrealized gains on securities available for sale, net	 	2,091.9	 	 		 			 	2,398.7	 	 		 			 	2,305.3	 	 		 			
	 	 	 	 		 			 	 	 	 		 			 	 	 	 		 			
Total assets	 	$174,653.4	 	 		 			 	$179,996.5	 	 		 			 	$181,506.4	 	 		 			

LIABILITIES AND SHAREHOLDERS’ EQUITY	 			 		 			 			 		 			 			 		 			
Interest-bearing deposits:	 			 		 			 			 		 			 			 		 			
NOW accounts	 	$19,543.4	 	 	$117.9	 	2.39	%	 	$20,065.8	 	 	$119.0	 	2.38	%	 	$19,820.1	 	 	$115.9	 	2.37	%	
Money market accounts	 	22,560.3	 	 	160.0	 	2.81	 	 	21,773.3	 	 	142.0	 	2.62	 	 	22,089.1	 	 	142.9	 	2.62	 	
Savings	 	4,456.5	 	 	13.3	 	1.19	 	 	4,786.7	 	 	14.8	 	1.24	 	 	5,024.8	 	 	16.3	 	1.32	 	
Consumer time	 	16,839.9	 	 	193.4	 	4.56	 	 	16,942.3	 	 	190.5	 	4.51	 	 	16,809.4	 	 	183.1	 	4.42	 	
Other time	 	11,862.4	 	 	146.3	 	4.89	 	 	11,962.4	 	 	144.5	 	4.85	 	 	12,115.8	 	 	144.0	 	4.82	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total interest-bearing consumer and commercial deposits	 	75,262.5	 	 	630.9	 	3.33	 	 	75,530.5	 	 	610.8	 	3.24	 	 	75,859.2	 	 	602.2	 	3.22	 	
Brokered deposits	 	15,806.3	 	 	214.6	 	5.31	 	 	16,972.2	 	 	227.5	 	5.30	 	 	18,888.5	 	 	250.8	 	5.31	 	
Foreign deposits	 	5,333.6	 	 	68.8	 	5.05	 	 	7,011.2	 	 	92.9	 	5.24	 	 	7,825.6	 	 	102.9	 	5.26	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total interest-bearing deposits	 	96,402.4	 	 	914.3	 	3.76	 	 	99,513.9	 	 	931.2	 	3.75	 	 	102,573.3	 	 	955.9	 	3.78	 	
Funds purchased	 	2,291.3	 	 	28.9	 	4.94	 	 	3,967.7	 	 	52.2	 	5.21	 	 	4,693.1	 	 	61.2	 	5.22	 	
Securities sold under agreements to repurchase	 	5,732.3	 	 	64.7	 	4.42	 	 	6,339.0	 	 	74.4	 	4.64	 	 	6,768.0	 	 	79.5	 	4.70	 	
Interest-bearing trading liabilities	 	354.1	 	 	3.4	 	3.85	 	 	453.1	 	 	4.4	 	3.87	 	 	409.4	 	 	4.3	 	4.25	 	
Other short-term borrowings	 	2,730.1	 	 	33.6	 	4.89	 	 	2,262.3	 	 	28.3	 	5.02	 	 	1,758.4	 	 	21.7	 	5.01	 	
Long-term debt	 	21,143.5	 	 	278.1	 	5.22	 	 	19,772.4	 	 	258.0	 	5.24	 	 	19,000.8	 	 	240.9	 	5.14	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total interest-bearing liabilities	 	128,653.6	 	 	1,323.0	 	4.08	 	 	132,308.4	 	 	1,348.5	 	4.09	 	 	135,203.0	 	 	1,363.5	 	4.09	 	
Noninterest-bearing deposits	 	21,445.1	 	 		 			 	22,395.8	 	 		 			 	21,933.1	 	 		 			
Other liabilities	 	5,633.7	 	 		 			 	6,185.4	 	 		 			 	5,499.1	 	 		 			
Noninterest-bearing trading liabilities	 	1,370.8	 	 		 			 	1,178.8	 	 		 			 	1,150.8	 	 		 			
Shareholders’ equity	 	17,550.2	 	 		 			 	17,928.1	 	 		 			 	17,720.4	 	 		 			
	 	 	 	 		 			 	 	 	 		 			 	 	 	 		 			
Total liabilities and shareholders’ equity	 	$174,653.4	 	 		 			 	$179,996.5	 	 		 			 	$181,506.4	 	 		 			

Interest Rate Spread	 			 		 	2.54	%	 			 		 	2.45	%	 			 		 	2.40	%	
	 			 	 	 	 	 	 			 	 	 	 	 	 			 	 	 	 	 	
Net Interest Income-FTE 1	 			 	$1,219.2	 			 			 	$1,220.0	 			 			 	$1,188.3	 			

Net Interest Margin 2	 			 		 	3.18	%	 			 		 	3.10	%	 			 		 	3.02	%	

 

1	The 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.	

2	The net interest margin is calculated by dividing annualized net interest income-FTE by average total earning assets.	
 
Page 8

SunTrust Banks, Inc. and Subsidiaries
OTHER FINANCIAL DATA
(Dollars in thousands) (Unaudited)

 
													
 	  	Three Months Ended	 	
 	  	March 31	 	 	Increase/(Decrease)	 	
 	  	2008	 	 	2007	 	 	Amount	 	 	% 1	 	
CREDIT DATA	  			 			 			 			
Allowance for loan and lease losses-beginning	  	$1,282,504	 	 	$1,044,521	 	 	$237,983	 	 	22.8	%	
Provision for loan losses	  	560,022	 	 	56,441	 	 	503,581	 	 	NM	 	
Allowance associated with loans at fair value 2	  	-	 	 	(4,100	)	 	(4,100	)	 	(100.0	)	
Charge-offs	  			 			 			 			
Commercial	  	(38,289	)	 	(22,280	)	 	16,009	 	 	71.9	 	
Real estate:	  			 			 			 			
Home equity lines	  	(98,602	)	 	(15,872	)	 	82,730	 	 	NM	 	
Construction	  	(23,182	)	 	(598	)	 	22,584	 	 	NM	 	
Residential mortgages	  	(109,186	)	 	(14,293	)	 	94,893	 	 	NM	 	
Commercial real estate	  	(233	)	 	(287	)	 	(54	)	 	(18.8	)	
Consumer:	  			 			 			 			
Direct	  	(10,315	)	 	(5,856	)	 	4,459	 	 	76.1	 	
Indirect	  	(42,889	)	 	(25,761	)	 	17,128	 	 	66.5	 	
	  	 	 	 	 	 	 			 			
Total charge-offs	  	(322,696	)	 	(84,947	)	 	237,749	 	 	NM	 	
	  	 	 	 	 	 	 			 			
Recoveries	  			 			 			 			
Commercial	  	5,736	 	 	5,771	 	 	(35	)	 	(0.6	)	
Real estate:	  			 			 			 			
Home equity lines	  	2,368	 	 	1,183	 	 	1,185	 	 	NM	 	
Construction	  	78	 	 	119	 	 	(41	)	 	(34.5	)	
Residential mortgages	  	1,223	 	 	1,413	 	 	(190	)	 	(13.4	)	
Commercial real estate	  	162	 	 	41	 	 	121	 	 	NM	 	
Consumer:	  			 			 			 			
Direct	  	2,381	 	 	2,453	 	 	(72	)	 	(2.9	)	
Indirect	  	13,562	 	 	11,044	 	 	2,518	 	 	22.8	 	
	  	 	 	 	 	 	 			 			
Total recoveries	  	25,510	 	 	22,024	 	 	3,486	 	 	15.8	 	
	  	 	 	 	 	 	 			 			
Net charge-offs	  	(297,186	)	 	(62,923	)	 	234,263	 	 	NM	 	
	  	 	 	 	 	 	 			 			
Allowance for loan and lease losses-ending	  	$1,545,340	 	 	$1,033,939	 	 	$511,401	 	 	49.5	 	
	  	 	 	 	 	 	 			 			
Net charge-offs to average loans (annualized)	  			 			 			 			
Commercial	  	0.35	%	 	0.19	%	 	0.16	%	 	82.5	%	
Real estate:	  			 			 			 			
Home equity lines	  	2.64	 	 	0.43	 	 	2.21	 	 	NM	 	
Construction	  	0.74	 	 	0.01	 	 	0.73	 	 	NM	 	
Residential mortgages	  	1.29	 	 	0.15	 	 	1.14	 	 	NM	 	
Commercial real estate	  	-	 	 	0.01	 	 	(0.01	)	 	(100.0	)	
Consumer:	  			 			 			 			
Direct	  	0.78	 	 	0.33	 	 	0.46	 	 	NM	 	
Indirect	  	1.52	 	 	0.73	 	 	0.80	 	 	NM	 	
Total net charge-offs to total average loans	  	0.97	 	 	0.21	 	 	0.76	 	 	NM	 	
					
Period Ended	  			 			 			 			
Nonaccrual loans	  			 			 			 			
Commercial	  	$97,930	 	 	$118,737	 	 	($20,807	)	 	(17.5	)%	
Real estate:	  			 			 			 			
Construction	  	520,704	 	 	54,885	 	 	465,819	 	 	NM	 	
Residential mortgages 3	  	1,308,224	 	 	392,093	 	 	916,131	 	 	NM	 	
Commercial real estate	  	64,251	 	 	47,463	 	 	16,788	 	 	35.4	 	
Consumer loans	  	46,851	 	 	24,143	 	 	22,708	 	 	94.1	 	
	  	 	 	 	 	 	 			 			
Total nonaccrual loans	  	2,037,960	 	 	637,321	 	 	1,400,639	 	 	NM	 	
Restructured loans	  	30,787	 	 	27,772	 	 	3,015	 	 	10.9	 	
	  	 	 	 	 	 	 			 			
Total nonperforming loans	  	2,068,747	 	 	665,093	 	 	1,403,654	 	 	NM	 	
Other real estate owned (OREO)	  	244,906	 	 	74,645	 	 	170,261	 	 	NM	 	
Other repossessed assets	  	6,340	 	 	6,202	 	 	138	 	 	2.2	 	
	  	 	 	 	 	 	 			 			
Total nonperforming assets	  	$2,319,993	 	 	$745,940	 	 	$1,574,053	 	 	NM	 	
	  	 	 	 	 	 	 			 			
Total accruing loans past due 90 days or more	  	$743,969	 	 	$369,940	 	 	$374,029	 	 	NM	%	
	  	 	 	 	 	 	 			 			
Total nonperforming loans to total loans	  	1.67	%	 	0.57	%	 	1.10	%	 	NM	%	
Total nonperforming assets to total loans plus OREO and other repossessed assets	  	1.87	 	 	0.64	 	 	1.23	 	 	NM	 	
Allowance to period-end loans	  	1.25	 	 	0.88	 	 	0.37	 	 	42.0	 	
Allowance to nonperforming loans	  	74.7	 	 	155.5	 	 	(80.8	)	 	(51.9	)	
Allowance to annualized net charge-offs	  	1.29	x	 	4.05	x	 	(2.76	) x	 	(68.1	)	

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

2	Amount removed from the allowance for loan losses related to the Company’s election to record $4.1 billion of residential mortgages at fair value.	

3	Includes home equity lines on nonaccrual status.	
 
Page 9

SunTrust Banks, Inc. and Subsidiaries
FIVE QUARTER OTHER FINANCIAL DATA
(Dollars in thousands) (Unaudited)

 
																						
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	December 31
2007	 	 	Increase/(Decrease)	 	 	September 30
2007	 	 	June 30
2007	 	 	March 31
2007	 	
 	  			 			 	Amount	 	 	%  1	 	 			 			 			
CREDIT DATA	  			 			 			 			 			 			 			
Allowance for loan and lease losses-beginning	  	$1,282,504	 	 	$1,093,691	 	 	$188,813	 	 	17.3	%	 	$1,050,362	 	 	$1,033,939	 	 	$1,044,521	 	
Provision for loan losses	  	560,022	 	 	356,781	 	 	203,241	 	 	57.0	 	 	147,020	 	 	104,680	 	 	56,441	 	
Allowance associated with loans at fair value 2	  	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	(4,100	)	
Charge-offs	  			 			 			 			 			 			 			
Commercial	  	(38,289	)	 	(38,239	)	 	50	 	 	0.1	 	 	(39,487	)	 	(40,853	)	 	(22,280	)	
Real estate:	  			 			 			 			 			 			 			
Home equity lines	  	(98,602	)	 	(46,842	)	 	51,760	 	 	NM	 	 	(29,075	)	 	(24,429	)	 	(15,872	)	
Construction	  	(23,182	)	 	(7,616	)	 	15,566	 	 	NM	 	 	(2,477	)	 	(1,468	)	 	(598	)	
Residential mortgages	  	(109,186	)	 	(59,319	)	 	49,867	 	 	84.1	 	 	(19,853	)	 	(19,615	)	 	(14,293	)	
Commercial real estate	  	(233	)	 	(299	)	 	(66	)	 	(22.1	)	 	(789	)	 	(694	)	 	(287	)	
Consumer:	  			 			 			 			 			 			 			
Direct	  	(10,315	)	 	(6,630	)	 	3,685	 	 	55.6	 	 	(5,661	)	 	(5,362	)	 	(5,856	)	
Indirect	  	(42,889	)	 	(32,448	)	 	10,441	 	 	32.2	 	 	(28,944	)	 	(19,301	)	 	(25,761	)	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total charge-offs	  	(322,696	)	 	(191,393	)	 	131,303	 	 	68.6	 	 	(126,286	)	 	(111,722	)	 	(84,947	)	

Recoveries	  			 			 			 			 			 			 			
Commercial	  	5,736	 	 	6,613	 	 	(877	)	 	(13.3	)	 	6,322	 	 	5,536	 	 	5,771	 	
Real estate:	  			 			 			 			 			 			 			
Home equity lines	  	2,368	 	 	2,182	 	 	186	 	 	8.5	 	 	2,101	 	 	2,323	 	 	1,183	 	
Construction	  	78	 	 	705	 	 	(627	)	 	(88.9	)	 	82	 	 	244	 	 	119	 	
Residential mortgages	  	1,223	 	 	1,328	 	 	(105	)	 	(7.9	)	 	1,107	 	 	1,614	 	 	1,413	 	
Commercial real estate	  	162	 	 	846	 	 	(684	)	 	(80.9	)	 	861	 	 	162	 	 	41	 	
Consumer:	  			 			 			 			 			 			 			
Direct	  	2,381	 	 	2,484	 	 	(103	)	 	(4.1	)	 	2,108	 	 	2,568	 	 	2,453	 	
Indirect	  	13,562	 	 	9,267	 	 	4,295	 	 	46.3	 	 	10,014	 	 	11,018	 	 	11,044	 	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total recoveries	  	25,510	 	 	23,425	 	 	2,085	 	 	8.9	 	 	22,595	 	 	23,465	 	 	22,024	 	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Net charge-offs	  	(297,186	)	 	(167,968	)	 	129,218	 	 	76.9	 	 	(103,691	)	 	(88,257	)	 	(62,923	)	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Allowance for loan and lease losses-ending	  	$1,545,340	 	 	$1,282,504	 	 	$262,836	 	 	20.5	 	 	$1,093,691	 	 	$1,050,362	 	 	$1,033,939	 	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Net charge-offs to average loans (annualized)	  			 			 			 			 			 			 			
Commercial	  	0.35	%	 	0.35	%	 	-	%	 	-	%	 	0.38	%	 	0.42	%	 	0.19	%	
Real estate:	  			 			 			 			 			 			 			
Home equity lines	  	2.64	 	 	1.23	 	 	1.41	 	 	NM	 	 	0.76	 	 	0.64	 	 	0.43	 	
Construction	  	0.74	 	 	0.20	 	 	0.54	 	 	NM	 	 	0.07	 	 	0.04	 	 	0.01	 	
Residential mortgages	  	1.29	 	 	0.70	 	 	0.59	 	 	84.4	 	 	0.24	 	 	0.23	 	 	0.15	 	
Commercial real estate	  	-	 	 	(0.02	)	 	(0.02	)	 	(100.0	)	 	-	 	 	0.02	 	 	0.01	 	
Consumer:	  			 			 			 			 			 			 			
Direct	  	0.78	 	 	0.42	 	 	0.36	 	 	86.5	 	 	0.32	 	 	0.26	 	 	0.33	 	
Indirect	  	1.52	 	 	1.16	 	 	0.36	 	 	31.4	 	 	0.94	 	 	0.41	 	 	0.73	 	
Total net charge-offs to total average loans	  	0.97	 	 	0.55	 	 	0.42	 	 	76.4	 	 	0.34	 	 	0.30	 	 	0.21	 	
								
Period Ended	  			 			 			 			 			 			 			
Nonaccrual loans	  			 			 			 			 			 			 			
Commercial	  	$97,930	 	 	$74,463	 	 	$23,467	 	 	31.5	%	 	$74,246	 	 	$91,895	 	 	$118,737	 	
Real estate:	  			 			 			 			 			 			 			
Construction	  	520,704	 	 	295,335	 	 	225,369	 	 	76.3	 	 	158,194	 	 	77,936	 	 	54,885	 	
Residential mortgages 3	  	1,308,224	 	 	977,076	 	 	331,148	 	 	33.9	 	 	676,822	 	 	500,400	 	 	392,093	 	
Commercial real estate	  	64,251	 	 	44,502	 	 	19,749	 	 	44.4	 	 	40,649	 	 	44,168	 	 	47,463	 	
Consumer loans	  	46,851	 	 	39,031	 	 	7,820	 	 	20.0	 	 	24,880	 	 	22,401	 	 	24,143	 	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total nonaccrual loans	  	2,037,960	 	 	1,430,407	 	 	607,553	 	 	42.5	 	 	974,791	 	 	736,799	 	 	637,321	 	
Restructured loans	  	30,787	 	 	29,851	 	 	936	 	 	3.1	 	 	29,057	 	 	27,816	 	 	27,772	 	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total nonperforming loans	  	2,068,747	 	 	1,460,258	 	 	608,489	 	 	41.7	 	 	1,003,848	 	 	764,615	 	 	665,093	 	
Other real estate owned (OREO)	  	244,906	 	 	183,753	 	 	61,153	 	 	33.3	 	 	156,106	 	 	100,973	 	 	74,645	 	
Other repossessed assets	  	6,340	 	 	11,536	 	 	(5,196	)	 	(45.0	)	 	9,974	 	 	7,250	 	 	6,202	 	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total nonperforming assets	  	$2,319,993	 	 	$1,655,547	 	 	$664,446	 	 	40.1	 	 	$1,169,928	 	 	$872,838	 	 	$745,940	 	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total accruing loans past due 90 days or more	  	$743,969	 	 	$611,003	 	 	$132,966	 	 	21.8	%	 	$495,384	 	 	$449,038	 	 	$369,940	 	
	  	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total nonperforming loans to total loans	  	1.67	%	 	1.19	%	 	0.48	%	 	40.3	%	 	0.83	%	 	0.64	%	 	0.57	%	
Total nonperforming assets to total loans plus OREO and other repossessed assets	  	1.87	 	 	1.35	 	 	0.52	 	 	38.5	 	 	0.97	 	 	0.73	 	 	0.64	 	
Allowance to period-end loans	  	1.25	 	 	1.05	 	 	0.20	 	 	19.0	 	 	0.91	 	 	0.88	 	 	0.88	 	
Allowance to nonperforming loans	  	74.7	 	 	87.8	 	 	(13.1	)	 	(14.9	)	 	109.0	 	 	137.4	 	 	155.5	 	
Allowance to annualized net charge-offs	  	1.29	x	 	1.92	x	 	(0.63	) x	 	(32.8	)	 	2.66	x	 	2.97	x	 	4.05	x	

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

2	Amount removed from the allowance for loan losses related to the Company’s election to record $4.1 billion of residential mortgages at fair value.	

3	Includes home equity lines on nonaccrual status.	
 
Page 10

SunTrust Banks, Inc. and Subsidiaries
OTHER FINANCIAL DATA (continued)
(Dollars and shares in thousands, except per share data) (Unaudited)

 
																
 	  	Three Months Ended	 	 	 	 	
 	  	March 31	 	 	 	 	
 	  	Core Deposit
Intangible	 	 	Mortgage
Servicing
Rights	 	 	Other	 	 	Total	 	 	 	 	
OTHER INTANGIBLE ASSET ROLLFORWARD	  			 			 			 			 			
Balance, beginning of period	  	$241,614	 	 	$810,509	 	 	$129,861	 	 	$1,181,984	 	 			
Amortization	  	(18,785	)	 	(41,359	)	 	(4,758	)	 	(64,902	)	 			
MSRs originated	  	-	 	 	152,105	 	 	-	 	 	152,105	 	 			
Purchase of GenSpring (formerly AMA, LLC) minority shares	  	-	 	 	-	 	 	128	 	 	128	 	 			
Intangible assets obtained from sale upon merger of Lighthouse Partners, net 1	  	-	 	 	-	 	 	24,142	 	 	24,142	 	 			
	  	 	 	 	 	 	 	 	 	 	 	 	 			
Balance March 31, 2007	  	$222,829	 	 	$921,255	 	 	$149,373	 	 	$1,293,457	 	 			

Balance, beginning of period	  	$172,655	 	 	$1,049,425	 	 	$140,915	 	 	$1,362,995	 	 			
Amortization	  	(14,952	)	 	(56,442	)	 	(5,763	)	 	(77,157	)	 			
MSRs originated	  	-	 	 	152,303	 	 	-	 	 	152,303	 	 			
Sale of interest in Lighthouse Investment Partners, LLC	  	-	 	 	-	 	 	(5,992	)	 	(5,992	)	 			
MSRs impairment reserve	  	-	 	 	(1,881	)	 	-	 	 	(1,881	)	 			
	  	 	 	 	 	 	 	 	 	 	 	 	 			
Balance March 31, 2008	  	$157,703	 	 	$1,143,405	 	 	$129,160	 	 	$1,430,268	 	 			

 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	December 31
2007	 	 	September 30
2007	 	 	June 30
2007	 	 	March 31
2007	 	
COMMON SHARE ROLLFORWARD	  			 			 			 			 			
Beginning balance	  	348,411	 	 	348,074	 	 	349,053	 	 	356,505	 	 	354,903	 	
Common shares issued/exchanged for employee benefit plans, stock option, performance and restricted stock activity	  	1,421	 	 	337	 	 	483	 	 	1,228	 	 	2,218	 	
Acquisition of treasury stock	  	-	 	 	-	 	 	(1,462	)	 	(8,680	)	 	(616	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ending balance	  	349,832	 	 	348,411	 	 	348,074	 	 	349,053	 	 	356,505	 	

COMMON STOCK REPURCHASE ACTIVITY	  			 			 			 			 			
Number of common shares repurchased 2	  	17	 	 	12	 	 	1,472	 	 	8,715	 	 	653	 	
Average price per share of repurchased common shares	  	$62.38	 	 	$69.31	 	 	$81.00	 	 	$87.02	 	 	$82.83	 	
Total cost to acquire treasury shares	  	$-	 	 	$-	 	 	$-	 	 	$853,386	 	 	$-	 	
Maximum number of common shares that may yet be purchased under plans or programs 3	  	30,000	 	 	30,000	 	 	30,000	 	 	2,471	 	 	11,151	 	

1	During the first quarter of 2007 SunTrust merged its wholly-owned subsidiary, Lighthouse Partners, into Lighthouse Investment Partners, LLC in exchange for a minority interest in Lighthouse Investment Partners, LLC and a revenue-sharing agreement. This transaction resulted in a $7.9 million decrease in existing intangible assets and a new intangible asset of $32.0 million.	

2	This figure includes shares repurchased pursuant to SunTrust’s employee stock option plans, pursuant to which participants may pay the exercise price upon exercise of SunTrust stock options by surrendering shares of SunTrust common stock which the participant already owns.	

3	In August 2006, the Board authorized the Company to repurchase up to an additional $1 billion or 13,333,334 shares of the Company’s Common Stock, under which authority the Company repurchased 9,926,589 shares during 2006 under an Accelerated Share Repurchase Agreement (“ASR”). The 3,406,745 shares remaining under the August 2006 authorization, combined with 8,360,000 shares remaining under Board authorization from April 2006, left the Company with authorization to repurchase up to 11,766,745 shares as of January 1, 2007. The Company completed the aforementioned ASR with the repurchase of 615,514 shares during the first quarter of 2007. During 2007, the Company entered into a second ASR, as announced in the Company’s 8-K filing on June 7, 2007, by repurchasing 8,022,254 shares during the second quarter of 2007. This ASR was completed in the third quarter of 2007 when the Company received, without additional payment, an additional 1,462,091 shares. On August 14, 2007, the Board of Directors authorized the Company to repurchase up to 30 million shares of common stock and specified that such authorization replaced (terminated) existing unused authorizations.	
 
Page 11

SunTrust Banks, Inc. and Subsidiaries
RECONCILEMENT OF NON-GAAP MEASURES
APPENDIX A TO THE EARNINGS RELEASE
(Dollars in thousands) (Unaudited)

 
																
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	December 31
2007	 	 	September 30
2007	 	 	June 30
2007	 	 	March 31
2007	 	
NON-GAAP MEASURES PRESENTED IN THE EARNINGS RELEASE	  			 			 			 			 			
Net income	  	$290,555	 	 	$11,124	 	 	$420,164	 	 	$681,431	 	 	$521,296	 	
Securities (gains)/losses, net of tax	  	37,563	 	 	(3,530	)	 	(614	)	 	(146,575	)	 	(12	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income excluding net securities gains and losses, net of tax	  	328,118	 	 	7,594	 	 	419,550	 	 	534,856	 	 	521,284	 	
The Coca-Cola Company dividend, net of tax	  	(14,738	)	 	(13,206	)	 	(13,210	)	 	(13,218	)	 	(14,580	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss) excluding net securities (gains)/losses and The Coca-Cola Company dividend	  	313,380	 	 	(5,612	)	 	406,340	 	 	521,638	 	 	506,704	 	
Preferred dividends	  	6,977	 	 	7,867	 	 	7,526	 	 	7,519	 	 	7,363	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss) available to common shareholders excluding net securities (gains)/losses and The Coca-Cola Company dividend	  	$306,403	 	 	($13,479	)	 	$398,814	 	 	$514,119	 	 	$499,341	 	

Total average assets	  	$176,916,901	 	 	$175,130,464	 	 	$174,653,377	 	 	$179,996,457	 	 	$181,506,369	 	
Average net unrealized securities gains	  	(2,453,981	)	 	(2,408,596	)	 	(2,091,892	)	 	(2,398,651	)	 	(2,305,306	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average assets less net unrealized securities gains	  	$174,462,920	 	 	$172,721,868	 	 	$172,561,485	 	 	$177,597,806	 	 	$179,201,063	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total average common shareholders’ equity	  	$17,561,709	 	 	$17,532,786	 	 	$17,050,182	 	 	$17,428,101	 	 	$17,220,384	 	
Average accumulated other comprehensive income	  	(1,533,427	)	 	(1,292,785	)	 	(998,561	)	 	(1,206,487	)	 	(1,074,497	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total average realized common shareholders’ equity	  	$16,028,282	 	 	$16,240,001	 	 	$16,051,621	 	 	$16,221,614	 	 	$16,145,887	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on average total assets	  	0.66	%	 	0.03	%	 	0.95	%	 	1.52	%	 	1.16	%	
Impact of excluding net realized and unrealized securities (gains)/losses and The Coca-Cola Company dividend	  	0.06	 	 	(0.04	)	 	(0.02	)	 	(0.34	)	 	(0.01	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on average total assets less net unrealized securities gains 1	  	0.72	%	 	(0.01	)%	 	0.93	%	 	1.18	%	 	1.15	%	

Return on average common shareholders’ equity	  	6.49	%	 	0.07	%	 	9.60	%	 	15.51	%	 	12.10	%	
Impact of excluding net realized and unrealized securities (gains)/ losses and The Coca-Cola Company dividend	  	1.20	 	 	(0.40	)	 	0.26	 	 	(2.80	)	 	0.44	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on average realized common shareholders’ equity 2	  	7.69	%	 	(0.33	)%	 	9.86	%	 	12.71	%	 	12.54	%	

Efficiency ratio 3	  	56.40	%	 	82.19	%	 	63.35	%	 	52.69	%	 	59.79	%	
Impact of excluding amortization of intangible assets other than mortgage servicing rights (“MSRs”)	  	(0.93	)	 	(1.33	)	 	(1.22	)	 	(1.05	)	 	(1.14	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible efficiency ratio 4	  	55.47	%	 	80.86	%	 	62.13	%	 	51.64	%	 	58.65	%	

Total shareholders’ equity	  	$18,431,448	 	 	$18,052,518	 	 	$17,907,247	 	 	$17,368,853	 	 	$17,968,538	 	
Goodwill	  	(6,923,033	)	 	(6,921,493	)	 	(6,912,110	)	 	(6,897,050	)	 	(6,896,723	)	
Other intangible assets including MSRs	  	(1,430,268	)	 	(1,362,995	)	 	(1,327,060	)	 	(1,290,460	)	 	(1,293,457	)	
MSRs	  	1,143,405	 	 	1,049,426	 	 	995,984	 	 	942,012	 	 	921,255	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible equity	  	$11,221,552	 	 	$10,817,456	 	 	$10,664,061	 	 	$10,123,355	 	 	$10,699,613	 	

Total assets	  	$178,986,947	 	 	$179,573,933	 	 	$175,857,229	 	 	$180,314,372	 	 	$186,384,841	 	
Goodwill	  	(6,923,033	)	 	(6,921,493	)	 	(6,912,110	)	 	(6,897,050	)	 	(6,896,723	)	
Other intangible assets including MSRs	  	(1,430,268	)	 	(1,362,995	)	 	(1,327,060	)	 	(1,290,460	)	 	(1,293,457	)	
MSRs	  	1,143,405	 	 	1,049,426	 	 	995,984	 	 	942,012	 	 	921,255	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible assets	  	$171,777,051	 	 	$172,338,871	 	 	$168,614,043	 	 	$173,068,874	 	 	$179,115,916	 	

Tangible equity to tangible assets 5	  	6.53	%	 	6.28	%	 	6.32	%	 	5.85	%	 	5.97	%	
						
Net interest income	  	$1,139,867	 	 	$1,167,513	 	 	$1,192,188	 	 	$1,195,284	 	 	$1,164,559	 	
Taxable-equivalent adjustment	  	27,975	 	 	27,244	 	 	27,055	 	 	24,668	 	 	23,713	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net interest income-FTE	  	1,167,842	 	 	1,194,757	 	 	1,219,243	 	 	1,219,952	 	 	1,188,272	 	
Noninterest income	  	1,057,502	 	 	576,017	 	 	819,139	 	 	1,154,622	 	 	878,906	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue-FTE	  	$2,225,344	 	 	$1,770,774	 	 	$2,038,382	 	 	$2,374,574	 	 	$2,067,178	 	

 

1	SunTrust presents a return on average assets less net unrealized gains on securities. The foregoing numbers primarily reflect adjustments to remove the effects of the Company’s securities portfolio which includes the ownership by the Company of 43.6 million shares of The Coca-Cola Company as of March 31, 2008. The Company uses this information internally to gauge its actual performance in the industry. The Company believes that the return on average assets less the net unrealized securities gains is more indicative of the Company’s return on assets because it more accurately reflects the return on the assets that are related to the Company’s core businesses which are primarily customer relationship and customer transaction driven. The return on average assets less net unrealized gains on securities is computed by dividing annualized net income, excluding securities gains/losses and The Coca-Cola Company dividend, net of tax, by average assets less net unrealized securities gains.	

2	The Company 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 available to common shareholders, excluding securities gains/losses and The Coca-Cola Company dividend, net of tax, by average realized common shareholders’ equity.	

3	Computed by dividing noninterest expense by total revenue-FTE. The efficiency ratios are presented on an 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.	

4	SunTrust presents a tangible efficiency ratio which excludes the amortization of 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.	

5	SunTrust presents a tangible equity to tangible assets ratio that excludes the 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.	
 
Page 12

SunTrust Banks, Inc. and Subsidiaries
QUARTER-TO-QUARTER COMPARISON - ACTUAL
APPENDIX B TO THE EARNINGS RELEASE
(Dollars in thousands) (Unaudited)

 
																												
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	December 31
2007	 	 	Increase/(Decrease)	 	 	Sequential
Annualized  1
%	 	 	March 31
2008	 	 	March 31
2007	 	 	Increase/(Decrease)	 	
 	  			 			 	Amount	 	 	%	 	 			 			 			 	Amount	 	 	%	 	
STATEMENTS OF INCOME	  			 			 			 			 			 			 			 			 			
										
NET INTEREST INCOME	  	$1,139,867	 	 	$1,167,513	 	 	($27,646	)	 	(2.4	)%	 	(9.5	)%	 	$1,139,867	 	 	$1,164,559	 	 	($24,692	)	 	(2.1	)%	
Provision for loan losses	  	560,022	 	 	356,781	 	 	203,241	 	 	57.0	 	 	NM	 	 	560,022	 	 	56,441	 	 	503,581	 	 	NM	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	  	579,845	 	 	810,732	 	 	(230,887	)	 	(28.5	)	 	NM	 	 	579,845	 	 	1,108,118	 	 	(528,273	)	 	(47.7	)	

NONINTEREST INCOME	  			 			 			 			 			 			 			 			 			
Service charges on deposit accounts	  	211,839	 	 	222,213	 	 	(10,374	)	 	(4.7	)	 	(18.7	)	 	211,839	 	 	189,035	 	 	22,804	 	 	12.1	 	
Trust and investment management income	  	161,102	 	 	170,854	 	 	(9,752	)	 	(5.7	)	 	(22.8	)	 	161,102	 	 	174,318	 	 	(13,216	)	 	(7.6	)	
Retail investment services	  	72,300	 	 	71,650	 	 	650	 	 	0.9	 	 	3.6	 	 	72,300	 	 	63,543	 	 	8,757	 	 	13.8	 	
Other charges and fees	  	127,231	 	 	121,849	 	 	5,382	 	 	4.4	 	 	17.7	 	 	127,231	 	 	118,137	 	 	9,094	 	 	7.7	 	
Investment banking income	  	55,420	 	 	55,041	 	 	379	 	 	0.7	 	 	2.8	 	 	55,420	 	 	50,157	 	 	5,263	 	 	10.5	 	
Trading account profits/(losses) and commissions	  	28,218	 	 	(437,162	)	 	465,380	 	 	NM	 	 	NM	 	 	28,218	 	 	90,201	 	 	(61,983	)	 	(68.7	)	
Card fees	  	73,761	 	 	77,481	 	 	(3,720	)	 	(4.8	)	 	(19.2	)	 	73,761	 	 	64,195	 	 	9,566	 	 	14.9	 	
Mortgage production related income	  	85,549	 	 	22,366	 	 	63,183	 	 	NM	 	 	NM	 	 	85,549	 	 	(8,655	)	 	94,204	 	 	NM	 	
Mortgage servicing related income	  	29,098	 	 	57,364	 	 	(28,266	)	 	(49.3	)	 	NM	 	 	29,098	 	 	35,403	 	 	(6,305	)	 	(17.8	)	
Net gain on sale/leaseback of premises	  	37,039	 	 	118,840	 	 	(81,801	)	 	(68.8	)	 	NM	 	 	37,039	 	 	-	 	 	37,039	 	 	NM	 	
Net gain on sale or merger of Lighthouse interests	  	89,390	 	 	-	 	 	89,390	 	 	NM	 	 	NM	 	 	89,390	 	 	32,340	 	 	57,050	 	 	NM	 	
Gain on Visa IPO	  	86,305	 	 	-	 	 	86,305	 	 	NM	 	 	NM	 	 	86,305	 	 	-	 	 	86,305	 	 	NM	 	
Other noninterest income	  	60,836	 	 	89,827	 	 	(28,991	)	 	(32.3	)	 	NM	 	 	60,836	 	 	70,212	 	 	(9,376	)	 	(13.4	)	
Net securities gains/(losses)	  	(60,586	)	 	5,694	 	 	(66,280	)	 	NM	 	 	NM	 	 	(60,586	)	 	20	 	 	(60,606	)	 	NM	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Total noninterest income	  	1,057,502	 	 	576,017	 	 	481,485	 	 	83.6	 	 	NM	 	 	1,057,502	 	 	878,906	 	 	178,596	 	 	20.3	 	

NONINTEREST EXPENSE	  			 			 			 			 			 			 			 			 			
Employee compensation and benefits	  	715,083	 	 	682,810	 	 	32,273	 	 	4.7	 	 	18.9	 	 	715,083	 	 	699,000	 	 	16,083	 	 	2.3	 	
Net occupancy expense	  	86,441	 	 	92,705	 	 	(6,264	)	 	(6.8	)	 	(27.0	)	 	86,441	 	 	86,257	 	 	184	 	 	0.2	 	
Outside processing and software	  	109,165	 	 	105,407	 	 	3,758	 	 	3.6	 	 	14.3	 	 	109,165	 	 	99,676	 	 	9,489	 	 	9.5	 	
Equipment expense	  	52,395	 	 	51,734	 	 	661	 	 	1.3	 	 	5.1	 	 	52,395	 	 	49,409	 	 	2,986	 	 	6.0	 	
Marketing and customer development	  	55,703	 	 	59,115	 	 	(3,412	)	 	(5.8	)	 	(23.1	)	 	55,703	 	 	45,705	 	 	9,998	 	 	21.9	 	
Amortization of intangible assets	  	20,715	 	 	23,414	 	 	(2,699	)	 	(11.5	)	 	(46.1	)	 	20,715	 	 	23,542	 	 	(2,827	)	 	(12.0	)	
Loss on extinguishment of debt	  	11,723	 	 	-	 	 	11,723	 	 	NM	 	 	NM	 	 	11,723	 	 	-	 	 	11,723	 	 	NM	 	
Visa litigation	  	(39,124	)	 	76,930	 	 	(116,054	)	 	NM	 	 	NM	 	 	(39,124	)	 	-	 	 	(39,124	)	 	NM	 	
Other noninterest expense	  	243,043	 	 	363,226	 	 	(120,183	)	 	(33.1	)	 	NM	 	 	243,043	 	 	232,408	 	 	10,635	 	 	4.6	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Total noninterest expense	  	1,255,144	 	 	1,455,341	 	 	(200,197	)	 	(13.8	)	 	(55.0	)	 	1,255,144	 	 	1,235,997	 	 	19,147	 	 	1.5	 	

INCOME/(LOSS) BEFORE INCOME TAXES	  	382,203	 	 	(68,592	)	 	450,795	 	 	NM	 	 	NM	 	 	382,203	 	 	751,027	 	 	(368,824	)	 	(49.1	)	
Provision/(benefit) for income taxes	  	91,648	 	 	(79,716	)	 	171,364	 	 	NM	 	 	NM	 	 	91,648	 	 	229,731	 	 	(138,083	)	 	(60.1	)	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
NET INCOME	  	290,555	 	 	11,124	 	 	279,431	 	 	NM	 	 	NM	 	 	290,555	 	 	521,296	 	 	(230,741	)	 	(44.3	)	
Preferred dividends	  	6,977	 	 	7,867	 	 	(890	)	 	(11.3	)	 	(45.3	)	 	6,977	 	 	7,363	 	 	(386	)	 	(5.2	)	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	  	$283,578	 	 	$3,257	 	 	$280,321	 	 	NM	 	 	NM	 	 	$283,578	 	 	$513,933	 	 	($230,355	)	 	(44.8	)	

REVENUE	  			 			 			 			 			 			 			 			 			
Net interest income	  	$1,139,867	 	 	$1,167,513	 	 	($27,646	)	 	(2.4	)%	 	(9.5	)%	 	$1,139,867	 	 	$1,164,559	 	 	($24,692	)	 	(2.1	)%	
										
Taxable-equivalent adjustment	  	27,975	 	 	27,244	 	 	731	 	 	2.7	 	 	10.7	 	 	27,975	 	 	23,713	 	 	4,262	 	 	18.0	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Net interest income - FTE	  	1,167,842	 	 	1,194,757	 	 	(26,915	)	 	(2.3	)	 	(9.0	)	 	1,167,842	 	 	1,188,272	 	 	(20,430	)	 	(1.7	)	
Noninterest income	  	1,057,502	 	 	576,017	 	 	481,485	 	 	83.6	 	 	NM	 	 	1,057,502	 	 	878,906	 	 	178,596	 	 	20.3	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Total revenue - FTE	  	2,225,344	 	 	1,770,774	 	 	454,570	 	 	25.7	 	 	NM	 	 	2,225,344	 	 	2,067,178	 	 	158,166	 	 	7.7	 	

SELECTED AVERAGE BALANCES (Dollars in millions)	  			 			 			 			 			 			 			 			 			
										
Average loans	  			 			 			 			 			 			 			 			 			
Commercial-FTE	  	$36,375	 	 	$34,879	 	 	$1,496	 	 	4.3	%	 	17.2	%	 	$36,375	 	 	$34,033	 	 	$2,342	 	 	6.9	%	
Real estate home equity lines	  	14,603	 	 	14,395	 	 	208	 	 	1.4	 	 	5.8	 	 	14,603	 	 	13,738	 	 	865	 	 	6.3	 	
Real estate construction	  	12,450	 	 	13,251	 	 	(801	)	 	(6.0	)	 	(24.2	)	 	12,450	 	 	13,430	 	 	(980	)	 	(7.3	)	
Real estate 1-4 family	  	32,440	 	 	31,990	 	 	450	 	 	1.4	 	 	5.6	 	 	32,440	 	 	34,089	 	 	(1,649	)	 	(4.8	)	
Real estate commercial	  	13,113	 	 	12,892	 	 	221	 	 	1.7	 	 	6.9	 	 	13,113	 	 	12,831	 	 	282	 	 	2.2	 	
Credit card	  	774	 	 	690	 	 	84	 	 	12.2	 	 	48.8	 	 	774	 	 	370	 	 	404	 	 	NM	 	
Consumer - direct	  	4,063	 	 	3,949	 	 	114	 	 	2.9	 	 	11.6	 	 	4,063	 	 	4,220	 	 	(157	)	 	(3.7	)	
Consumer - indirect	  	7,646	 	 	7,877	 	 	(231	)	 	(2.9	)	 	(11.7	)	 	7,646	 	 	8,166	 	 	(520	)	 	(6.4	)	
Nonaccrual and restructured	  	1,799	 	 	1,171	 	 	628	 	 	53.7	 	 	NM	 	 	1,799	 	 	638	 	 	1,161	 	 	NM	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Total loans	  	$123,263	 	 	$121,094	 	 	$2,169	 	 	1.8	%	 	7.2	%	 	$123,263	 	 	$121,515	 	 	$1,748	 	 	1.4	%	

Average deposits	  			 			 			 			 			 			 			 			 			
Noninterest bearing deposits	  	$20,616	 	 	$20,948	 	 	($332	)	 	(1.6	)%	 	(6.3	)%	 	$20,616	 	 	$21,933	 	 	($1,317	)	 	(6.0	)%	
NOW accounts	  	21,981	 	 	20,737	 	 	1,244	 	 	6.0	 	 	24.0	 	 	21,981	 	 	19,820	 	 	2,161	 	 	10.9	 	
Money market accounts	  	25,343	 	 	24,262	 	 	1,081	 	 	4.5	 	 	17.8	 	 	25,343	 	 	22,089	 	 	3,254	 	 	14.7	 	
Savings	  	3,917	 	 	4,178	 	 	(261	)	 	(6.2	)	 	(25.0	)	 	3,917	 	 	5,025	 	 	(1,108	)	 	(22.0	)	
Consumer and other time	  	29,311	 	 	29,524	 	 	(213	)	 	(0.7	)	 	(2.9	)	 	29,311	 	 	28,925	 	 	386	 	 	1.3	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Total consumer and commercial deposits	  	101,168	 	 	99,649	 	 	1,519	 	 	1.5	 	 	6.1	 	 	101,168	 	 	97,792	 	 	3,376	 	 	3.5	 	
Brokered and foreign deposits	  	15,469	 	 	15,717	 	 	(248	)	 	(1.6	)	 	(6.3	)	 	15,469	 	 	26,714	 	 	(11,245	)	 	(42.1	)	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Total deposits	  	$116,637	 	 	$115,366	 	 	$1,271	 	 	1.1	%	 	4.4	%	 	$116,637	 	 	$124,506	 	 	($7,869	)	 	(6.3	)%	

SELECTED CREDIT DATA (Dollars in thousands)	  			 			 			 			 			 			 			 			 			
										
Nonaccrual loans	  	$2,037,960	 	 	$1,430,407	 	 	$607,553	 	 	42.5	%	 	NM	%	 	$2,037,960	 	 	$637,321	 	 	$1,400,639	 	 	NM	%	
Restructured loans	  	30,787	 	 	29,851	 	 	936	 	 	3.1	 	 	12.5	 	 	30,787	 	 	27,772	 	 	3,015	 	 	10.9	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Total nonperforming loans	  	2,068,747	 	 	1,460,258	 	 	608,489	 	 	41.7	 	 	NM	 	 	2,068,747	 	 	665,093	 	 	1,403,654	 	 	NM	 	
Other real estate owned (OREO)	  	244,906	 	 	183,753	 	 	61,153	 	 	33.3	 	 	NM	 	 	244,906	 	 	74,645	 	 	170,261	 	 	NM	 	
Other repossessed assets	  	6,340	 	 	11,536	 	 	(5,196	)	 	(45.0	)	 	NM	 	 	6,340	 	 	6,202	 	 	138	 	 	2.2	 	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Total nonperforming assets	  	$2,319,993	 	 	$1,655,547	 	 	$664,446	 	 	40.1	%	 	NM	%	 	$2,319,993	 	 	$745,940	 	 	$1,574,052	 	 	NM	%	
	  	 	 	 	 	 	 			 			 			 	 	 	 	 	 	 			 			
Allowance for loan and lease losses	  	$1,545,340	 	 	$1,282,504	 	 	$262,836	 	 	20.5	%	 	82.0	%	 	$1,545,340	 	 	$1,033,939	 	 	$511,401	 	 	49.5	%	

 

1	Multiply percentage change by 4 to calculate sequential annualized change. Any sequential annualized change over 100 percent is labeled as “NM” because those changes over 100 percent were not considered to be meaningful.	
 
Page 13

SunTrust Banks, Inc. and Subsidiaries
RETAIL AND COMMERCIAL LINE OF BUSINESS
(Dollars in thousands)    (Unaudited)

 
										
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	March 31
2007	 	 	%
Change  3	 	
Statements of Income	  			 			 			
				
Net interest income 1	  	$620,773	 	 	$701,070	 	 	(11.5	)%	
FTE adjustment	  	8,732	 	 	9,449	 	 	(7.6	)	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	629,505	 	 	710,519	 	 	(11.4	)	
Provision for loan losses 2	  	176,515	 	 	47,387	 	 	NM	 	
	  	 	 	 	 	 	 			
Net interest income after provision for loan losses - FTE	  	452,990	 	 	663,132	 	 	(31.7	)	

Noninterest income before securities gains/(losses)	  	318,323	 	 	292,597	 	 	8.8	 	
Securities gains/(losses), net	  	-	 	 	3	 	 	(100.0	)	
	  	 	 	 	 	 	 			
Total noninterest income	  	318,323	 	 	292,600	 	 	8.8	 	

Noninterest expense before amortization of intangible assets	  	607,367	 	 	616,695	 	 	(1.5	)	
Amortization of intangible assets	  	14,941	 	 	18,773	 	 	(20.4	)	
	  	 	 	 	 	 	 			
Total noninterest expense	  	622,308	 	 	635,468	 	 	(2.1	)	

Income before provision for income taxes	  	149,005	 	 	320,264	 	 	(53.5	)	
Provision for income taxes	  	43,571	 	 	106,848	 	 	(59.2	)	
FTE adjustment	  	8,732	 	 	9,449	 	 	(7.6	)	
	  	 	 	 	 	 	 			
Net income	  	$96,702	 	 	$203,967	 	 	(52.6	)	

Total revenue - FTE	  	$947,828	 	 	$1,003,119	 	 	(5.5	)	
				
Average Balance Sheets	  			 			 			
				
Total loans	  	$49,894,256	 	 	$50,859,629	 	 	(1.9	)%	
Goodwill	  	6,144,556	 	 	6,133,789	 	 	0.2	 	
Other intangible assets excluding MSRs	  	165,700	 	 	230,492	 	 	(28.1	)	
Total assets	  	57,747,123	 	 	58,669,733	 	 	(1.6	)	
Total deposits	  	80,782,944	 	 	81,084,211	 	 	(0.4	)	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	65.66	%	 	63.35	%	 			
Impact of excluding amortization of intangible assets	  	(6.03	)	 	(5.79	)	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	59.63	%	 	57.56	%	 			

 

1	Net 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 shareholders’ equity is not allocated to the lines of business at this time.	

2	Provision for loan 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 14

SunTrust Banks, Inc. and Subsidiaries
WHOLESALE BANKING LINE OF BUSINESS
(Dollars in thousands)    (Unaudited) 

 
										
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	March 31
2007	 	 	%
Change  3	 	
Statements of Income	  			 			 			
				
Net interest income 1	  	$123,805	 	 	$133,566	 	 	(7.3	)%	
FTE adjustment	  	14,091	 	 	10,064	 	 	40.0	 	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	137,896	 	 	143,630	 	 	(4.0	)	
Provision for loan losses 2	  	12,276	 	 	2,808	 	 	NM	 	
	  	 	 	 	 	 	 			
Net interest income after provision for loan losses - FTE	  	125,620	 	 	140,822	 	 	(10.8	)	

Noninterest income before securities gains/(losses)	  	173,486	 	 	168,682	 	 	2.8	 	
Securities gains/(losses), net	  	-	 	 	-	 	 	-	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	173,486	 	 	168,682	 	 	2.8	 	

Noninterest expense before amortization of intangible assets	  	199,640	 	 	190,728	 	 	4.7	 	
Amortization of intangible assets	  	122	 	 	122	 	 	-	 	
	  	 	 	 	 	 	 			
Total noninterest expense	  	199,762	 	 	190,850	 	 	4.7	 	

Income before provision/(benefit) for income taxes	  	99,344	 	 	118,654	 	 	(16.3	)	
Provision/(benefit) for income taxes	  	(991	)	 	16,049	 	 	NM	 	
FTE adjustment	  	14,091	 	 	10,064	 	 	40.0	 	
	  	 	 	 	 	 	 			
Net income	  	$86,244	 	 	$92,541	 	 	(6.8	)	

Total revenue - FTE	  	$311,382	 	 	$312,312	 	 	(0.3	)	
				
Average Balance Sheets	  			 			 			
				
Total loans	  	$32,617,953	 	 	$29,506,266	 	 	10.5	%	
Goodwill	  	168,134	 	 	168,149	 	 	-	 	
Other intangible assets excluding MSRs	  	801	 	 	1,285	 	 	(37.7	)	
Total assets	  	43,527,780	 	 	38,189,909	 	 	14.0	 	
Total deposits	  	8,473,592	 	 	4,729,069	 	 	79.2	 	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	64.15	%	 	61.11	%	 			
Impact of excluding amortization of intangible assets	  	(0.42	)	 	(0.39	)	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	63.73	%	 	60.72	%	 			

 

1	Net 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 shareholders’ equity is not allocated to the lines of business at this time.	

2	Provision for loan 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
MORTGAGE LINE OF BUSINESS
(Dollars in thousands)    (Unaudited) 

 
										
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	March 31
2007	 	 	%
Change 3	 	
Statements of Income	  			 			 			
Net interest income 1	  	$130,449	 	 	$129,591	 	 	0.7	%	
FTE adjustment	  	-	 	 	-	 	 	-	 	
	  	 	 	 	 	 	 			
Net interest income-FTE	  	130,449	 	 	129,591	 	 	0.7	 	
Provision for loan losses 2	  	98,255	 	 	10,209	 	 	NM	 	
	  	 	 	 	 	 	 			
Net interest income after provision for loan losses-FTE	  	32,194	 	 	119,382	 	 	(73.0	)	

Noninterest income before securities gains/(losses)	  	137,130	 	 	38,483	 	 	NM	 	
Securities gains/(losses), net	  	(5,010	)	 	-	 	 	NM	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	132,120	 	 	38,483	 	 	NM	 	

Noninterest expense before amortization of intangible assets	  	219,482	 	 	151,562	 	 	44.8	 	
Amortization of intangible assets	  	763	 	 	763	 	 	-	 	
	  	 	 	 	 	 	 			
Total noninterest expense	  	220,245	 	 	152,325	 	 	44.6	 	

(Loss)/income before provision/(benefit) for income taxes	  	(55,931	)	 	5,540	 	 	NM	 	
Benefit for income taxes	  	(24,576	)	 	(1,355	)	 	NM	 	
FTE adjustment	  	-	 	 	-	 	 	-	 	
	  	 	 	 	 	 	 			
Net income/(loss)	  	($31,355	)	 	$6,895	 	 	NM	 	

Total revenue-FTE	  	$262,569	 	 	$168,074	 	 	56.2	 	
				
Average Balance Sheets	  			 			 			
				
Total loans	  	$31,996,829	 	 	$32,380,987	 	 	(1.2	)%	
Goodwill	  	276,583	 	 	275,982	 	 	0.2	 	
Other intangible assets excluding MSRs	  	1,274	 	 	4,304	 	 	(70.4	)	
Total assets	  	43,889,138	 	 	44,266,813	 	 	(0.9	)	
Total deposits	  	2,070,297	 	 	1,792,004	 	 	15.5	 	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	83.88	%	 	90.63	%	 			
Impact of excluding amortization of intangible assets	  	(1.27	)	 	(2.04	)	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	82.61	%	 	88.59	%	 			

Other Information	  			 			 			
				
Production Data	  			 			 			
Channel mix	  			 			 			
Retail	  	$5,357,407	 	 	$5,919,652	 	 	(9.5	)%	
Wholesale	  	4,204,623	 	 	5,572,112	 	 	(24.5	)	
Correspondent	  	2,169,602	 	 	3,334,590	 	 	(34.9	)	
	  	 	 	 	 	 	 			
Total production	  	$11,731,632	 	 	$14,826,354	 	 	(20.9	)	
	  	 	 	 	 	 	 			
Channel mix-percent	  			 			 			
Retail	  	46	%	 	40	%	 			
Wholesale	  	36	 	 	38	 	 			
Correspondent	  	18	 	 	22	 	 			
	  	 	 	 	 	 	 			
Total production	  	100	%	 	100	%	 			
	  	 	 	 	 	 	 			
Purchase and refinance mix	  			 			 			
Refinance	  	$6,715,286	 	 	$7,566,542	 	 	(11.3	)	
Purchase	  	5,016,346	 	 	7,259,812	 	 	(30.9	)	
	  	 	 	 	 	 	 			
Total production	  	$11,731,632	 	 	$14,826,354	 	 	(20.9	)	
	  	 	 	 	 	 	 			
Purchase and refinance mix-percent	  			 			 			
Refinance	  	57	%	 	51	%	 			
Purchase	  	43	 	 	49	 	 			
	  	 	 	 	 	 	 			
Total production	  	100	%	 	100	%	 			
	  	 	 	 	 	 	 			
Applications	  	$21,209,440	 	 	$24,498,985	 	 	(13.4	)	
				
Mortgage Servicing Data (End of Period)	  			 			 			
				
Total loans serviced	  	$155,450,933	 	 	$138,620,903	 	 	12.1	%	
Total loans serviced for others	  	121,147,815	 	 	101,017,554	 	 	19.9	 	
Net carrying value of MSRs	  	1,143,405	 	 	921,255	 	 	24.1	 	
Ratio of net carrying value of MSRs to total loans serviced for others	  	0.944	%	 	0.912	%	 			

1	Net 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 shareholders’ equity is not allocated to the lines of business at this time.	

2	Provision for loan 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
WEALTH AND INVESTMENT MANAGEMENT LINE OF BUSINESS
(Dollars in thousands)    (Unaudited) 

 
										
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	March 31
2007	 	 	%
Change 3	 	
Statements of Income	  			 			 			
				
Net interest income 1	  	$79,885	 	 	$90,042	 	 	(11.3	)%	
FTE adjustment	  	10	 	 	16	 	 	(37.5	)	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	79,895	 	 	90,058	 	 	(11.3	)	
Provision for loan losses 2	  	5,116	 	 	1,059	 	 	NM	 	

Net interest income after provision for loan losses - FTE	  	74,779	 	 	88,999	 	 	(16.0	)	
	  	 	 	 	 	 	 			
Noninterest income before securities gains/(losses)	  	331,343	 	 	285,734	 	 	16.0	 	
Securities gains/(losses), net	  	4	 	 	(56	)	 	NM	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	331,347	 	 	285,678	 	 	16.0	 	

Noninterest expense before amortization of intangible assets	  	237,491	 	 	264,001	 	 	(10.0	)	
Amortization of intangible assets	  	4,786	 	 	3,663	 	 	30.7	 	
	  	 	 	 	 	 	 			
Total noninterest expense	  	242,277	 	 	267,664	 	 	(9.5	)	

Income before provision for income taxes	  	163,849	 	 	107,013	 	 	53.1	 	
Provision for income taxes	  	59,603	 	 	38,932	 	 	53.1	 	
FTE adjustment	  	10	 	 	16	 	 	(37.5	)	
	  	 	 	 	 	 	 			
Net income	  	$104,236	 	 	$68,065	 	 	53.1	 	

Total revenue - FTE	  	$411,242	 	 	$375,736	 	 	9.4	 	
				
Average Balance Sheets	  			 			 			
				
Total loans	  	$7,890,128	 	 	$8,196,226	 	 	(3.7	)%	
Goodwill	  	332,890	 	 	324,577	 	 	2.6	 	
Other intangible assets excluding MSRs	  	126,269	 	 	117,377	 	 	7.6	 	
Total assets	  	8,805,524	 	 	9,062,013	 	 	(2.8	)	
Total deposits	  	9,794,424	 	 	9,784,131	 	 	0.1	 	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	58.91	%	 	71.24	%	 			
Impact of excluding amortization of intangible assets	  	(1.87	)	 	(1.85	)	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	57.04	%	 	69.39	%	 			

Other Information (End of Period)	  			 			 			
				
Assets under administration	  			 			 			
Managed (discretionary) assets	  	$140,439,761	 	 	$137,163,001	 	 	2.4	%	
Non-managed assets	  	63,875,844	 	 	58,587,002	 	 	9.0	 	
	  	 	 	 	 	 	 			
Total assets under administration	  	204,315,605	 	 	195,750,003	 	 	4.4	 	

Brokerage assets	  	39,279,523	 	 	40,568,938	 	 	(3.2	)	
Corporate trust assets	  	4,699,047	 	 	8,053,617	 	 	(41.7	)	
	  	 	 	 	 	 	 			
Total assets under advisement	  	$248,294,175	 	 	$244,372,558	 	 	1.6	 	

 

1	Net 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 shareholders’ equity is not allocated to the lines of business at this time.	

2	Provision for loan 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 OTHER AND TREASURY
(Dollars in thousands)    (Unaudited) 

 
										
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	March 31
2007	 	 	%
Change 2	 	
Statements of Income	  			 			 			
				
Net interest income	  	$184,955	 	 	$110,290	 	 	67.7	%	
FTE adjustment	  	5,142	 	 	4,184	 	 	22.9	 	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	190,097	 	 	114,474	 	 	66.1	 	
Provision for loan losses 1	  	267,860	 	 	(5,022	)	 	NM	 	
	  	 	 	 	 	 	 			
Net interest income after provision for loan losses - FTE	  	(77,763	)	 	119,496	 	 	NM	 	

Noninterest income before securities gains/(losses)	  	157,806	 	 	93,390	 	 	69.0	 	
Securities gains/(losses), net	  	(55,580	)	 	73	 	 	NM	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	102,226	 	 	93,463	 	 	9.4	 	

Noninterest expense before amortization of intangible assets	  	(29,551	)	 	(10,531	)	 	NM	 	
Amortization of intangible assets	  	103	 	 	221	 	 	(53.4	)	
	  	 	 	 	 	 	 			
Total noninterest expense	  	(29,448	)	 	(10,310	)	 	NM	 	

Income before provision for income taxes	  	53,911	 	 	223,269	 	 	(75.9	)	
Provision for income taxes	  	14,041	 	 	69,257	 	 	(79.7	)	
FTE adjustment	  	5,142	 	 	4,184	 	 	22.9	 	
	  	 	 	 	 	 	 			
Net income	  	$34,728	 	 	$149,828	 	 	(76.8	)	

Total revenue - FTE	  	292,323	 	 	207,937	 	 	40.6	 	
				
Average Balance Sheets	  			 			 			
				
Total loans	  	$863,869	 	 	$571,787	 	 	51.1	%	
Securities available for sale	  	15,349,910	 	 	22,736,695	 	 	(32.5	)	
Goodwill	  	714	 	 	8,253	 	 	(91.3	)	
Other intangible assets excluding MSRs	  	4,484	 	 	5,190	 	 	(13.6	)	
Total assets	  	22,947,336	 	 	31,317,901	 	 	(26.7	)	
				
Total deposits (mainly brokered and foreign)	  	15,515,667	 	 	27,116,957	 	 	(42.8	)	

 	  	March 31
2008	 	 	December 31
2007	 	 	 	 	
Other Information	  			 			 			
				
Duration of investment portfolio	  	4.3	%	 	3.8	%	 			
				
Accounting net interest income interest rate sensitivity 3 :	  			 			 			
% Change in net interest income under:	  			 			 			
Instantaneous 100 bp increase in rates over next 12 months	  	0.4	%	 	0.1	%	 			
Instantaneous 100 bp decrease in rates over next 12 months	  	(1.0	) %	 	(0.8	) %	 			
				
Economic net interest income interest rate sensitivity 3 :	  			 			 			
% Change in net interest income under:	  			 			 			
Instantaneous 100 bp increase in rates over next 12 months	  	(0.8	) %	 	(1.0	) %	 			
Instantaneous 100 bp decrease in rates over next 12 months	  	0.2	%	 	0.3	%	 			

1	Provision for loan losses represents difference between net charge-offs for the lines of business and consolidated provision for loan losses.	

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

3	The recognition of interest rate sensitivity from an accounting perspective is different from the economic perspective due to the election of fair value accounting for 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 margin.	
 
Page 18

SunTrust Banks, Inc. and Subsidiaries
CONSOLIDATED - SEGMENT TOTALS
(Dollars in thousands)    (Unaudited) 

 
										
 	  	Three Months Ended	 	
 	  	March 31
2008	 	 	March 31
2007	 	 	%
Change 1	 	
Statements of Income	  			 			 			
				
Net interest income	  	$1,139,867	 	 	$1,164,559	 	 	(2.1	)%	
FTE adjustment	  	27,975	 	 	23,713	 	 	18.0	 	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	1,167,842	 	 	1,188,272	 	 	(1.7	)	
Provision for loan losses	  	560,022	 	 	56,441	 	 	NM	 	
	  	 	 	 	 	 	 			
Net interest income after provision for loan losses - FTE	  	607,820	 	 	1,131,831	 	 	(46.3	)	

Noninterest income before securities gains/(losses)	  	1,118,088	 	 	878,886	 	 	27.2	 	
Securities gains/(losses), net	  	(60,586	)	 	20	 	 	NM	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	1,057,502	 	 	878,906	 	 	20.3	 	

Noninterest expense before amortization of intangible assets	  	1,234,429	 	 	1,212,455	 	 	1.8	 	
Amortization of intangible assets	  	20,715	 	 	23,542	 	 	(12.0	)	
	  	 	 	 	 	 	 			
Total noninterest expense	  	1,255,144	 	 	1,235,997	 	 	1.5	 	

Income before provision for income taxes	  	410,178	 	 	774,740	 	 	(47.1	)	
Provision for income taxes	  	91,648	 	 	229,731	 	 	(60.1	)	
FTE adjustment	  	27,975	 	 	23,713	 	 	18.0	 	
	  	 	 	 	 	 	 			
Net income	  	$290,555	 	 	$521,296	 	 	(44.3	)	

Total revenue - FTE	  	$2,225,344	 	 	$2,067,178	 	 	7.7	 	
				
Average Balance Sheets	  			 			 			
				
Total loans	  	$123,263,035	 	 	$121,514,895	 	 	1.4	%	
Goodwill	  	6,922,877	 	 	6,910,750	 	 	0.2	 	
Other intangible assets excluding MSRs	  	298,528	 	 	358,648	 	 	(16.8	)	
Total assets	  	176,916,901	 	 	181,506,369	 	 	(2.5	)	
Total deposits	  	116,636,924	 	 	124,506,372	 	 	(6.3	)	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	56.40	%	 	59.79	%	 			
Impact of excluding amortization of intangible assets	  	(0.93	)	 	(1.14	)	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	55.47	%	 	58.65	%	 			

 

1	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.	
 
Page 19

SunTrust Banks, Inc.
1Q 2008 Earnings Presentation
April 22, 2008
Exhibit 99.2	

1
The following should be read in conjunction with the financial statements, notes and other information contained in the Company’s 2007 Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. 
This
presentation
includes
non-GAAP
financial
measures
to
describe
SunTrust’s
performance.
The
reconciliation
of
those
measures
to
GAAP
measures
are
provided within this presentation.
In this presentation, net interest income and net interest margin are presented on a fully taxable-equivalent (“FTE”) basis, and ratios
are
presented
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.
The information in this presentation may contain forward-looking statements.
Statements that do not describe historical or current facts, including statements
about
beliefs
and
expectations,
and
in
particular
the
outlook
statements
provided
at
slide
26-27,
are
forward-looking
statements.
These
statements
often
include
the
words “may,”
“could,”
“will,”
“should,”
“believes,”
“expects,”
“anticipates,”
“estimates,”
“intends,”
“plans,”
“targets,”
“initiatives,”
“potentially,”
“probably,”
“projects,”
“outlook”
or similar expressions.
Such statements are based upon the current beliefs and expectations of SunTrust's management and on information currently
available to management.
The forward looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
Such statements speak as of the date hereof, and SunTrust does not intend 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 SunTrust’s results to differ materially from those
described in the forward-looking statements can be found in the Company's 2007 Annual Report on Form 10-K, in the Company’s Quarterly Reports on Form 10-Q,
and in the Current Reports on Form 8-K filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's internet site
( http:// www.sec.gov ).
Those
factors
include:
(1)
adverse
changes
in
general
business
or
economic
conditions
could
have
a
material
adverse
effect
on
our
financial
condition
and
results
of
operations;
(2)
changes
in
market
interest
rates
or
capital
markets
could
adversely
affect
our
revenues
and
expenses,
the
value
of
assets
and
obligations, costs of capital, or liquidity; (3) the fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our
earnings; (4) changes in securities markets or markets for commercial or residential real estate could harm our revenues and profitability; (5) customers could pursue
alternatives to bank deposits, causing us to lose a relatively inexpensive source of funding; (6) customers may decide not to use banks to complete their financial
transactions,
which
could
affect
net
income;
(7)
we
have
businesses
other
than
banking,
which
subjects
us
to
a
variety
of
risks;
(8)
hurricanes
and
other natural
disasters may adversely affect loan portfolios and operations and increase the cost of doing business; (9) negative public opinion could damage our reputation and
adversely impact our business; (10) we rely on other companies for key components of our business infrastructure; (11) we rely on our systems, employees and
certain counterparties, and certain failures could materially adversely affect our operations; (12) we depend on the accuracy and completeness of information about
clients
and
counterparties;
(13)
regulation
by
federal
and
state
agencies
could
adversely
affect
our
business,
revenues,
and
profit
margins;
(14)
competition
in
the
financial services industry is intense and could result in losing business or reducing profit margins; (15) future legislation could harm our competitive position; (16)
maintaining or increasing market share depends on market acceptance and regulatory approval of new products and services; (17) our ability to receive dividends from
our
subsidiaries
accounts
for
most
of
our
revenues
and
could
affect
our
liquidity
and
ability
to
pay
dividends;
(18)
significant
legal
actions
could
subject
us to
substantial uninsured liabilities; (19) 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; (20) we depend on the expertise of
key personnel without whom our operations may suffer; (21) we may be unable 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;
(22)
our
accounting
policies
and
methods
are
key
to
how
we
report
financial
condition and
results of operations, and may require management to make estimates about matters that are uncertain; (23) changes in our accounting policies or in accounting
standards could materially affect how we report our financial results and condition; (24) our stock price can be volatile; (25) our disclosure controls and procedures
may fail to prevent or detect all errors or acts of fraud; (26) our trading assets and financial instruments carried at fair value expose the Company to certain market
risks;
(27)
weakness
in
residential
property
values
and
mortgage
loan
markets
could
adversely
affect
us;
(28)
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; and (29) we may enter into transactions with off-balance sheet entities affiliated with SunTrust or its subsidiaries
which may cause us to recognize current or future losses.	

2
Financial Performance:  Income Statement Summary
($ in millions, except per share data)
1Q 2008        
4Q 2007            1Q 2007
% Change
Net Interest Income (FTE)
$1,167.8
-2%
-2%
Provision for Loan Losses
560.0
57%                 892%
Noninterest Income
1,057.5
84%
20%
Total Revenue (FTE)
2,225.3
26%                     8%
Total
Noninterest
Expense
1,255.1
-14%
2%
Provision for Income Taxes
91.6
-215%
-60%
Net Income Available to Common Shareholders        283.6
NM                 -45%
Net Income Per Average Common Diluted Share    $   0.81
NM
-44%
EPS of $0.81 Impacted by Increased Provision Expense and
Net Positive Non Core-Items	

3
Capital & Liquidity
Solid Capital Foundation and Enhanced Liquidity Position
Tier 1 Capital Ratio
7.25%
Total Capital Ratio
11.00%     
Tangible Equity to Tangible Assets        
6.53%
Tier 1 target remains 7.5%
Issued $685 million enhanced trust preferred securities in February
Planned transactions regarding stock holdings in The Coca-Cola Company
expected to be resolved during 2Q 2008
Anticipated Tier 1 increase of $1 billion or more from The Coca-Cola Company
transactions would add roughly 65bps to Tier 1 ratio on a pro forma basis
Strong liquidity position; Brokered and Foreign deposits down 42%
1.
Estimated
1
1	

4
E²
Efficiency and Productivity Program: Goals
$325 ¹
$350
$530 ¹
Total
Initial Goals
First Revision
of Goals
Second Revision
of Goals
2007 Actual/Goal
2008 Goal
2009 Goal
$215
(Actual)
$205
$135
2007 expense
savings of
$215
million was 119% of
goal
Increased goals
for
the second time
since program
inception
2009 gross expense
savings represent
11% of 2006
expense base
Expect $500 Million in 2008 Benefits, Up $150 Million; 2009
Program Goal Increased to $600 Million
1.
Gross cost savings goals include approximately $50 million of interest expense savings related to reduced financing costs from disposition
of
corporate
real
estate,
which
will
be
fully
realized
beginning
in
2Q
2008
($ in millions)
$600 ¹
Total
$500
$215
(Actual)	

5
E   Efficiency and Productivity Program: Results
($ in millions)
Gross Savings in 1Q 2008 of $113 Million
Over 50% increase from 4Q
2007 run rate of $75 million
Annualized1Q 2008 savings
level of over $450 million
One-third of increase in run rate
driven by organizational review
Key contributors to achieving
remaining goals include supplier
management, outsourcing, and
process reengineering
$500 2008 Goal
$113 1Q Savings ¹
1.  1Q 2008 gross savings includes $10 million in interest expense savings related to disposition of corporate real estate
500
400
300
200
100
2	

6
Risk Review:  Market Update
Volatility in the credit
markets has been
unprecedented
Prices of these indices
declined during the
quarter
Corporate and
mortgage credit markets
have taken the brunt of
the volatility
Source: Bloomberg
Source: Markit, SunTrust
ABX
06-2
AAA:
Synthetic
Index
of
AAA-rated
benchmark
subprime
RMBS
from
the
latter
half
of
2006
CMBX 06-2 AAA: Synthetic Index of AAA-rated benchmark CMBS from the latter half of 2006
LCDX: Synthetic Index of syndicated secured loans from the latter half of 2007
CDX:
Synthetic
Index
referenced
to
125
investment
grade
entities
domiciled
in
North
America
Structured Credit Index Prices - Q1 2008
64
68
72
76
80
84
88
92
96
100
CMBX 06-2 AAA
LCDX 9 5YR
ABX 06-2 AAA
5-yr CDX -
Q1 2008
70
80
90
100
110
120
130
140
150
160
170
180
190
200	

7
Risk Review:  Acquired Securities Portfolio
Aggressively Managing Trading Assets; 59% Reduction in Exposure
to Acquired Securities
We expect to sell additional securities
on an opportunistic basis; current
market environment continues to
remain challenging
Aggregate portfolio reduction will
continue, albeit at a slower rate. At a
minimum, we expect portfolio
exposure to be reduced below $1.4
billion by end of Q2
Mark-to-Market accounting
1.  Grand Horn is a AAA-rated security arising from the securitization of a commercial leveraged loan warehouse
Carrying         Acquisition
Value
Value
3/31/08
Q4 2007
SIV
$  685
$1,478
RMBS
242              1,042
CDO
287
429
Other ABS
46                
148
CLO
39                 
47
—
—
Subtotal             
1,299
3,144
Grand Horn
CLO
1
323
359
Total
$1,622
$3,503
($ in millions)	

8
Risk Review:  Available for Sale Portfolio
SunTrust Maintains a High Quality AFS Investment Portfolio
Portfolio Quality
•
High quality with 91% rated
AAA
•
Short duration of 4.3 years
•
Unrealized gain of $171 million
3.9%
1.  Excludes equity securities with a market value of $3.4 billion
2.  Excludes unrealized gains of $171 million on debt securities
AAA, 91%
AA, 4%
A & Below, 3%
NR, 2%
$12.3 Billion AFS Debt Securities
As of March 31, 2008
1,2	

9
Credit Perspective:  Asset Quality Metrics
Annualized Charge-Offs of 97bps, ALLL Increased to 1.25%, NPL
ratio up to 1.67%, but Early Stage Delinquency Rate Stable
$ in Millions
03/31/2008
12/31/2007
Variance
Total Loans
$123,713.2
$122,319.0
$1,394.2
Allowance for Loans & Lease Losses
1,545.3
1,282.5
262.8
Net Charge-offs
297.2
168.0
129.2
Provision Expense
560.0
356.8
203.2
NPAs
2,320.0
1,655.5
664.5
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
NPLs
to Total Loans
1.67%
1.19%
0.48%
NPAs
to Total Loans + OREO/OA
1.87%
1.35%
0.52%
ALLL to NPLs
74.70%
87.83%
-13.12%
ALLL to Loans
1.25%
1.05%
0.20%
NCOs (annualized to Average Loans)
0.97%
0.55%
0.42%
30-
89
Days
Past
Due
1.52%
1.53%
-0.01%	

10
Credit Perspective:  Loan Portfolio as of 1Q 2008
Product Category
Nonaccrual
$MM's
Charge-Off
Rate
Residential Mortgages /
1.29%
Home Equity Lines
2.64%
Construction
520.7
        
0.74%
Commercial
97.9
         
0.35%
Commercial Real Estate
64.3
         
0.00%
Consumer
46.9
         
1.26%
$2,038.0
0.97%
$1,308.2
Growth
in
Nonaccrual
Loans
driven
by
Residential
Mortgage
and
Construction
Loans
Residential Mortgage & Home Equity combined represented 39% of total loans but they
comprised
64%
of
total
Nonaccrual
Loans
Loan Portfolio -
$123,713 million
Nonaccrual Loans -
$2,038 million
Commercial,  $37,307
Commercial Real Estate, 
$12,894
Retail Consumer & Credit
Card,  $12,305
Construction,  $12,981
Home Equity,  $15,134
Residential Mg,  $33,092
Consumer -
Direct   $4,192
Consumer -
Indirect $7,305
Credit Card             $  808	

11
Performance in the Residential Mortgage Portfolio is Stabilizing
1. Does not include nonaccruals
2.00%
6.50
8.30
3.30
1.60
0.80
1.40%
12/31/07
60 + DLQ
1
1.77%
8.92
8.28
3.71
1.35
0.50
1.28%
03/31/08
60 + DLQ
1
$1,073.4
60.5
241.8
121.7
77.7
41.7
$  530.0
Total
$NPLs
Credit Quality Metrics
79%
100%
$ 33,092
Total
97
1.4
470
Alt-A 2
nd
77
3.3
1,085
Alt-A 1
st
84
4.8
1,575
Lot Loans
92
12.3
4,080
Prime 2
nd
Insured
75 
10.9
3,625
Home Equity Loans
77%
67.3%
$ 22,257
Core Portfolio
Orig
WACLTV
%
03/31/08
Balance
Loan Type
Portfolio Profile
Credit Perspective:  Residential Mortgages
Residential Mortgages $33,092 million
(As of 03/31/08, $ in millions)	

12
Credit Perspective:  Residential Mortgages
(As of 03/31/08, $ in millions)
We Have Already Recognized Expected Losses on 60% of the
Residential Mortgage NPL Balance
1. Most NPL’s
in this category are claims in process.  A small number of losses were recognized due to denied claims.
2. Includes Home Equity NPL’s
of $41.7 million not shown in above table
NPL’s
with Write-downs
Loan Type
Balance
before
write-
down
-
Amount
of write-
down
=
NPL
Balance
+
NPLs
not
yet written
down  
=
Total
NPL’s
2
% Loss
Severity
Core Portfolio
$ 362.6
$ (31.7)
$ 330.8
$ 199.2
$ 530.0
8.8%
Prime 2
nd
Insured
1
53.6
(10.8)
42.8
35.0
77.7
NA
Lot Loans
108.7
(29.9)
78.8
42.9
121.7
27.5
Alt-A 1
st
187.5
(20.9)
167.0
74.8
241.8
11.1
Alt-A 2
nd
150.1
(121.5)
28.6
31.9
60.5
80.9
Total
$ 862.8
$ (214.8)
$ 648.0
$ 383.7
$ 1,073.4	

13
Credit Perspective:  Home Equity Lines
Home Equity Lines $15,134 million
(As of 03/31/08, $ in millions)
1.  Excludes 3 rd
party originated
2.  Excludes 3rd party originated and CLTV 90+%
3.  Excludes 3rd party originated, CLTV 90+% and Florida (81-90%)
4.  Annualized first quarter rate
Performance Issues Largely Confined to 3
Party Originated, 
CLTV’s
of >80% for Florida, and >90% for States Other Than
Florida
$15,134
9,409.5
1,162.2
2,705.2
$1,857.1
03/31/08
Balance
2.48%
1.55%
2.64%
723
74%
100.0%
Total
0.87
2.56
1.76
4.10%
%
NPL
0.94
4.24
3.34
9.11%
Q1
C/O
4
%
Credit Quality Metrics
1.46
722
65
62.2
All Other
3
3.43
717
86
7.7
Florida
2
(81-90%
LTV)
2.87
736
95
17.9
CLTV > 90%
1
5.71%
715
86%
12.2%
3
Party
Originated
30 +
DLQ
Current
WAFICO
Orig
WACLTV
%
of
Portfolio
Type
Portfolio Profile
rd
rd	

14
Credit Perspective:  Construction
1.  Annualized first quarter charge-off ratio
(As of 03/31/08, $ in millions)
Charge-offs increased during Q1 primarily in Construction-to-
Perm loans. Increase in NPLs
driven by Construction-to-Perm and
Residential
Construction $12,981 million
4.0
39
117.8
0.42
666
26
16
2,135
Residential A&D
Commercial
0.2
3
8.5
0.00
1, 503
27
26
3,381
Construction
0.7
0
9.6
0.00
788
26
4
589
Commercial A&D
37%
39
42
50%
FL
NPL
%
$ 12,981
1,256
2,543
$ 3,077
03/31/08
Balance
4.5%
$520.6
0.74%
28%
100%
Total
32.9
189.0
$162.8
$
NPL
0.00
1.23
1.66%
Q1
C/O ¹
%
Credit Quality Metrics
3.7
795
21
10
Raw Land
3.2
400
30
20
Construction
Residential
11.6%
477
31%
24%
Construction Perm
%
30 +
DLQ
Avg.
Size
$000’s
%
FL
%
of
Portfolio
Type
Portfolio Profile	

15
Credit Perspective:  Loss Mitigation Actions Taken or Planned
Residential builder portfolio
Reviews of exposure $
$1MM
Client prioritization discipline
Reduced exposure $1.4B in 2007
New Special Assets group dedicated to Real Estate
Three geographic units
Significant increase in workout officers
Handles homebuilders, large conventional
mortgages and construction to perm mortgages
Wholesale portfolio reviews
Proactive reviews of Wholesale segments of
portfolios
Monthly central credit review of relationships $
$100MM
Targeted reviews on industries with signs of
deterioration
Introduced new policy on:
Direct exposure
Indirect exposure
Exception approval
Weekly conference calls on market conditions
Repeated and on-going Home Equity policy changes:
Curbed Wholesale/broker channel originations
Eliminated CLTVs
> 89.9% in broker channel
Additional LTV restrictions for
“Declining Markets”,
2   
homes
and condos
DTI and Credit score restrictions
Mortgage / Home Equity
Wholesale
Centralized construction to perm administration
Tightened underwriting standards for C/P and lot loans
(restricting LTV, DTI and property type, size and channel)
Tightened underwriting standards on Agency production
Enhancements to automated dialer calling strategies
Standardized more rigorous charge-off procedures
Significantly expanded workout/collections staff
Implemented aggressive loss mitigation program to keep
borrowers in their homes and avoid foreclosure
nd	

16
Financial Performance: Loans & Deposits
($ in millions, average balances)
1Q 2008
4Q 2007
4Q 2007
1Q 2007
% Change
Annualized
Commercial
$   36,375
4%
17%
7%
Real Estate Home Equity Lines
14,603
1
6                         6
Real Estate Construction
12,450
-6                      -24                       -7
Real Estate 1-4 Family
32,440
1                         6                       -5
Real Estate Commercial
13,113
2                         7                        2
Consumer –
Direct
4,063
3                       12             
-4
Consumer –
Indirect
7,646                         -3                     -12                       -6
Credit Card
774
12
49
109
Total Loans
121,464    
1                        5                        0
Noninterest-Bearing Deposits
20,616
-2                       -6                      -6
NOW Accounts
21,981
6                      24                      11
Money Market Accounts
25,343                           5                     18                      15
Savings
3,917
-6                     -25                     -22
Consumer Time
17,031
-1                       -3                        1
Other Time
12,280
-1
-2
1
Total Consumer and Commercial Deposits
101,168                           2                     
6                         3 
Brokered & Foreign Deposits
15,469
-2
-6
-42
Total Deposits
$116,637
1%
4%                     -6%	

17
Financial Performance:  Net Interest Margin
3.02%
3.10%
3.18%
3.07%
3.13%
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
Margin of 3.07%, Up 5 bps from 1Q 2007, but Down 6 bps from
4Q 2007
Margin pressure from deposit pricing and
growing NPAs
continues
Seeing early signs of stabilizing DDA
Further expected Fed rate reductions,
pricing pressure, and growing NPAs
will
continue to create downward pressure on
net interest margin
As a result we expect some additional
compression in 2Q	

18
Financial Performance:  Provision
Provision
$560.0 
$356.8           $147.0          $104.7
Net Charge-Offs
$297.2         $168.0           $103.7          $  88.3
Net Charge-Off Ratio
0.97%
0.55%           0.34%           0.30%
Net ALLL Increase          
$262.8         $188.8           $  43.3         $   16.4
Allowance to Loan Ratio         
1.25%          1.05%            0.91%           0.88%
1Q 2008
4Q 2007
3Q 2007
2Q 2007
($ in millions)
Provision Expense Drives 20 bps Increase in Allowance to
Loan Ratio	

19
Financial Performance:  Noninterest Income
($ in millions)
Noninterest Income up 20% over 1Q 2007 and 13% Excluding Net
Gains from Both Periods
1Q 2008
1Q 2007
Change
Noninterest
Income
$1,058
$879
20%
Net Adjustments ¹
71
2
Adjusted Noninterest Income           987
$877
13%
Reported
noninterest
income
up
20%
versus
1Q
2007
driven
by
solid
performance
in
most
fee
income businesses
Adjusting both years’
results for net gains results in a 13% increase
1.  Adjustment detail included in appendix includes securities gains and losses, Visa and Lighthouse gains, and impacts from adoption of FAS 157/159 and
SAB 109
$
%	

20
Financial Performance:  Noninterest Expense
Core Expenses in 1Q 2008 Down Versus 4Q 2007 and Flat
Compared to 1Q 2007
Year over year adjusted expense flat in spite of $36 million in increased credit costs
Sequential quarter adjusted expenses are down even after absorbing $35 million seasonal increase
in employee benefits expense
1. Adjustment detail included in appendix
2. Includes operating losses, credit and collections, and other real estate expense
Noninterest
Expense
$1,255             $1,455
$1,236
-14%            2%
Net Adjustments
-24
145
-45
Adjusted Noninterest
Expense             $1,279   
$1,310
$1,281  
Change          Change
1Q 2008
4Q 2007
1Q 2007
4Q 2007
1Q 2007
%
%
($ in millions)
-2%          0%
2
1	

21
Summary
Increasing capital and improving liquidity
Raising E   goals
Aggressively managing trading asset exposure
Minimizing new credit risk and mitigating existing risk
Growing deposits and prudently increasing loans
Manageable level of margin pressure
Solid noninterest income trends
Strong expense management results
2	

22
Appendix	

23
Items Impacting Financial Performance
Revenue
Visa IPO Gain
Other Income
$  86
$    -
Market Valuation Write-downs
Trading Income
(47)
(477)
Market Valuation Write-downs
Mortgage Production Income
(53)
(78)
Lighthouse Sale Gain
Other Income
89
-
Corporate Real Estate Gain
Other Income
37
119
SAB 109
Mortgage Production Income
18                                -
MSR Sale
Mortgage Servicing Income                       -
19
Other-Than-Temporarily Impaired: AFS
Securities Gains/(Losses)       
(64)                               -
Expense
Seasonal Employee Benefits
Employee Comp
(35)
-
Net E 
Nonrecurring
Miscellaneous
(5)
(10)
Debt Retirement
Other Expense                                           (12)                              -
Visa Litigation
Other Expense
39                            (77)
Affordable Housing Expense
Other Expense
(2)
(58)
Income Statement Category
1Q 2008  
Estimated 
Impact                 
4Q 2007           
Estimated 
Impact
($ in millions)
2	

24
Noninterest Income Reconciliation
($ in millions)
%                  %
Change        Change
1Q 2008
4Q 2007
1Q 2007
4Q 2007
1Q 2007
Total Noninterest Income
$1,058        $   576
$879
84%
20%
Securities Gains/(Losses)
4                 6
-
AFS ABS OTTI –
Securities Losses                 -64                -
-
VISA IPO
86
-
-
Market Valuation Write-downs                       -287
-561                    -9                  
–
Trading
STI Debt Valuation Write-up                            240               84             
-6 
–
Trading
Market Valuation Write-downs                         -53              -78
-27
–
Mortgage Production
Lighthouse Gain
89                  -
32
Corporate Real Estate Gains                             37     
119                     -
FAS 157/159 –
Trading                                          -
-
88 
FAS 157/159 –
Mortgage Production                  -
-
-42
FAS 91 –
Mortgage Production ¹
-
-
-33
SAB 109 –
Mortgage Production                      18
-
-
Net Adjustments                                                 
71
-430
2
Adjusted Noninterest Income                      $  987        $1,006              $876             -2%           13%
1. FAS 91 deferral elimination adjustments is reflected as an increase to 1Q 2007 to make comparable to future quarters	

25
Noninterest Expense Reconciliation
1. FAS 91 deferral elimination increased expenses beginning
in 2Q 2007.  1Q 2007 expenses adjusted upward to provide comparability to
subsequent quarters
Noninterest Expense
$1,255             $1,455
$1,236              -14%              2%
Net E   Nonrecurring
5
10                     2
FAS 91 Deferral
-
-
-37
Visa Litigation Accrual
-39                     77
-
Debt Retirement
12
-
-
Affordable Housing Write-down
2                     58                    -
Tax Reserve Release
-4
-
-10
Net Adjustments
-24
145
-45
Adjusted
Noninterest
Expense
$1,279
$1,310
$1,281                -2%            0%
Change        Change
1Q 2008        4Q 2007        1Q 2007
4Q 2007
1Q 2007
%
%
($ in millions)
2
1	

26
Outlook
Economic Outlook
Expect a weak economy in the short-term with the possibility that weakness could extend into 2009
Expect home values to decline further
Risk
Looking at current NPL’s and delinquency queues, and recognizing that our foresight is constrained by economic uncertainty, we
expect
charge-offs
to
increase
in
the
2nd
quarter
by
15%-20%
from
the
$300
million
recorded
in
the
1st
quarter.
Deterioration
has
slowed and we believe ultimate losses will be manageable within our current capital, liquidity and earnings framework.
Looking at the portfolio trends and potential future scenarios, we believe we should experience lower charge-offs in the second half of
the year provided that the economy and home prices do not deteriorate too far or fast from here.  
Expect that some additional reserve building will be required; however, after increasing the reserve ratio by a combined 34 basis points
in
the
last
two
quarters,
including
20
bps
in
the
1
quarter,
we
expect
that
future
quarterly
increases
will
be
at
a
much
slower
pace.
94%
of
the
residential
mortgage
portfolio
shows
a
decrease
in
60+
delinquencies
–
we
view
this
as
a
leading
indicator
of
potentially
lower future NPL’s
and subsequent charge-offs.
We expect the home equity line portfolio to continue to produce significant charge-offs at least for the next few quarters as 30+
delinquency has ticked up since December and as home values remain soft.  There are some mitigating factors which suggest charge-
offs could stabilize: reductions in the prime rate are materially lowering payments, approximately two-thirds of the portfolio continues to
perform
well,
and
while
30+
delinquency
ticked
up
from
December,
the
rate
of
increase
has
slowed. 
We expect the construction to permanent portfolio to rapidly decline over the next year.  Charge-offs in the book should peak in the
next 3 to 6 months and decline after that as the portfolio runs-off.
Residential construction loans will continue to show increasing problems in our softer markets.
Aggressively managing trading assets, reducing exposure to acquired securities.  Aggregate portfolio reduction will continue, albeit at a
slower rate; at a minimum, exposure is expected to be reduced below $1.4 billion by the end of the second quarter.  We believe we are
carrying these securities at appropriate values; however, markets remain volatile and further valuation adjustments up or down are
possible.
1.
Actual
results
could
differ
materially
from
those
contained
in
or
implied
by
such
statements
-
a
list
of
important
factors
that
could
affect
actual
results
are
listed on slide 1
st
1	

27
Outlook
Balance Sheet
There are early indications of DDA stabilization
Early signs indicated a cyclical shift in commercial client balances out of sweep accounts and into DDAs
Long-term Tier 1 target remains 7.5%
Expect transactions involving The Coca-Cola Company equity holdings to be complete in the second quarter of 2008
Anticipate minimum Tier 1 capital increase of approximately $1 billion from The Coca-Cola Company equity holdings
transactions, which would add roughly 65 basis points to the Tier 1 ratio on a pro-forma basis
Anticipate reassessing the appropriateness of long-term Tier 1 target of 7.5% in a post transaction environment
Revenue & Expense
Realization of the full impact of the first quarter Fed rate reductions, continuing deposit pricing competition, growing NPA’s,
and the potential for additional Fed cuts all point to further margin compression in the second quarter
Anticipate
stabilization
and
possible
expansion
of
margin
in
the
second
half
of
2008
if
deposit
pricing
pressures
and
volumes improve, despite the continuing potential for rising NPA’s
Expect to achieve run-rate savings of $500 million in 2008
Increased overall E  
program
goal to $600 million in run-rate savings during 2009
The
bulk
of
the
growth
in
E
savings
going
forward
will
be
generated
by
Supplier
Management,
Outsourcing,
and
Process
Reengineering
1.
Actual
results
could
differ
materially
from
those
contained
in
or
implied
by
such
statements
-
a
list
of
important
factors
that
could
affect
actual
results
are
listed on slide 1
1
2
2