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 23, 2009

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 23, 2009, SunTrust Banks, Inc. (the “Registrant”) announced financial results for the quarter ended March 31, 2009. A copy of the News Release announcing the Registrant’s results for the quarter ended March 31, 2009 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, 2009 on April 23, 2009, 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 said 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 23, 2009 (furnished with the Commission as a part of this Form 8-K).	
		
99.2	  	Presentation materials dated April 23, 2009 (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 23, 2009.	 		 	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 23, 2009
SUNTRUST REPORTS FIRST QUARTER RESULTS
Improved Core Results Impacted by Non-Cash Goodwill Impairment Charge
Company Reports Record Deposit Growth, Significantly Bolstered Loan Loss Reserves, and
Enhanced Capital Position

ATLANTA— SunTrust Banks, Inc. (NYSE: STI) today reported a net loss for the first quarter of 2009 of $815.2 million compared to net income of $290.6 million in the first quarter of 2008. Net loss per average common diluted share was $2.49 compared to net income per average common diluted share of $0.81 in the first quarter of 2008. The majority of the first quarter loss to common shareholders was attributable to a non-cash, after-tax charge of $714.8 million, or $2.03 per share, related to the impairment of goodwill. The goodwill impairment charge had no impact on the Company’s strong regulatory capital and tangible equity ratios. Excluding the impairment charge, the loss in the first quarter was $0.46 per common share compared to a loss of $1.07 per common share in the fourth quarter of 2008. The loss in the fourth quarter was primarily attributable to higher recession-related credit costs.
“There are two clear messages that emerge from our first quarter results,” said James M. Wells III, SunTrust Chairman and Chief Executive Officer. “First, SunTrust, like other financial institutions, is still working through credit and earnings challenges as the weak economy continues to take a toll on performance. Second, there are some preliminary signs of improvement in several key areas, including mortgage originations, consumer and commercial deposit growth, and early-stage delinquencies.” Mr. Wells said the first quarter loss was entirely driven by the goodwill charge and increased reserves for loan losses, while revenue improved due to growth in mortgage originations. “Given that economic challenges remain, SunTrust is sharply focused on maintaining a strong capital position and mitigating near-term recession-related risk. At the same time, we continue to implement initiatives to take advantage of post-cycle growth opportunities. We are enhancing execution, improving service quality, and executing on numerous additional tactics to augment overall client satisfaction. Our record level of deposit growth is good evidence of these efforts and, coupled with our continued focus on core expense management, has positive implications for the future.”

Non-Cash Goodwill Impairment Charge
The Company recorded a non-cash, after-tax goodwill impairment charge of $714.8 million to common shareholders due to continued deterioration in real estate-related market conditions and in the macro economic environment, which put downward pressure on the fair value of the Company’s mortgage and commercial real estate-related assets. The impairment charge has no impact on the Company’s regulatory capital and tangible equity ratios. SunTrust remains committed to the clients, products, and services of the impacted businesses and believes that the long-term growth prospects of these businesses are strong.
Loan Loss Reserves and Credit-Related Expenses
The Company recorded a provision for loan losses of $994.1 million, which exceeded net charge-offs of $610.1 million by $384.0 million and increased the allowance for loan and lease losses to $2,735.0 million, or 2.21% of total loans. Credit-related expenses, exclusive of the provision for loan losses, were $184.9 million in the first quarter, down $230.7 million compared to the fourth quarter. The provision for loan losses in the first quarter of 2009 increased $31.6 million compared to the fourth quarter, resulting in a net decline in credit-related expenses of $199.1 million compared to the fourth quarter.
Deposit and Loan Growth
The Company generated strong deposit growth in the first quarter, with average consumer and commercial deposits increasing $5.3 billion, or 5.2%, and end of period balances increasing $7.2 billion, or 6.8%, compared to the fourth quarter. This record level of growth was driven by clients seeking the security of bank deposits and the successful “Live Solid. Bank Solid.” brand advertising that attracted new clients and expanded relationships. Further, through an intense focus on improved execution, the Company has been successful in improving client satisfaction, acquisition, and retention, which it also believes is contributing to the significant level of deposit growth.
Average total loans increased $2.1 billion, or 1.7%, over the first quarter of 2008. Growth occurred in both consumer and commercial loan categories, with the most significant growth in commercial loans and the most significant decline in construction loans. Average loans held for sale decreased by $1.5 billion, or 22%, compared to the first quarter of 2008, and increased $1.4 billion or 35% compared to the fourth quarter.
Capital and Liquidity
The estimated Tier 1 capital and tangible common equity to tangible asset ratios at March 31, 2009 were 11.00% and 5.82%, an increase of 13 and 23 basis points, respectively, compared to December 31, 2008, primarily due to the decrease in tangible assets related to the December sale of securities. The Company has substantial available liquidity due to inflows of high quality deposits and longer term financing sources, although weak demand remains for loans from higher quality borrowers.
 
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First Quarter 2009 Consolidated Highlights:

 	  	1 st  Quarter	 	 	1 st  Quarter	 	 	%	 	
 	  	2009	 	 	2008	 	 	Change	 	
Income Statement	  	 	 	 	 	 	 	 	 	
(Dollars in millions, except per share data)	  				 				 			
Net income/(loss)	  	$	(815.2	)	 	$	290.6	 	 	(380.5	)%	
Net income/(loss), excluding goodwill impairment	  	 	(91.3	)	 	 	290.6	 	 	(131.4	)	
Net income/(loss) available to common shareholders	  	 	(875.4	)	 	 	281.6	 	 	(410.9	)	
Net income/(loss) available to common shareholders, excluding goodwill impairment	  	 	(160.6	)	 	 	281.6	 	 	(157.0	)	
Net income/(loss) per average common diluted share	  	 	(2.49	)	 	 	0.81	 	 	(407.4	)	
Net income/(loss) per average common diluted share, excluding goodwill impairment	  	 	(0.46	)	 	 	0.81	 	 	(156.8	)	
Total revenue – fully taxable-equivalent	  	 	2,239.5	 	 	 	2,225.3	 	 	0.6	 	
Net interest income – fully taxable equivalent	  	 	1,093.0	 	 	 	1,167.8	 	 	(6.4	)	
Provision for loan losses	  	 	994.1	 	 	 	560.0	 	 	77.5	 	
Noninterest income	  	 	1,146.5	 	 	 	1,057.5	 	 	8.4	 	
Noninterest expense	  	 	2,177.3	 	 	 	1,252.2	 	 	73.9	 	
Noninterest expense, excluding goodwill impairment	  	 	1,426.2	 	 	 	1,252.2	 	 	13.9	 	
Net interest margin – fully taxable equivalent	  	 	2.87	%	 	 	3.07	%	 	(7.0	)	
				
Balance Sheet	  				 				 			
(Dollars in billions)	  				 				 			
Average loans	  	$	125.3	 	 	$	123.3	 	 	1.7	%	
Average consumer and commercial deposits	  	 	107.5	 	 	 	101.2	 	 	6.3	 	
				
Capital	  				 				 			
Tier 1 capital ratio (1)	  	 	11.00	%	 	 	7.23	%	 			
Total average shareholders’ equity to total average assets	  	 	12.51	 	 	 	10.28	 	 			
Tangible common equity to tangible assets	  	 	5.82	 	 	 	6.34	 	 			
				
Asset Quality	  				 				 			
Net charge-offs to average loans (annualized)	  	 	1.97	%	 	 	0.97	%	 			
Allowance for loan losses to period end loans	  	 	2.21	 	 	 	1.25	 	 			
Nonperforming loans to total loans	  	 	3.75	 	 	 	1.65	 	 			
(1) Current period Tier 1 capital ratio is estimated as of the earnings release date
 
 	•	 	A net loss of $815.2 million was reported due to higher provision for loan losses and an after-tax goodwill impairment charge of $723.9 million. Net loss available to common shareholders was $875.4 million and, excluding the goodwill impairment charge, was $160.6 million, which was $214.3 million better than the fourth quarter. Net loss available to common shareholders is net of dividends paid on preferred stock held by the U.S. Treasury of $66.3 million related to SunTrust’s $4.85 billion of preferred stock issued as part of the U.S. Treasury’s Capital Purchase Plan in the fourth quarter of 2008.	
 	•	 	Fully taxable-equivalent total revenue increased 0.6% compared to the first quarter of 2008 and 16.3% versus the fourth quarter of 2008, as increased noninterest income more than offset a decline in net interest income.	
 	•	 	Fully taxable-equivalent net interest income declined 6.4% from the first quarter of 2008, as yields on average earning assets declined at a more rapid rate than funding costs. One less day in the quarter and a reduction in dividend income from our reduced holdings of common stock in The Coca-Cola Company also contributed to the decline. Net interest margin for the first quarter was 2.87%, a decline of 20 basis points from the first quarter of 2008 and 27 basis points from the fourth quarter.	
 
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 	•	 	Noninterest income increased 8.4% from the first quarter of 2008, driven by an almost three-fold increase in mortgage-related income, partially offset by reductions in trust and investment management and retail investment income compared to the same period in 2008. The first quarter of 2008 also included transaction-related gains of $212.7 million compared to gains of $25.3 million in 2009. In addition, the first quarter of 2008 included net market valuation losses of $163.7 million while the first quarter of 2009 included net gains of $62.5 million. The market valuation adjustments pertain primarily to mark to market adjustments on securities, loan warehouses, as well as our public debt and related hedges carried at fair value.	
 	•	 	Noninterest expense increased 73.9% from the first quarter of 2008, primarily driven by the impairment of goodwill. Excluding the goodwill charge, noninterest expense increased 13.9% primarily due to higher credit-related costs, FDIC insurance premiums, and pension costs, which collectively account for more than the entire increase.	
 	•	 	Total average loans increased 1.7% from the first quarter of 2008. The increase in average loans was due to growth in certain commercial and consumer loan portfolios, partially offset by declines in construction and residential mortgage loans.	
 	•	 	Consumer and commercial deposits increased 6.3% over the first quarter of 2008. The increase in average consumer and commercial deposits was driven mainly by growth in average demand deposit and money market account balances. On a sequential annualized basis, consumer and commercial deposits increased approximately 21%.	
 	•	 	The estimated Tier 1 capital, total average shareholders’ equity to total average assets, and tangible common equity to tangible asset ratios were 11.00%, 12.51%, and 5.82%, respectively compared to 10.87%, 11.23%, and 5.59%, respectively, as of year end.	
 	•	 	Annualized net charge-offs were 1.97% of average loans for the first quarter of 2009, up from 0.97% of average loans in the first quarter of 2008 and 1.72% of average loans in the fourth quarter of 2008. The increase in net charge-offs from the first quarter of 2008 was driven by commercial, residential mortgage, home equity, and real estate construction loans.	
 	•	 	Nonperforming loans to total loans increased to 3.75% as of March 31, 2009 from 3.10% as of December 31, 2008 and 1.65% as of March 31, 2008, due mainly to increased levels of residential real estate and real estate construction loans.	
CONSOLIDATED FINANCIAL PERFORMANCE
Revenue
Fully taxable-equivalent revenue was $2,239.5 million for the first quarter of 2009, which was virtually unchanged from the first quarter of 2008. Growth in mortgage-related income exceeded declines in net interest income and other fee-based revenues. The first quarter of 2008 also included gains from the Company’s interest in Visa, the sale/leaseback of bank-owned real estate, and the sale of our remaining interest in Lighthouse Investment Partners, collectively totaling $212.7 million.
Net Interest Income
Fully taxable-equivalent net interest income was $1,093.0 million in the first quarter of 2009, a decrease of 6.4% from the first quarter of 2008 and 9.6% from the sequential quarter. First quarter of 2008 and fourth quarter of 2008 average earning assets were essentially unchanged compared to the current quarter. Consequently, the decline in net interest income was driven primarily by margin compression, as well as one less day compared to the first quarter of 2008 and two fewer days compared to the fourth quarter. Net interest margin for the first quarter of 2009 was 2.87%, a 20 basis point decline from the first quarter of 2008 and a 27 basis point decline from the fourth quarter of 2008. Average earning asset yields declined 139 basis points, while average interest-bearing liability costs declined 130 basis points compared to the first quarter of 2008. The total yield on earning assets continues to be adversely affected by the growth in nonperforming loans, as well as lower market interest rates.
 
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Noninterest Income
Total noninterest income was $1,146.5 million for the first quarter of 2009, up $89.0 million, or 8.4%, from the first quarter of 2008. Increases in mortgage-related income and the recognition of a $25.3 million gain on the extinguishment of long-term debt were partially offset by income recorded in the first quarter of 2008 related to i) the gain on sale of our remaining interest in Lighthouse Investment Partners of $89.4 million, ii) the gain on the sale/leaseback of corporate real estate properties of $37.0 million, and iii) the gain from the Visa initial public offering of $86.3 million.
Mortgage production income was $250.5 million in the first quarter of 2009 compared to $85.6 million in the first quarter of 2008. The increase was due to a 14.6% increase in production volume over the first quarter of 2008 to $13.4 billion, higher margins on current mortgage production and lower market valuation losses on loans carried at fair market value. Mortgage servicing income increased to $83.4 million, up $54.3 million over the first quarter of 2008. The majority of the increase was an impairment recovery of $31.3 million related to mortgage servicing rights carried at amortized cost. Additionally, in the first quarter of 2009, the Company elected to record at fair value mortgage servicing rights generated in 2008 and 2009 and has actively begun hedging the change in fair value of those servicing rights. During the first quarter, the Company recorded $19.2 million of fair value gains related to mortgage servicing with an offsetting mark to market hedging loss recorded in trading income. At quarter end, SunTrust serviced $166.4 billion in mortgage loans, up $11.0 billion, or 7.1%, from the first quarter of 2008.
During the quarter, the Company recorded $112.6 million in mark to market valuation gains on its public debt and related hedges carried at fair value compared to $240.1 million in the first quarter of 2008. The first quarter of 2008 also included $287.2 million in mark to market losses primarily related to investments in asset-backed securities that were acquired in the fourth quarter of 2007 and other trading and securitization activities compared to approximately $33.7 million for the first quarter of 2009, as our exposure to these investments has been substantially reduced through sales, maturities, and write downs. Trading income also includes the previously mentioned $19.2 million mark to market hedging loss offsetting the gain in mortgage servicing income. Capital markets-related trading income increased slightly as compared to the first quarter of 2008 and improved significantly versus the fourth quarter due to improved fixed income and equity derivatives performance. Securities gains/losses in the first quarter of 2008 included $64.1 million in market value impairment primarily related to certain asset-backed securities that were classified as available for sale and estimated to be other than temporarily impaired.
The Company elected not to early apply the recently issued FASB Staff Positions (“FSPs”) regarding measuring fair value and other than temporary impairment. The Company does not expect these FSPs to have a significant impact on its financial results upon the adoption in the second quarter of 2009.
Growth in other transaction fee-related income in the current economic environment was limited; however, the Company generated a 7.4% increase in investment banking income, on improved bond origination and direct financing revenues, and slight gains in credit card fees over the first quarter of 2008. In the first quarter of 2009, trust and investment management income and retail investment services declined 28.0% and 21.6%, respectively, compared to the same quarter of 2008, as declines in the equity markets and reduced brokerage activity adversely impacted revenue.
 
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Noninterest Expense
Total noninterest expense in the first quarter of 2009 was $2,177.3 million, up $925.1 million, or 73.9%, from the first quarter of 2008. Excluding the impact of the goodwill impairment charge, the growth in noninterest expense was $174.0 million, or 13.9%, driven by increased credit-related and other economically cyclical expenses. Increased credit-related expenses include credit and collection costs up $20.1 million, other real estate expense up $32.2 million, and mortgage insurance reserves up $63.0 million, partially offset by a decline of $7.6 million in operating losses. Economically cyclical pension costs increased $36.8 million and FDIC premiums increased $43.1 million. As a result, these credit and other cyclical cost increases drove 120% of the total increase in expenses excluding goodwill. In the first quarter of 2009, the Company incurred fraud-related losses associated with borrower misrepresentations on mortgage loan documentation, as well as operating losses from denied insurance claims that had been reserved for as of year end. While these operational issues may persist in 2009, the Company has determined that borrower credit-related issues are now the predominant contributor to the losses. Consequently, the provision for loan losses in the first quarter of 2009 includes losses with characteristics that were previously classified as fraud-related and would have been reflected in operating losses in prior periods. Realized losses on these loans in future periods will be reflected as charge-offs.
Total personnel expenses in the first quarter of 2009 increased $21.0 million, or 2.9%, from the same period in 2008 due to increased pension expense driven by lower returns on pension assets and a decrease in the discount rate used to measure the pension obligation. This increase was partially offset by a decrease in salaries attributable to the outsourcing of certain operations in the third quarter of 2008, which was the primary factor contributing to the increase in outside processing. Total personnel declined by approximately 2,500 full-time employees since March 31, 2008. FDIC insurance premiums increased $43.1 million from the first quarter of 2008 as a result of higher deposit balances and premium rates. The FDIC is currently contemplating a special insurance assessment of all financial institutions which, if approved by the FDIC, will likely be recognized in the second quarter. The majority of other expense categories declined as a result of the Company’s focus on efficiency and expense management. Included in the first quarter of 2008 was $11.7 million in net costs from the early retirement of debt that was carried at cost and a $39.1 million reversal of a portion of the accrued liability associated with Visa litigation.
Income Taxes
For the first quarter of 2009, the Company recognized a benefit for income taxes of $150.8 million as a result of the pre-tax loss, compared to a provision for income taxes of $91.6 million in the first quarter of 2008. The effective tax rate of (15.6)% compared to (47.1)% in the fourth quarter, was significantly impacted by a $677.4 million non-deductible portion of the goodwill impairment charge.
U.S. Treasury Preferred Dividends
The Company recorded $66.3 million in preferred dividends related to the $4.85 billion in preferred securities issued to the U.S. Treasury under the Capital Purchase Program. The 5.5% effective yield reflects the 5.0% dividend rate and the amortization of the discount recorded on the preferred stock at issuance.
Balance Sheet
As of March 31, 2009, SunTrust had total assets of $179.1 billion. Shareholders’ equity of $21.6 billion as of March 31, 2009, represented 12.1% of total assets. Book value and tangible book value per common share were $46.03 and $28.15 respectively, as of March 31, 2009.
 
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Loans
Average loans for the first quarter of 2009 were $125.3 billion, up $2.1 billion, or 1.7%, from the first quarter of 2008. The increase was due to growth in certain commercial and consumer loan portfolios, partially offset by declines in construction and residential mortgage loans. Compared to the fourth quarter of 2008, average loans declined $2.3 billion, or 1.8%, primarily driven by declines in construction lending, due to lower demand, commercial loans, due to a decline in utilization by commercial clients, and residential mortgages, due to higher prepayments. SunTrust continues to be an active lender and, despite lower client demand, home equity lines of credit, consumer direct, and commercial real estate categories have grown as compared to both the first quarter and the fourth quarter of 2008. Average loans held for sale increased $1.4 billion, or 34.8%, as mortgage production increased 86.0% to $13.4 billion. Total loan production in the first quarter increased to almost $23 billion, up over 20% from the fourth quarter. Strong mortgage originations drove the growth with weak loan demand from commercial clients for working capital and real estate needs partially offsetting the mortgage growth.
Deposits
Average consumer and commercial deposits for the first quarter of 2009 were $107.5 billion, up 6.3%, from the first quarter of 2008, and 5.2% versus last quarter, displaying accelerated growth in the first quarter. End of period balances increased to $112.4 billion, up $7.2 billion, or 6.8%, compared to the fourth quarter. Growth is occurring in all products with the exception of savings. Deposit growth is the result of marketing campaigns, competitive pricing, and client’s increased preference for the security of insured deposit products. Further, through an intense focus on improved execution, the Company has been successful in improving client satisfaction, acquisition, and retention, which the Company also believes is contributing to the record level of deposit growth. During the first quarter, growth was led by noninterest-bearing deposits, which increased $1.9 billion, or 8.9%. Strong growth also occurred in money market and NOW accounts. Due to the increased deposit-related liquidity, the Company reduced average total brokered and foreign deposits by 52.1% from the first quarter of 2008.
Capital and Liquidity
The estimated Tier 1 capital and tangible common equity to tangible asset ratios at March 31, 2009, were 11.00% and 5.82%, an increase of 13 and 23 basis points, respectively, compared to December 31, 2008, due to the anticipated decrease in tangible assets. The Company has substantial available liquidity as the inflows of high quality deposits and longer term financing sources have largely been retained in cash and invested in high quality government-backed securities. Weak demand remains for loans from higher quality borrowers. Further, the Company has chosen not to deploy excess liquidity in higher risk business activities or securities.
Asset Quality
The allowance for loan and lease losses increased to $2,735.0 million as of March 31, 2009, an increase of $384.0 million from December 31, 2008. The increase in the allowance for loan and lease losses was primarily attributable to higher expected losses in corporate banking, commercial real estate, and home equity loans. In addition, beginning in 2009, the Company began recording estimated incurred losses that were previously related to fraud and denied insurance claims in the allowance for loan losses, as borrower nonperformance due to the deteriorating economic environment became the predominant cause for the expected loss. The allowance was increased by $173.0 million in the first quarter reflecting this change. The allowance for loan and lease losses as of March 31, 2009, represented 2.21% of period-end total loans compared to 1.86% as of December 31, 2008, and 1.25% as of March 31, 2008.
 
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Annualized net charge-offs in the first quarter of 2009 were 1.97% of average loans, up from 0.97% in the first quarter of 2008 and 1.72% in the fourth quarter of 2008. Net charge-offs were $610.1 million in the first quarter of 2009, as compared to $297.2 million in the first quarter of 2008 and $552.5 million in the fourth quarter of 2008. The provision for loan losses was $994.1 million in the first quarter of 2009 compared to $962.5 million and $560.0 million in the fourth and first quarters of 2008, respectively.
Nonperforming loans were $4,641.0 million, or 3.75% of total loans as of March 31, 2009, compared to $3,940.0 million, or 3.10% of total loans as of December 31, 2008, and $2,038.0 million, or 1.65% of total loans as of March 31, 2008. Overall, early stage delinquency trends moderated in the first quarter, declining 5 basis points to 1.76% after increasing 29 basis points during the fourth quarter. Credit metrics within the portfolios were mixed. Residential real estate-related portfolio charge-off rates increased in the first quarter, while early stage delinquencies moderated somewhat in the consumer home equity and residential mortgage portfolios. The consumer direct and indirect portfolios experienced a decline in charge-offs, while early stage delinquencies were roughly stable compared to the fourth quarter of 2008. Commercial charge-offs increased in the quarter driven by relatively fewer, but larger credits in unrelated, economically sensitive industries, while portfolio delinquency rates remained stable. Commercial real estate charge-offs decreased, as the fourth quarter 2008 level was primarily attributable to one commercial purpose credit secured by real estate.
Line of Business Results
The Company has included line of business financial tables as part of this release on their Web site at www.suntrust.com in the Investor Relations section located under “About SunTrust.” All revenue in the line of business tables is reported on a fully taxable-equivalent basis. For the lines of business, results include net interest income, which is computed using matched-maturity funds transfer pricing. Further, provision for loan losses is represented by net charge-offs. SunTrust also reports results for Corporate Other and Treasury, which includes the Treasury department as well as the residual expense associated with operational and support expense allocations. 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. A detailed discussion of the line of business results will be included in the Company’s forthcoming quarterly report on Form 10-Q.
The Company has four lines of business used to measure business activities: Retail and Commercial, Corporate and Investment Banking, Household Lending, and Wealth and Investment Management with the remainder in Corporate Other and Treasury. The lines of business recently changed and the prior period has been restated for consistency. The management of Consumer Lending was combined with Mortgage to create Household Lending. Consumer Lending, which includes student lending, indirect auto, and other specialty consumer lending units, was previously a part of Retail and Commercial. This change will enable the Company to provide a strategic framework for all consumer lending products and will also create operational efficiencies. Also, Commercial Real Estate has been moved from Wholesale to Retail and Commercial as the management structure and client needs are similar. Previously, Commercial Real Estate had been combined with Corporate and Investment Banking in Wholesale Banking.
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 Relations section located under “About SunTrust.” This information is also included in a current report on Form 8-K furnished with the Securities Exchange Commission today.
 
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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 U.S. 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 April 23, 2009, at 8:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Individuals may call beginning at 7:45 a.m. (Eastern Time) by dialing 1-888-972-7805 (Passcode: 1Q09). Individuals calling from outside the United States should dial 1-517-308-9091 (Passcode: 1Q09). A replay of the call will be available one hour after the call ends on April 23, 2009, and will remain available until May 7, 2009, dialing 1-866-447-7296 (domestic) or 1-203-369-1154 (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 23, 2009, listeners may access an archived version of the webcast in the “Webcasts and Presentations” subsection found under “Investor Relations.” A link to the Investor Relations page is also found in the footer of the SunTrust home page.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest 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 clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust’s Internet address is www.suntrust.com.
Important Cautionary Statement About Forward-Looking Statements
This news release may contain forward-looking statements. Statements regarding FDIC insurance premiums, net margin, future levels of charge-offs, provision expense, and income are forward-looking statements. Also, any statement that does not describe historical or current facts, including statements about beliefs and expectations, is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Such statements are based upon the current beliefs and expectations of management and on information currently available to management. Such statements speak as of the date hereof, and we do not assume any obligation to update the statements made herein or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events.
Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found at Item 1A of our annual report on Form 10-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: difficult market conditions have adversely affected our industry; current levels of market volatility are unprecedented; the soundness of
 
9

other financial institutions could adversely affect us; there can be no assurance that recently enacted legislation, or any proposed federal programs, will stabilize the U.S. financial system, and such legislation and programs may adversely affect us; the impact on us of recently enacted legislation, in particular the EESA and its implementing regulations, and actions by the FDIC, cannot be predicted at this time; credit risk; weakness in the economy and in the real estate market, including specific weakness within our geographic footprint, has adversely affected us and may continue to adversely affect us; weakness in the real estate market, including the secondary residential mortgage loan markets, has adversely affected us and may continue to adversely affect us; weakness in the real estate market may adversely affect our reinsurance subsidiary; as a financial services company, adverse changes in general business or economic conditions could have a material adverse effect on our financial condition and results of operations; changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital or liquidity; the fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our earnings; 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; clients could pursue alternatives to bank deposits, causing us to lose a relatively inexpensive source of funding; consumers may decide not to use banks to complete their financial transactions, which could affect net income; we have businesses other than banking which subject us to a variety of risks; hurricanes and other natural disasters may adversely affect loan portfolios and operations and increase the cost of doing business; negative public opinion could damage our reputation and adversely impact our business and revenues; we rely on other companies to provide key components of our business infrastructure; we rely on our systems, employees, and certain counterparties, and certain failures could materially adversely affect our operations; we depend on the accuracy and completeness of information about clients and counterparties; regulation by federal and state agencies could adversely affect our business, revenue, and profit margins; competition in the financial services industry is intense and could result in losing business or reducing margins; future legislation could harm our competitive position; maintaining or increasing market share depends on market acceptance and regulatory approval of new products and services; we may not pay dividends on our common stock; our ability to receive dividends from our subsidiaries accounts for most of our revenue and could affect our liquidity and ability to pay dividends; significant legal actions could subject us to substantial uninsured liabilities; recently declining values of residential real estate, increases in unemployment, and the related effects on local economics may increase our credit losses, which would negatively affect our financial results; deteriorating credit quality, particularly in real estate loans, has adversely impacted us and may continue to adversely impact us; disruptions in our ability to access global capital markets may negatively affect our capital resources and liquidity; any reduction in our credit rating could increase the cost of our funding from the capital markets; we have in the past and may in the future pursue acquisitions, which could affect costs and from which we may not be able to realize anticipated benefits; we depend on the expertise of key personnel. If these individuals leave or change their roles without effective replacements, operations may suffer; we may not be able to hire or retain additional qualified personnel and recruiting and compensation costs may increase as a result of turnover, both of which may increase costs and reduce profitability and may adversely impact our ability to implement our business strategy; our accounting policies and processes are critical to how we report our financial condition and results of operations, and these require us to make estimates about matters that are uncertain; changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition; our stock price can be volatile; our disclosure controls and procedures may not prevent or detect all errors or acts of fraud; our financial instruments carried at fair value expose us to certain market risks; our revenues derived from our investment securities may be volatile and subject to a variety of risks; we may enter into transactions with off-balance sheet affiliates or our subsidiaries; and we are subject to market risk associated with our asset management and commercial paper conduit businesses.
###
 
10

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

										
 	  	Three Months Ended
            March 31            	 	 	%        
Change  4         	 	
 	  	2009	 	 	2008	 	 			
	  	 	 	
EARNINGS & DIVIDENDS	  			 			 			
Net income/(loss)	  	($815.2	)	 	$290.6	 	 	NM	  %	
Net income/(loss) available to common shareholders	  	(875.4	)	 	281.6	 	 	NM	 	
Net income/(loss) available to common shareholders excluding
 goodwill/intangible impairment charges other than MSRs 1	  	(160.6	)	 	281.6	 	 	NM	 	
Total revenue - FTE 2	  	2,239.5	 	 	2,225.3	 	 	0.6	 	
Total revenue - FTE excluding securities (gains)/losses, net 1	  	2,236.1	 	 	2,285.9	 	 	(2.2	)	
Net income/(loss) per average common share	  			 			 			
Diluted	  	(2.49	)	 	0.81	 	 	NM	 	
Diluted excluding goodwill/intangible impairment charges other than MSRs 1	  	(0.46	)	 	0.81	 	 	NM	 	
Basic	  	(2.49	)	 	0.81	 	 	NM	 	
Dividends paid per average common share	  	0.10	 	 	0.77	 	 	(87.0	)	
				
CONDENSED BALANCE SHEETS	  			 			 			
Selected Average Balances	  			 			 			
Total assets	  	        $178,871	 	 	$176,917	 	 	1.1	  %	
Earning assets	  	154,390	 	 	153,004	 	 	0.9	 	
Loans	  	125,333	 	 	123,263	 	 	1.7	 	
Consumer and commercial deposits	  	107,515	 	 	101,168	 	 	6.3	 	
Brokered and foreign deposits	  	7,417	 	 	15,469	 	 	(52.1	)	
Total shareholders’ equity	  	22,368	 	 	18,179	 	 	23.0	 	
				
As of	  			 			 			
Total assets	  	179,116	 	 	178,987	 	 	0.1	 	
Earning assets	  	153,290	 	 	152,715	 	 	0.4	 	
Loans	  	123,893	 	 	123,713	 	 	0.1	 	
Allowance for loan and lease losses	  	2,735	 	 	1,545	 	 	77.0	 	
Consumer and commercial deposits	  	112,449	 	 	103,432	 	 	8.7	 	
Brokered and foreign deposits	  	6,523	 	 	12,747	 	 	(48.8	)	
Total shareholders’ equity	  	21,646	 	 	18,549	 	 	16.7	 	
				
FINANCIAL RATIOS & OTHER DATA	  			 			 			
Return on average total assets	  	(1.85	)  %	 	0.66	  %	 	NM	  %	
Return on average assets less net unrealized securities gains 1	  	(1.89	)	 	0.72	 	 	NM	 	
Return on average common shareholders’ equity	  	(20.71	)	 	6.41	 	 	NM	 	
Return on average realized common shareholders’ equity 1	  	(22.08	)	 	7.58	 	 	NM	 	
Net interest margin 2	  	2.87	 	 	3.07	 	 	(6.5	)	
Efficiency ratio 2	  	97.22	 	 	56.27	 	 	72.8	 	
Tangible efficiency ratio 1	  	62.97	 	 	55.34	 	 	13.8	 	
Effective tax rate/(benefit)	  	(15.61	)	 	23.98	 	 	NM	 	
Tier 1 capital ratio	  	11.00 	   3	 	7.23	 	 	52.1	 	
Total capital ratio	  	14.15 	   3	 	10.97	 	 	29.0	 	
Tier 1 leverage ratio	  	10.14 	   3	 	7.22	 	 	40.4	 	
Total average shareholders’ equity to total average assets	  	12.51	 	 	10.28	 	 	21.7	 	
Tangible equity to tangible assets 1	  	8.85 	   5	 	6.63	 	 	33.5	 	
Tangible common equity to tangible assets 1	  	5.82 	   5	 	6.34	 	 	(8.2	)	
				
Book value per common share	  	$46.03	 	 	$51.59	 	 	(10.8	)	
Tangible book value per common share 1	  	28.15	 	 	31.13	 	 	(9.6	)	
Market price:	  			 			 			
High	  	30.18	 	 	70.00	 	 	(56.9	)	
Low	  	6.00	 	 	52.94	 	 	(88.7	)	
Close	  	11.74	 	 	55.14	 	 	(78.7	)	
Market capitalization	  	4,188	 	 	19,290	 	 	(78.3	)	
				
Average common shares outstanding (000s)	  			 			 			
Diluted	  	351,897	 	 	348,072	 	 	1.1	 	
Basic	  	351,352	 	 	346,581	 	 	1.4	 	
				
Full-time equivalent employees	  	29,279	 	 	31,745	 	 	(7.8	)	
Number of ATMs	  	2,673	 	 	2,509	 	 	6.5	 	
Full service banking offices	  	1,694	 	 	1,678	 	 	1.0	 	

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.	

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

5	Current period calculation excludes deferred tax amount associated with goodwill in conjunction with Federal Reserve guidance issued in the fourth quarter of 2008.	
 
Page 1

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

																
 	  	Three Months Ended	 	
 	  	March 31
2009	 	 	December 31
2008	 	 	September 30
2008	 	 	June 30
2008	 	 	March 31
2008	 	
						
EARNINGS & DIVIDENDS	  			 			 			 			 			
Net income/(loss)	  	($815.2)	 	 	($347.6) 	 	 	$312.4  	 	 	$540.4  	 	 	$290.6  	 	
Net income/(loss) available to common shareholders	  	(875.4)	 	 	(374.9) 	 	 	304.4  	 	 	530.0  	 	 	281.6  	 	
Net income/(loss) available to common shareholders excluding
        goodwill/intangible impairment charges other than MSRs 1	  	(160.6)	 	 	(374.9) 	 	 	304.4  	 	 	557.0  	 	 	281.6  	 	
Total revenue - FTE 2	  	2,239.5 	 	 	1,926.5  	 	 	2,460.9  	 	 	2,598.0  	 	 	2,225.3  	 	
Total revenue - FTE excluding securities (gains)/losses, net 1	  	2,236.1 	 	 	1,515.4  	 	 	2,287.9  	 	 	2,048.2  	 	 	2,285.9  	 	
Net income/(loss) per average common share	  			 			 			 			 			
Diluted	  	(2.49)	 	 	(1.07) 	 	 	0.87  	 	 	1.52  	 	 	0.81  	 	
Diluted excluding goodwill/intangible impairment charges other
than MSRs 1	  	(0.46)	 	 	(1.07) 	 	 	0.87  	 	 	1.59  	 	 	0.81  	 	
Basic	  	(2.49)	 	 	(1.07) 	 	 	0.87  	 	 	1.52  	 	 	0.81  	 	
Dividends paid per average common share	  	0.10 	 	 	0.54  	 	 	0.77  	 	 	0.77  	 	 	0.77  	 	
						
CONDENSED BALANCE SHEETS	  			 			 			 			 			
Selected Average Balances	  			 			 			 			 			
Total assets	  	$178,871 	 	 	$177,047  	 	 	$173,888  	 	 	$175,549  	 	 	$176,917  	 	
Earning assets	  	154,390 	 	 	153,188  	 	 	152,320  	 	 	152,483  	 	 	153,004  	 	
Loans	  	125,333 	 	 	127,608  	 	 	125,642  	 	 	125,192  	 	 	123,263  	 	
Consumer and commercial deposits	  	107,515 	 	 	102,238  	 	 	100,200  	 	 	101,727  	 	 	101,168  	 	
Brokered and foreign deposits	  	7,417 	 	 	12,649  	 	 	15,800  	 	 	15,068  	 	 	15,469  	 	
Total shareholders’ equity	  	22,368 	 	 	19,891  	 	 	18,097  	 	 	18,209  	 	 	18,179  	 	
 
As of	  			 			 			 			 			
Total assets	  	179,116 	 	 	189,138  	 	 	174,777  	 	 	177,233  	 	 	178,987  	 	
Earning assets	  	153,290 	 	 	156,016  	 	 	152,904  	 	 	154,716  	 	 	152,715  	 	
Loans	  	123,893 	 	 	126,998  	 	 	126,718  	 	 	125,825  	 	 	123,713  	 	
Allowance for loan and lease losses	  	2,735 	 	 	2,351  	 	 	1,941  	 	 	1,829  	 	 	1,545  	 	
Consumer and commercial deposits	  	112,449 	 	 	105,276  	 	 	101,829  	 	 	102,434  	 	 	103,432  	 	
Brokered and foreign deposits	  	6,523 	 	 	8,053  	 	 	14,083  	 	 	17,146  	 	 	12,747  	 	
Total shareholders’ equity	  	21,646 	 	 	22,501  	 	 	18,069  	 	 	18,023  	 	 	18,549  	 	
						
FINANCIAL RATIOS & OTHER DATA	  			 			 			 			 			
Return on average total assets	  	(1.85)	  %	 	(0.78)  	%	 	0.71  	%	 	1.24  	%	 	0.66  	%	
Return on average assets less net unrealized securities gains 1	  	(1.89)	 	 	(1.39) 	 	 	0.45  	 	 	0.42  	 	 	0.72  	 	
Return on average common shareholders’ equity	  	(20.71)	 	 	(8.47) 	 	 	6.88  	 	 	12.04  	 	 	6.41  	 	
Return on average realized common shareholders’ equity 1	  	(22.08)	 	 	(15.33) 	 	 	4.45  	 	 	4.32  	 	 	7.58  	 	
Net interest margin 2	  	2.87 	 	 	3.14  	 	 	3.07  	 	 	3.13  	 	 	3.07  	 	
Efficiency ratio 2	  	97.22 	 	 	82.34  	 	 	67.67  	 	 	52.94  	 	 	56.27  	 	
Tangible efficiency ratio 1	  	62.97 	 	 	81.44  	 	 	66.92  	 	 	50.45  	 	 	55.34  	 	
Effective tax rate/(benefit)	  	(15.61)	 	 	(47.06) 	 	 	(20.32)  	 	 	27.29  	 	 	23.98  	 	
Tier 1 capital ratio	  	  11.00   	3	 	10.87  	 	 	8.15  	 	 	7.47  	 	 	7.23  	 	
Total capital ratio	  	14.15   	3	 	14.04  	 	 	11.16  	 	 	10.85  	 	 	10.97  	 	
Tier 1 leverage ratio	  	10.14   	3	 	10.45  	 	 	7.98  	 	 	7.54  	 	 	7.22  	 	
Total average shareholders’ equity to total average assets	  	12.51  	 	 	11.23  	 	 	10.41  	 	 	10.37  	 	 	10.28  	 	
Tangible equity to tangible assets 1	  	    8.85   	4	 	8.46   	4	 	6.47  	 	 	6.34  	 	 	6.63  	 	
Tangible common equity to tangible assets 1	  	        5.82   	4	 	5.59   	4	 	6.17  	 	 	6.04  	 	 	6.34  	 	
						
Book value per common share	  	$46.03 	 	 	$48.74  	 	 	$49.64  	 	 	$49.56  	 	 	$51.59  	 	
Tangible book value per common share 1	  	28.15 	 	 	28.69  	 	 	29.18  	 	 	29.04  	 	 	31.13  	 	
Market price:	  			 			 			 			 			
High	  	30.18 	 	 	57.75  	 	 	64.00  	 	 	60.80  	 	 	70.00  	 	
Low	  	6.00 	 	 	19.75  	 	 	25.60  	 	 	32.34  	 	 	52.94  	 	
Close	  	11.74 	 	 	29.54  	 	 	44.99  	 	 	36.22  	 	 	55.14  	 	
Market capitalization	  	4,188 	 	 	10,472  	 	 	15,925  	 	 	12,805  	 	 	19,290  	 	
						
Average common shares outstanding (000s)	  			 			 			 			 			
Diluted	  	351,897 	 	 	351,882  	 	 	350,970  	 	 	349,783  	 	 	348,072  	 	
Basic	  	351,352 	 	 	350,439  	 	 	349,916  	 	 	348,714  	 	 	346,581  	 	
						
Full-time equivalent employees	  	29,279 	 	 	29,333  	 	 	29,447  	 	 	31,602  	 	 	31,745  	 	
Number of ATMs	  	2,673 	 	 	2,582  	 	 	2,506  	 	 	2,506  	 	 	2,509  	 	
Full service banking offices	  	1,694 	 	 	1,692  	 	 	1,692  	 	 	1,699  	 	 	1,678  	 	

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.	

4	Calculation excludes deferred tax amount associated with goodwill in conjunction with Federal Reserve guidance issued in the fourth quarter of 2008.	
 
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 	 	
 	  	2009	  	2008	  	Amount	  	        %        	 	
Interest income	  	$1,729,335  	  	$2,258,332  	  	($528,997) 	  	(23.4)	  %	
Interest expense	  	667,237  	  	1,118,465  	  	(451,228) 	  	(40.3)	 	
	  	 	  	 	  		  			
NET INTEREST INCOME	  	1,062,098  	  	1,139,867  	  	(77,769) 	  	(6.8)	 	
Provision for loan losses 3	  	994,098  	  	560,022  	  	434,076  	  	77.5  	 	
	  	 	  	 	  		  			
NET INTEREST INCOME AFTER
        PROVISION FOR LOAN LOSSES	  	68,000  	  	579,845  	  	(511,845) 	  	(88.3)	 	

NONINTEREST INCOME	  		  		  		  			
Service charges on deposit accounts	  	206,394  	  	211,839  	  	(5,445) 	  	(2.6)	 	
Trust and investment management income	  	116,010  	  	161,102  	  	(45,092) 	  	(28.0)	 	
Retail investment services	  	56,713  	  	72,300  	  	(15,587) 	  	(21.6)	 	
Other charges and fees	  	124,321  	  	127,231  	  	(2,910) 	  	(2.3)	 	
Investment banking income	  	59,534  	  	55,420  	  	4,114  	  	7.4  	 	
Trading account profits and commissions	  	107,293  	  	28,218  	  	79,075  	  	NM  	 	
Card fees	  	75,660  	  	73,761  	  	1,899  	  	2.6  	 	
Mortgage production related income	  	250,470  	  	85,549  	  	164,921  	  	NM  	 	
Mortgage servicing related income	  	83,352  	  	29,098  	  	54,254  	  	NM  	 	
Net gain on extinguishment of debt	  	25,304  	  	-  	  	-  	  	-  	 	
Net gain on sale of business	  	-  	  	89,390  	  	(89,390) 	  	(100.0)	 	
Gain on Visa IPO	  	-  	  	86,305  	  	-  	  	-  	 	
Net gain on sale/leaseback of premises	  	-  	  	37,039  	  	(37,039) 	  	(100.0)	 	
Other noninterest income	  	38,114  	  	60,836  	  	(22,722) 	  	(37.3)	 	
Securities gains/(losses), net	  	3,377  	  	(60,586) 	  	63,963  	  	NM  	 	
	  	 	  	 	  		  			
Total noninterest income	  	1,146,542  	  	1,057,502  	  	89,040  	  	8.4  	 	

NONINTEREST EXPENSE	  		  		  		  			
Employee compensation and benefits	  	736,052  	  	715,083  	  	20,969  	  	2.9  	 	
Net occupancy expense	  	87,417  	  	86,441  	  	976  	  	1.1  	 	
Outside processing and software	  	138,361  	  	109,165  	  	29,196  	  	26.7  	 	
Equipment expense	  	43,540  	  	52,395  	  	(8,855) 	  	(16.9)	 	
Marketing and customer development	  	34,725  	  	55,703  	  	(20,978)  	  	(37.7)	 	
Amortization/impairment of goodwill/intangible assets	  	767,016  	  	20,715  	  	746,301  	  	NM  	 	
Net loss on extinguishment of debt	  	-  	  	11,723  	  	(11,723) 	  	-  	 	
Visa litigation	  	-  	  	(39,124) 	  	39,124  	  	(100.0)	 	
Operating losses 3	  	22,621  	  	30,263  	  	(7,642) 	  	(25.3)	 	
Mortgage reinsurance	  	70,039  	  	7,011  	  	63,028  	  	NM  	 	
Other noninterest expense	  	277,556  	  	202,858  	  	74,698  	  	36.8  	 	
	  	 	  	 	  		  			
Total noninterest expense	  	2,177,327  	  	1,252,233  	  	925,094  	  	73.9  	 	

INCOME/(LOSS) BEFORE PROVISION/(BENEFIT) FOR INCOME TAXES AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	  	(962,785) 	  	385,114  	  	(1,347,899) 	  	NM  	 	
Less: pre-tax income attributable to noncontrolling interest	  	3,159  	  	2,911  	  	248  	  	8.5  	 	
Provision/(benefit) for income taxes	  	(150,777) 	  	91,648  	  	(242,425) 	  	NM 	 	
	  	 	  	 	  		  			
NET INCOME/(LOSS)	  	(815,167) 	  	290,555  	  	(1,105,722) 	  	NM 	 	
Series A preferred dividends	  	5,000  	  	6,977  	  	(1,977) 	  	(28.3)	 	
U.S. Treasury preferred dividends	  	66,279  	  	-  	  	66,279  	  	NM  	 	
Dividends and undistributed earnings allocated to unvested shares	  	(11,065) 	  	2,023  	  	(13,088) 	  	(647.0)	 	
	  	 	  	 	  		  			
NET INCOME/(LOSS) AVAILABLE TO COMMON SHAREHOLDERS	  	($875,381) 	  	$281,555  	  	($1,156,936) 	  	NM  	 	

Net interest income - FTE 1	  	$1,092,957 	  	$1,167,842  	  	($74,885) 	  	(6.4)	 	
					
Net income/(loss) per average common share	  		  		  		  			
Diluted	  	(2.49) 	  	0.81  	  	(3.30) 	  	NM  	 	
Basic	  	(2.49) 	  	0.81  	  	(3.30) 	  	NM  	 	
					
Cash dividends paid per common share	  	0.10  	  	0.77  	  	(0.67) 	  	(87.0)	 	
Average common shares outstanding (000s)	  		  		  		  			
Diluted	  	351,897  	  	348,072  	  	3,825  	  	1.1  	 	
Basic	  	351,352  	  	346,581  	  	4,771  	  	1.4  	 	

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.	

3	During the first quarter of 2009, the Company began incorporating certain types of loan-related losses in the allowance for loan and lease losses. These losses, representing borrower misrepresentation and insurance claim denials, were previously recorded within noninterest expense.	
 
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
2009	  	December 31
2008	  	September 30
2008	  	June 30
2008	  	March 31
2008	
						
Interest income	  	$1,729,335  	  	$1,985,371  	  	$2,017,314  	  	$2,066,365  	  	$2,258,332  	
Interest expense	  	667,237  	  	808,511  	  	871,101  	  	909,649  	  	1,118,465  	
	  	 	  	 	  	 	  	 	  	 	
NET INTEREST INCOME	  	1,062,098  	  	1,176,860  	  	1,146,213  	  	1,156,716  	  	1,139,867  	
Provision for loan losses 2	  	994,098  	  	962,494  	  	503,672  	  	448,027  	  	560,022  	
	  	 	  	 	  	 	  	 	  	 	
NET INTEREST INCOME AFTER
        PROVISION FOR LOAN LOSSES	  	68,000  	  	214,366  	  	642,541  	  	708,689  	  	579,845  	

NONINTEREST INCOME	  		  		  		  		  		
Service charges on deposit accounts	  	206,394  	  	221,751  	  	240,241  	  	230,296  	  	211,839  	
Trust and investment management income	  	116,010  	  	126,426  	  	147,477  	  	157,319  	  	161,102  	
Retail investment services	  	56,713  	  	70,238  	  	72,791  	  	73,764  	  	72,300  	
Other charges and fees	  	124,321  	  	125,206  	  	128,776  	  	129,581  	  	127,231  	
Investment banking income	  	59,534  	  	57,962  	  	62,164  	  	60,987  	  	55,420  	
Trading account profits/(losses) and commissions	  	107,293  	  	(61,879) 	  	121,136  	  	(49,306) 	  	28,218  	
Card fees	  	75,660  	  	77,909  	  	78,138  	  	78,566  	  	73,761  	
Mortgage production related income/(loss)	  	250,470  	  	(27,717) 	  	50,028  	  	63,508  	  	85,549  	
Mortgage servicing related income/(loss)	  	83,352  	  	(336,129) 	  	62,654  	  	32,548  	  	29,098  	
Net gain on extinguishment of debt	  	25,304  	  	-   	  	-   	  	-   	  	-   	
Net gain/(loss) on sale of businesses	  	-  	  	(2,711) 	  	81,813  	  	29,648  	  	89,390  	
Gain on Visa IPO	  	-  	  	-   	  	-   	  	-   	  	86,305  	
Net gain on sale/leaseback of premises	  	-  	  	-   	  	-   	  	-   	  	37,039  	
Other noninterest income	  	38,114  	  	55,620  	  	66,958  	  	56,312  	  	60,836  	
Securities gains/(losses), net	  	3,377  	  	411,053  	  	173,046  	  	549,787  	  	(60,586) 	
	  	 	  	 	  	 	  	 	  	 	
Total noninterest income	  	        1,146,542  	  	    717,729  	  	    1,285,222  	  	    1,413,010  	  	    1,057,502  	

NONINTEREST EXPENSE	  		  		  		  		  		
Employee compensation and benefits	  	736,052  	  	638,014  	  	696,210  	  	711,957  	  	715,083  	
Net occupancy expense	  	87,417  	  	86,620  	  	88,745  	  	85,483  	  	86,441  	
Outside processing and software	  	138,361  	  	143,880  	  	132,361  	  	107,205  	  	109,165  	
Equipment expense	  	43,540  	  	47,892  	  	51,931  	  	50,991  	  	52,395  	
Marketing and customer development	  	34,725  	  	51,636  	  	217,693  	  	47,203  	  	55,703  	
Amortization/impairment of goodwill/intangible assets	  	767,016  	  	17,259  	  	18,551  	  	64,735  	  	20,715  	
Net loss on extinguishment of debt	  	-  	  	-   	  	-   	  	-   	  	11,723  	
Visa litigation	  	-  	  	(14,345) 	  	20,000  	  	-   	  	(39,124) 	
Operating losses 2	  	22,621  	  	236,078  	  	135,183  	  	44,654  	  	30,263  	
Mortgage reinsurance	  	70,039  	  	99,999  	  	47,956  	  	24,961  	  	7,011  	
Other noninterest expense	  	277,556  	  	279,120  	  	256,665  	  	238,153  	  	202,858  	
	  	 	  	 	  	 	  	 	  	 	
Total noninterest expense	  	2,177,327  	  	1,586,153  	  	1,665,295  	  	1,375,342  	  	1,252,233  	

INCOME/(LOSS) BEFORE PROVISION/(BENEFIT) FOR INCOME TAXES AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	  	(962,785) 	  	(654,058) 	  	262,468  	  	746,357  	  	385,114  	
Less: pre-tax income attributable to noncontrolling interest	  	3,159  	  	2,485  	  	2,791  	  	3,191  	  	2,911  	
Provision/(benefit) for income taxes	  	(150,777) 	  	(308,956) 	  	(52,767) 	  	202,804  	  	91,648  	
	  	 	  	 	  	 	  	 	  	 	
NET INCOME/(LOSS)	  	(815,167) 	  	(347,587) 	  	312,444  	  	540,362  	  	290,555  	
Series A preferred dividends	  	5,000  	  	5,055  	  	5,111  	  	5,112  	  	6,977  	
U.S. Treasury preferred dividends	  	66,279  	  	26,579  	  	-   	  	-   	  	-  	
Dividends and undistributed earnings allocated to unvested shares	  	(11,065) 	  	(4,283) 	  	2,936  	  	5,282  	  	2,023  	
	  	 	  	 	  	 	  	 	  	 	
NET INCOME/(LOSS) AVAILABLE TO COMMON SHAREHOLDERS	  	($875,381) 	  	($374,938) 	  	$304,397  	  	$529,968  	  	$281,555  	

Net interest income - FTE 1	  	$1,092,957  	  	$1,208,650  	  	$1,175,679  	  	$1,184,972  	  	$1,167,842  	
						
Net income/(loss) per average common share	  		  		  		  		  		
Diluted	  	(2.49) 	  	(1.07) 	  	0.87  	  	1.52  	  	0.81  	
Basic	  	(2.49) 	  	(1.07) 	  	0.87  	  	1.52  	  	0.81  	
						
Cash dividends paid per common share	  	0.10  	  	0.54  	  	0.77  	  	0.77  	  	0.77  	
Average common shares outstanding (000s)	  		  		  		  		  		
Diluted	  	351,897  	  	351,882  	  	350,970  	  	349,783  	  	348,072  	
Basic	  	351,352  	  	350,439  	  	349,916  	  	348,714  	  	346,581  	

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	During the first quarter of 2009, the Company began incorporating certain types of loan-related losses in the allowance for loan and lease losses. These losses, representing borrower misrepresentation and insurance claim denials, were previously recorded within noninterest expense.	
 
Page 4

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

 
									
 	  	As of March 31	  	Increase/(Decrease) 3	
 	  	2009	  	2008	  	Amount	  	        %        	
ASSETS	  		  		  		  		
Cash and due from banks	  	$5,825,730  	  	$3,994,267  	  	$1,831,463  	  	45.9  %	
Interest-bearing deposits in other banks	  	25,282  	  	21,283  	  	3,999  	  	18.8     	
Funds sold and securities purchased under agreements to resell	  	1,209,987  	  	1,247,495  	  	(37,508) 	  	(3.0)    	
Trading assets	  	7,397,338  	  	10,932,251  	  	(3,534,913) 	  	(32.3)    	
Securities available for sale 1	  	19,485,406  	  	15,882,088  	  	3,603,318  	  	22.7     	
Loans held for sale	  	6,954,038  	  	6,977,289  	  	(23,251) 	  	(0.3)    	
Loans:	  		  		  		  		
Commercial	  	38,616,338  	  	37,306,872  	  	1,309,466  	  	3.5     	
Real estate:	  		  		  		  		
Home equity lines	  	16,455,007  	  	15,134,297  	  	1,320,710  	  	8.7     	
Construction	  	9,046,475  	  	12,980,917  	  	(3,934,442) 	  	(30.3)    	
Residential mortgages	  	32,180,888  	  	33,092,433  	  	(911,545) 	  	(2.8)    	
Commercial real estate - owner occupied	  	8,858,393  	  	8,084,010  	  	774,383  	  	9.6     	
Commercial real estate - investor owned	  	6,235,754  	  	4,809,698  	  	1,426,056  	  	29.6     	
Consumer:	  		  		  		  		
Direct	  	5,173,380  	  	4,192,168  	  	981,212  	  	23.4     	
Indirect	  	6,351,255  	  	7,305,213  	  	(953,958) 	  	(13.1)    	
Credit card	  	975,476  	  	807,587  	  	167,889  	  	20.8     	
	  	 	  	 	  		  		
Total loans	  	123,892,966  	  	123,713,195  	  	179,771  	  	0.1     	
Allowance for loan and lease losses	  	(2,735,000) 	  	(1,545,340) 	  	1,189,660  	  	77.0     	
	  	 	  	 	  		  		
Net loans	  	121,157,966  	  	122,167,855  	  	(1,009,889) 	  	(0.8)    	
Goodwill	  	6,309,431  	  	6,923,033  	  	(613,602) 	  	(8.9)    	
Other intangible assets	  	1,103,333  	  	1,430,268  	  	(326,935) 	  	(22.9)    	
Other real estate owned	  	593,579  	  	244,906  	  	348,673  	  	NM     	
Other assets	  	9,054,312  	  	9,166,212  	  	(111,900) 	  	(1.2)    	
	  	 	  	 	  		  		
Total assets 2	  	$179,116,402  	  	$178,986,947  	  	$129,455  	  	0.1     	

LIABILITIES	  		  		  		  		
Noninterest-bearing consumer and commercial deposits	  	$24,371,518  	  	$22,325,750  	  	$2,045,768  	  	9.2  %	
Interest-bearing consumer and commercial deposits:	  		  		  		  		
NOW accounts	  	22,420,789  	  	22,292,330  	  	128,459  	  	0.6     	
Money market accounts	  	30,350,351  	  	25,843,396  	  	4,506,955  	  	17.4     	
Savings	  	3,598,754  	  	3,990,007  	  	(391,253) 	  	(9.8)    	
Consumer time	  	17,555,203  	  	16,876,836  	  	678,367  	  	4.0     	
Other time	  	14,152,098  	  	12,104,125  	  	2,047,973  	  	16.9     	
	  	 	  	 	  		  		
Total consumer and commercial deposits	  	112,448,713  	  	103,432,444  	  	9,016,269  	  	8.7     	
Brokered deposits	  	6,373,500  	  	11,034,332  	  	(4,660,832) 	  	(42.2)    	
Foreign deposits	  	149,962  	  	1,712,504  	  	(1,562,542) 	  	(91.2)    	
	  	 	  	 	  		  		
Total deposits	  	118,972,175  	  	116,179,280  	  	2,792,895  	  	2.4     	
Funds purchased	  	1,567,406  	  	3,795,641  	  	(2,228,235) 	  	(58.7)    	
Securities sold under agreements to repurchase	  	3,165,644  	  	5,446,204  	  	(2,280,560) 	  	(41.9)    	
Other short-term borrowings	  	2,883,384  	  	3,061,003  	  	(177,619) 	  	(5.8)    	
Long-term debt	  	23,029,842  	  	23,602,919  	  	(573,077) 	  	(2.4)    	
Trading liabilities	  	3,050,628  	  	2,356,037  	  	694,591  	  	29.5     	
Other liabilities	  	4,801,697  	  	5,997,260  	  	(1,195,563) 	  	(19.9)    	
	  	 	  	 	  		  		
Total liabilities	  	157,470,776  	  	160,438,344  	  	(2,967,568) 	  	(1.8)    	

SHAREHOLDERS’ EQUITY	  		  		  		  		
Preferred stock, no par value	  	5,227,357  	  	500,000  	  	4,727,357  	  	NM     	
Common stock, $1.00 par value	  	372,799  	  	370,578  	  	2,221  	  	0.6     	
Additional paid in capital	  	6,713,536  	  	6,682,828  	  	30,708  	  	0.5     	
Retained earnings	  	9,466,914  	  	10,661,250  	  	(1,194,336) 	  	(11.2)    	
Treasury stock, at cost, and other	  	(1,168,995) 	  	(1,574,962) 	  	(405,967) 	  	(25.8)    	
Accumulated other comprehensive income, net of tax	  	1,034,015  	  	1,908,909  	  	(874,894) 	  	(45.8)    	
	  	 	  	 	  		  		
Total shareholders’ equity	  	21,645,626  	  	18,548,603  	  	3,097,023  	  	16.7     	

Total liabilities and shareholders’ equity	  	$179,116,402  	  	$178,986,947  	  	$129,455  	  	0.1     	

Common shares outstanding	  	356,693,099  	  	349,832,264  	  	6,860,835  	  	2.0     	
Common shares authorized	  	750,000,000  	  	750,000,000  	  	-  	  	-     	
Preferred shares outstanding	  	53,500  	  	5,000  	  	48,500  	  	NM     	
Preferred shares authorized	  	50,000,000  	  	50,000,000  	  	-  	  	-     	
Treasury shares of common stock
 	  	16,106,270  
 	  	20,746,134  
 	  	(4,639,864) 
 	  	(22.4)    
 	
1 Includes net unrealized gains of	  	$1,492,517  	  	$2,835,823  	  	($1,343,306) 	  	(47.4) %	
2 Includes earning assets of	  	153,289,712  	  	152,714,700  	  	575,012  	  	0.4     	
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    
2009	 	 	    December 31    
2008	 	 	    September 30    
2008	 	 	        June 30        
2008	 	 	        March 31        
2008	 	
ASSETS	 			 			 			 			 			
Cash and due from banks	 	            $5,825,730	 	 	$5,622,789	 	 	$3,065,268	 	 	$3,564,824	 	 	$3,994,267	 	
Interest-bearing deposits in other banks	 	25,282	 	 	23,999	 	 	65,025	 	 	22,566	 	 	21,283	 	
Funds sold and securities purchased under agreements to resell	 	1,209,987	 	 	990,614	 	 	1,440,234	 	 	1,920,276	 	 	1,247,495	 	
Trading assets	 	7,397,338	 	 	10,396,269	 	 	8,936,540	 	 	10,147,021	 	 	10,932,251	 	
Securities available for sale 1	 	19,485,406	 	 	19,696,537	 	 	14,533,075	 	 	15,118,073	 	 	15,882,088	 	
Loans held for sale	 	6,954,038	 	 	4,032,128	 	 	4,759,761	 	 	5,260,892	 	 	6,977,289	 	
Loans:	 			 			 			 			 			
Commercial	 	38,616,338	 	 	41,039,945	 	 	40,084,729	 	 	38,800,537	 	 	37,306,872	 	
Real estate:	 			 			 			 			 			
Home equity lines	 	16,455,007	 	 	16,454,382	 	 	16,159,053	 	 	15,726,998	 	 	15,134,297	 	
Construction	 	9,046,475	 	 	9,863,961	 	 	11,519,497	 	 	12,542,775	 	 	12,980,917	 	
Residential mortgages	 	32,180,888	 	 	32,065,839	 	 	32,382,111	 	 	32,509,029	 	 	33,092,433	 	
Commercial real estate - owner occupied	 	8,858,393	 	 	8,758,052	 	 	8,365,212	 	 	8,116,577	 	 	8,084,010	 	
Commercial real estate - investor owned	 	6,235,754	 	 	6,199,030	 	 	5,476,783	 	 	5,577,356	 	 	4,809,698	 	
Consumer:	 			 			 			 			 			
Direct	 	5,173,380	 	 	5,139,335	 	 	4,930,531	 	 	4,528,576	 	 	4,192,168	 	
Indirect	 	6,351,255	 	 	6,507,622	 	 	6,796,898	 	 	7,077,510	 	 	7,305,213	 	
Credit card	 	975,476	 	 	970,277	 	 	1,003,581	 	 	945,446	 	 	807,587	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total loans	 	123,892,966	 	 	126,998,443	 	 	126,718,395	 	 	125,824,804	 	 	123,713,195	 	
Allowance for loan and lease losses	 	(2,735,000	)	 	(2,350,996	)	 	(1,941,000	)	 	(1,829,400	)	 	(1,545,340	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loans	 	121,157,966	 	 	124,647,447	 	 	124,777,395	 	 	123,995,404	 	 	122,167,855	 	
Goodwill	 	6,309,431	 	 	7,043,503	 	 	7,062,869	 	 	7,056,015	 	 	6,923,033	 	
Other intangible assets	 	1,103,333	 	 	1,035,427	 	 	1,389,965	 	 	1,442,056	 	 	1,430,268	 	
Other real estate owned	 	593,579	 	 	500,481	 	 	387,037	 	 	334,519	 	 	244,906	 	
Other assets	 	9,054,311	 	 	15,148,767	 	 	8,359,591	 	 	8,371,081	 	 	9,166,212	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets 2	 	$179,116,401	 	 	$189,137,961	 	 	$174,776,760	 	 	$177,232,727	 	 	$178,986,947	 	

LIABILITIES	 			 			 			 			 			
Noninterest-bearing consumer and commercial deposits	 	$24,371,518	 	 	$21,522,021	 	 	$21,487,853	 	 	$22,184,774	 	 	$22,325,750	 	
Interest-bearing consumer and commercial deposits:	 			 			 			 			 			
NOW accounts	 	22,420,789	 	 	21,349,609	 	 	20,313,035	 	 	21,612,407	 	 	22,292,330	 	
Money market accounts	 	30,350,351	 	 	28,744,308	 	 	27,654,355	 	 	26,016,859	 	 	25,843,396	 	
Savings	 	3,598,754	 	 	3,345,187	 	 	3,568,831	 	 	3,990,277	 	 	3,990,007	 	
Consumer time	 	17,555,203	 	 	17,239,725	 	 	16,566,225	 	 	16,582,510	 	 	16,876,836	 	
Other time	 	14,152,098	 	 	13,074,857	 	 	12,238,642	 	 	12,046,718	 	 	12,104,125	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consumer and commercial deposits	 	112,448,713	 	 	105,275,707	 	 	101,828,941	 	 	102,433,545	 	 	103,432,444	 	
Brokered deposits	 	6,373,500	 	 	7,667,167	 	 	9,141,001	 	 	12,607,183	 	 	11,034,332	 	
Foreign deposits	 	149,962	 	 	385,510	 	 	4,941,939	 	 	4,538,435	 	 	1,712,504	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total deposits	 	118,972,175	 	 	113,328,384	 	 	115,911,881	 	 	119,579,163	 	 	116,179,280	 	
Funds purchased	 	1,567,406	 	 	1,120,079	 	 	2,388,629	 	 	3,063,696	 	 	3,795,641	 	
Securities sold under agreements to repurchase	 	3,165,644	 	 	3,193,311	 	 	4,090,085	 	 	5,156,986	 	 	5,446,204	 	
Other short-term borrowings	 	2,883,384	 	 	5,166,360	 	 	2,728,307	 	 	2,682,808	 	 	3,061,003	 	
Long-term debt	 	23,029,842	 	 	26,812,381	 	 	23,857,828	 	 	21,327,576	 	 	23,602,919	 	
Trading liabilities	 	3,050,628	 	 	3,240,784	 	 	1,924,013	 	 	2,430,521	 	 	2,356,037	 	
Other liabilities	 	4,801,697	 	 	13,775,857	 	 	5,806,639	 	 	4,968,882	 	 	5,997,260	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	157,470,776	 	 	166,637,156	 	 	156,707,382	 	 	159,209,632	 	 	160,438,344	 	

SHAREHOLDERS’ EQUITY	 			 			 			 			 			
Preferred stock, no par value	 	5,227,357	 	 	5,221,703	 	 	500,000	 	 	500,000	 	 	500,000	 	
Common stock, $1.00 par value	 	372,799	 	 	372,799	 	 	372,799	 	 	372,799	 	 	370,578	 	
Additional paid in capital	 	6,713,536	 	 	6,904,644	 	 	6,783,976	 	 	6,799,935	 	 	6,682,828	 	
Retained earnings	 	9,466,914	 	 	10,388,984	 	 	10,959,830	 	 	10,924,650	 	 	10,661,250	 	
Treasury stock, at cost, and other	 	(1,168,995	)	 	(1,368,450	)	 	(1,435,517	)	 	(1,496,224	)	 	(1,574,962	)	
Accumulated other comprehensive income, net of tax	 	1,034,015	 	 	981,125	 	 	888,290	 	 	921,935	 	 	1,908,909	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	 	21,645,626	 	 	22,500,805	 	 	18,069,378	 	 	18,023,095	 	 	18,548,603	 	

Total liabilities and shareholders’ equity	 	$179,116,402	 	 	$189,137,961	 	 	$174,776,760	 	 	$177,232,727	 	 	$178,986,947	 	

Common shares outstanding	 	356,693,099	 	 	354,515,013	 	 	353,962,785	 	 	353,542,105	 	 	349,832,264	 	
Common shares authorized	 	750,000,000	 	 	750,000,000	 	 	750,000,000	 	 	750,000,000	 	 	750,000,000	 	
Preferred shares outstanding	 	53,500	 	 	53,500	 	 	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	 	16,106,270	 	 	18,284,356	 	 	18,836,584	 	 	19,257,264	 	 	20,746,134	 	

1 Includes net unrealized gains of	 	$1,492,517	 	 	$1,413,330	 	 	$1,519,449	 	 	$1,655,504	 	 	$2,835,823	 	
2 Includes earning assets of	 	153,289,712	 	 	156,016,463	 	 	152,903,782	 	 	154,716,384	 	 	152,714,700	 	
 
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, 2009	 	 	December 31, 2008	 	
							
 	  	Average
Balances	  	Interest
Income/
Expense	  	Yields/
Rates	 	 	Average
Balances	  	Interest
Income/
Expense	  	Yields/
Rates	 	
ASSETS	  		  		  			 		  		  			
Loans:	  		  		  			 		  		  			
Real estate 1-4 family	  	$29,945.3  	  	$451.5  	  	6.03  	%	 	$31,006.9  	  	$482.4  	  	6.22  	%	
Real estate construction	  	7,376.5  	  	59.9  	  	3.29  	 	 	8,914.8  	  	106.5  	  	4.75  	 	
Real estate home equity lines	  	15,906.7  	  	132.7  	  	3.38  	 	 	15,803.1  	  	173.8  	  	4.38  	 	
Real estate commercial	  	15,338.8  	  	158.3  	  	4.18  	 	 	14,736.8  	  	202.2  	  	5.46  	 	
Commercial - FTE 1	  	39,198.6  	  	453.4  	  	4.69  	 	 	40,463.8  	  	540.5  	  	5.31  	 	
Credit card	  	972.2  	  	18.1  	  	7.45  	 	 	999.0  	  	16.9  	  	6.76  	 	
Consumer - direct	  	5,164.6  	  	56.3  	  	4.42  	 	 	5,009.4  	  	65.3  	  	5.18  	 	
Consumer - indirect	  	6,624.1  	  	105.1  	  	6.44  	 	 	6,820.9  	  	109.6  	  	6.39  	 	
Nonaccrual and restructured	  	4,806.7  	  	4.3  	  	0.36  	 	 	3,853.2  	  	5.1  	  	0.53  	 	
	  	 	  	 	  	 	 	 	 	  	 	  	 	 	
Total loans	  	125,333.5  	  	1,439.6  	  	4.66  	 	 	127,607.9  	  	1,702.3  	  	5.31  	 	
Securities available for sale:	  		  		  			 		  		  			
Taxable	  	16,371.0  	  	199.4  	  	4.87  	 	 	13,071.2  	  	183.8  	  	5.63  	 	
Tax-exempt - FTE 1	  	1,071.9  	  	14.7  	  	5.50  	 	 	1,007.9  	  	15.2  	  	6.04  	 	
	  	 	  	 	  	 	 	 	 	  	 	  	 	 	
Total securities available for sale - FTE 1	  	17,442.9  	  	214.1  	  	4.91  	 	 	14,079.1  	  	199.0  	  	5.65  	 	
Funds sold and securities purchased under agreements to resell	  	963.7  	  	0.9  	  	0.39  	 	 	963.2  	  	1.9  	  	0.77  	 	
Loans held for sale	  	5,348.8  	  	61.8  	  	4.62  	 	 	3,968.3  	  	53.5  	  	5.39  	 	
Interest-bearing deposits	  	26.1  	  	0.1  	  	1.76  	 	 	30.9  	  	0.2  	  	2.14  	 	
Interest earning trading assets	  	5,275.0  	  	43.7  	  	3.35  	 	 	6,538.5  	  	60.3  	  	3.67  	 	
	  	 	  	 	  	 	 	 	 	  	 	  	 	 	
Total earning assets	  	154,390.0  	  	1,760.2  	  	4.62  	 	 	153,187.9  	  	2,017.2  	  	5.24  	 	
Allowance for loan and lease losses	  	(2,350.9)	  		  			 	(1,997.9)	  		  			
Cash and due from banks	  	3,995.4  	  		  			 	3,218.6  	  		  			
Other assets	  	17,415.5  	  		  			 	17,695.3  	  		  			
Noninterest earning trading assets	  	4,080.2  	  		  			 	3,571.8  	  		  			
Unrealized gains on securities available for sale, net	  	1,341.1  	  		  			 	1,371.6  	  		  			
	  	 	  		  			 	 	  		  			
Total assets	  	$178,871.3  	  		  			 	$177,047.3  	  		  			

LIABILITIES AND SHAREHOLDERS’ EQUITY	  		  		  			 		  		  			
Interest-bearing deposits:	  		  		  			 		  		  			
NOW accounts	  	$21,243.5  	  	$26.1  	  	0.50  	%	 	$20,095.0  	  	$32.6  	  	0.65  	%	
Money market accounts	  	29,316.9  	  	96.3  	  	1.33  	 	 	27,968.7  	  	126.3  	  	1.80  	 	
Savings	  	3,443.1  	  	2.3  	  	0.27  	 	 	3,460.0  	  	2.8  	  	0.32  	 	
Consumer time	  	17,240.2  	  	137.0  	  	3.22  	 	 	17,043.5  	  	141.9  	  	3.31  	 	
Other time	  	13,444.0  	  	107.4  	  	3.24  	 	 	12,716.6  	  	112.0  	  	3.50  	 	
	  	 	  	 	  	 	 	 	 	  	 	  	 	 	
Total interest-bearing consumer and commercial deposits	  	84,687.7  	  	369.1  	  	1.77  	 	 	81,283.8  	  	415.6  	  	2.03  	 	
Brokered deposits	  	7,004.9  	  	54.6  	  	3.12  	 	 	8,942.3  	  	84.3  	  	3.69  	 	
Foreign deposits	  	412.4  	  	0.2  	  	0.17  	 	 	3,706.4  	  	4.0  	  	0.42  	 	
	  	 	  	 	  	 	 	 	 	  	 	  	 	 	
Total interest-bearing deposits	  	92,105.0  	  	423.9  	  	1.87  	 	 	93,932.5  	  	503.9  	  	2.13  	 	
Funds purchased	  	1,533.3  	  	0.9  	  	0.24  	 	 	2,156.1  	  	3.8  	  	0.69  	 	
Securities sold under agreements to repurchase	  	3,245.5  	  	1.8  	  	0.22  	 	 	3,609.4  	  	3.1  	  	0.33  	 	
Interest-bearing trading liabilities	  	658.6  	  	6.2  	  	3.79  	 	 	585.9  	  	5.7  	  	3.87  	 	
Other short-term borrowings	  	4,967.4  	  	5.1  	  	0.42  	 	 	4,163.5  	  	8.0  	  	0.77  	 	
Long-term debt	  	24,437.7  	  	229.3  	  	3.81  	 	 	24,037.8  	  	284.0  	  	4.70  	 	
	  	 	  	 	  	 	 	 	 	  	 	  	 	 	
Total interest-bearing liabilities	  	126,947.5  	  	667.2  	  	2.13  	 	 	128,485.2  	  	808.5  	  	2.50  	 	
Noninterest-bearing deposits	  	22,827.2  	  		  			 	20,954.6  	  		  			
Other liabilities	  	4,354.2  	  		  			 	5,124.7  	  		  			
Noninterest-bearing trading liabilities	  	2,374.5  	  		  			 	2,591.8  	  		  			
Shareholders’ equity	  	22,367.9  	  		  			 	19,891.0  	  		  			
	  	 	  		  			 	 	  		  			
Total liabilities and shareholders’ equity	  	$178,871.3  	  		  			 	$177,047.3  	  		  			

Interest Rate Spread	  		  		  	2.49  	%	 		  		  	2.74  	%	

Net Interest Income - FTE 1	  		  	$1,093.0  	  			 		  	$1,208.7  	  			

Net Interest Margin 2	  		  		  	2.87  	%	 		  		  	3.14  	%	

 

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, 2008	 	 	June 30, 2008	 	 	March 31, 2008	 	
	  	 	 	 	 	 	 	 	 	
 	  	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	  	$31,486.5	 	 	$494.0	  	6.28  	%	 	$32,113.4	 	 	$507.0	  	6.32  	%	 	$32,440.0	 	 	$521.3	  	6.43  	%	
Real estate construction	  	10,501.9	 	 	130.0	  	4.92  	 	 	11,471.9	 	 	149.5	  	5.24  	 	 	12,450.2	 	 	189.8	  	6.13  	 	
Real estate home equity lines	  	15,424.4	 	 	193.0	  	4.98  	 	 	14,980.1	 	 	195.8	  	5.26  	 	 	14,603.0	 	 	234.3	  	6.45  	 	
Real estate commercial	  	14,138.6	 	 	193.4	  	5.44  	 	 	13,876.7	 	 	192.8	  	5.59  	 	 	13,113.1	 	 	201.3	  	6.17  	 	
Commercial - FTE 1	  	38,064.4	 	 	508.5	  	5.32  	 	 	37,600.1	 	 	501.4	  	5.36  	 	 	36,374.6	 	 	539.2	  	5.96  	 	
Credit card	  	859.7	 	 	9.4	  	4.36  	 	 	816.0	 	 	5.4	  	2.62  	 	 	774.4	 	 	2.9	  	1.52  	 	
Consumer - direct	  	4,705.0	 	 	62.9	  	5.32  	 	 	4,382.4	 	 	63.4	  	5.82  	 	 	4,063.4	 	 	62.5	  	6.19  	 	
Consumer - indirect	  	7,152.3	 	 	114.0	  	6.34  	 	 	7,437.2	 	 	115.9	  	6.27  	 	 	7,645.3	 	 	120.2	  	6.32  	 	
Nonaccrual and restructured	  	3,309.2	 	 	7.4	  	0.88  	 	 	2,514.1	 	 	7.5	  	1.20  	 	 	1,799.0	 	 	5.4	  	1.21  	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total loans	  	125,642.0	 	 	1,712.6	  	5.42  	 	 	125,191.9	 	 	1,738.7	  	5.59  	 	 	123,263.0	 	 	1,876.9	  	6.12  	 	
Securities available for sale:	  			 		  			 			 		  			 			 		  			
Taxable	  	11,944.2	 	 	174.4	  	5.84  	 	 	11,769.6	 	 	186.0	  	6.32  	 	 	12,087.1	 	 	186.8	  	6.18  	 	
Tax-exempt - FTE 1	  	1,017.2	 	 	15.5	  	6.07  	 	 	1,057.5	 	 	16.0	  	6.05  	 	 	1,071.4	 	 	16.5	  	6.13  	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total securities available for sale - FTE 1	  	12,961.4	 	 	189.9	  	5.86  	 	 	12,827.1	 	 	202.0	  	6.30  	 	 	13,158.5	 	 	203.3	  	6.18  	 	
Funds sold and securities purchased under agreements to resell	  	1,649.7	 	 	7.5	  	1.79  	 	 	1,331.1	 	 	6.7	  	2.00  	 	 	1,326.9	 	 	8.9	  	2.67  	 	
Loans held for sale	  	4,459.3	 	 	65.0	  	5.82  	 	 	5,148.5	 	 	72.5	  	5.63  	 	 	6,865.7	 	 	99.0	  	5.77  	 	
Interest-bearing deposits	  	28.0	 	 	0.2	  	2.81  	 	 	21.4	 	 	0.2	  	3.77  	 	 	21.9	 	 	0.2	  	4.54  	 	
Interest earning trading assets	  	7,579.4	 	 	71.6	  	3.76  	 	 	7,963.0	 	 	74.5	  	3.76  	 	 	8,367.6	 	 	98.0	  	4.71  	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total earning assets	  	152,319.8	 	 	2,046.8	  	5.35  	 	 	152,483.0	 	 	2,094.6	  	5.52  	 	 	153,003.6	 	 	2,286.3	  	6.01  	 	
Allowance for loan and lease losses	  	(2,035.8	)	 		  			 	(1,828.7	)	 		  			 	(1,393.1	)	 		  			
Cash and due from banks	  	2,918.1	 	 		  			 	3,070.1	 	 		  			 	3,166.5	 	 		  			
Other assets	  	17,120.7	 	 		  			 	17,186.1	 	 		  			 	17,076.4	 	 		  			
Noninterest earning trading assets	  	2,039.3	 	 		  			 	2,342.4	 	 		  			 	2,609.5	 	 		  			
Unrealized gains on securities available for sale, net	  	1,526.4	 	 		  			 	2,295.9	 	 		  			 	2,454.0	 	 		  			
	  	 	 	 		  			 	 	 	 		  			 	 	 	 		  			
Total assets	  	$173,888.5	 	 		  			 	$175,548.8	 	 		  			 	$176,916.9	 	 		  			

LIABILITIES AND SHAREHOLDERS’ EQUITY	  			 		  			 			 		  			 			 		  			
Interest-bearing deposits:	  			 		  			 			 		  			 			 		  			
NOW accounts	  	$20,501.5	 	 	$55.9	  	1.08  	%	 	$21,762.4	 	 	$62.5	  	1.15  	%	 	$21,981.1	 	 	$101.9	  	1.87  	%	
Money market accounts	  	26,897.1	 	 	122.5	  	1.81  	 	 	26,031.8	 	 	116.7	  	1.80  	 	 	25,342.7	 	 	154.7	  	2.46  	 	
Savings	  	3,770.9	 	 	3.8	  	0.40  	 	 	3,939.1	 	 	3.9	  	0.40  	 	 	3,917.0	 	 	5.7	  	0.59  	 	
Consumer time	  	16,282.1	 	 	144.2	  	3.52  	 	 	16,726.7	 	 	165.2	  	3.97  	 	 	17,030.8	 	 	187.8	  	4.43  	 	
Other time	  	11,868.3	 	 	106.8	  	3.58  	 	 	11,921.1	 	 	118.8	  	4.01  	 	 	12,280.5	 	 	141.1	  	4.62  	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total interest-bearing consumer and commercial deposits	  	79,319.9	 	 	433.2	  	2.17  	 	 	80,381.1	 	 	467.1	  	2.34  	 	 	80,552.1	 	 	591.2	  	2.95  	 	
Brokered deposits	  	10,693.5	 	 	90.8	  	3.32  	 	 	11,135.4	 	 	93.4	  	3.32  	 	 	11,216.4	 	 	123.0	  	4.34  	 	
Foreign deposits	  	5,106.3	 	 	21.9	  	1.68  	 	 	3,932.9	 	 	19.3	  	1.95  	 	 	4,252.2	 	 	33.6	  	3.13  	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total interest-bearing deposits	  	95,119.7	 	 	545.9	  	2.28  	 	 	95,449.4	 	 	579.8	  	2.44  	 	 	96,020.7	 	 	747.8	  	3.13  	 	
Funds purchased	  	2,658.5	 	 	12.3	  	1.80  	 	 	2,792.5	 	 	13.5	  	1.92  	 	 	2,885.7	 	 	21.9	  	3.00  	 	
Securities sold under agreements to repurchase	  	4,971.7	 	 	19.1	  	1.50  	 	 	5,388.4	 	 	21.8	  	1.60  	 	 	5,889.4	 	 	35.1	  	2.36  	 	
Interest-bearing trading liabilities	  	994.5	 	 	8.8	  	3.53  	 	 	849.2	 	 	6.6	  	3.12  	 	 	713.0	 	 	6.0	  	3.41  	 	
Other short-term borrowings	  	2,521.0	 	 	11.2	  	1.77  	 	 	2,650.6	 	 	13.1	  	1.99  	 	 	2,887.6	 	 	22.8	  	3.17  	 	
Long-term debt	  	22,419.4	 	 	273.8	  	4.86  	 	 	22,298.6	 	 	274.8	  	4.96  	 	 	22,808.3	 	 	284.9	  	5.02  	 	
	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	
Total interest-bearing liabilities	  	128,684.8	 	 	871.1	  	2.69  	 	 	129,428.7	 	 	909.6	  	2.83  	 	 	131,204.7	 	 	1,118.5	  	3.43  	 	
Noninterest-bearing deposits	  	20,879.9	 	 		  			 	21,345.9	 	 		  			 	20,616.3	 	 		  			
Other liabilities	  	4,845.6	 	 		  			 	5,046.4	 	 		  			 	5,230.4	 	 		  			
Noninterest-bearing trading liabilities	  	1,380.8	 	 		  			 	1,518.6	 	 		  			 	1,686.8	 	 		  			
Shareholders’ equity	  	18,097.4	 	 		  			 	18,209.2	 	 		  			 	18,178.7	 	 		  			
	  	 	 	 		  			 	 	 	 		  			 	 	 	 		  			
Total liabilities and shareholders’ equity	  	$173,888.5	 	 		  			 	$175,548.8	 	 		  			 	$176,916.9	 	 		  			

Interest Rate Spread	  			 		  	2.66  	%	 			 		  	2.69  	%	 			 		  	2.58  	%	

										
Net Interest Income - FTE 1	  			 	$1,175.7	  			 			 	$1,185.0	  			 			 	$1,167.8	  			

										
Net Interest Margin 2	  			 		  	3.07  	%	 			 		  	3.13  	%	 			 		  	3.07  	%	

 

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)	 	
 	 	        2009        	 	 	        2008        	 	 	        Amount        	 	 	        % 1         	 	
					
CREDIT DATA	 			 			 			 			
Allowance for loan and lease losses - beginning	 	$2,350,996  	 	 	$1,282,504  	 	 	$1,068,492  	 	 	83.3  	%	
Provision for loan losses	 	994,098  	 	 	560,022  	 	 	434,076  	 	 	77.5  	 	
Charge-offs	 			 			 			 			
Commercial	 	(140,952) 	 	 	(33,583) 	 	 	107,369  	 	 	NM  	 	
Real estate:	 			 			 			 			
Home equity lines	 	(160,860) 	 	 	(98,602) 	 	 	62,258  	 	 	63.1  	 	
Construction	 	(82,381) 	 	 	(23,182) 	 	 	59,199  	 	 	NM  	 	
Residential mortgages	 	(185,121) 	 	 	(109,186) 	 	 	75,935  	 	 	69.5  	 	
Commercial real estate	 	(2,085) 	 	 	(233) 	 	 	1,852  	 	 	NM  	 	
Consumer:	 			 			 			 			
Direct	 	(9,055) 	 	 	(10,315) 	 	 	(1,260) 	 	 	(12.2) 	 	
Indirect	 	(49,334) 	 	 	(42,889) 	 	 	6,445  	 	 	15.0  	 	
Credit cards	 	(17,128) 	 	 	(4,706) 	 	 	12,422  	 	 	NM  	 	
	 	 	 	 	 	 	 			 			
Total charge-offs	 	(646,916) 	 	 	(322,696) 	 	 	324,220  	 	 	NM  	 	

Recoveries	 			 			 			 			
Commercial	 	9,182  	 	 	5,403  	 	 	3,779  	 	 	69.9  	 	
Real estate:	 			 			 			 			
Home equity lines	 	3,812  	 	 	2,368  	 	 	1,444  	 	 	61.0  	 	
Construction	 	1,183  	 	 	78  	 	 	1,105  	 	 	NM  	 	
Residential mortgages	 	3,299  	 	 	1,223  	 	 	2,076  	 	 	NM  	 	
Commercial real estate	 	141  	 	 	162  	 	 	(21) 	 	 	(13.0) 	 	
Consumer:	 			 			 			 			
Direct	 	2,130  	 	 	2,381  	 	 	(251) 	 	 	(10.5) 	 	
Indirect	 	16,590  	 	 	13,562  	 	 	3,028  	 	 	22.3  	 	
Credit cards	 	485  	 	 	333  	 	 	152  	 	 	45.6  	 	
	 	 	 	 	 	 	 			 			
Total recoveries	 	36,822  	 	 	25,510  	 	 	11,312  	 	 	44.3  	 	
	 	 	 	 	 	 	 			 			
Net charge-offs	 	(610,094) 	 	 	(297,186) 	 	 	312,908  	 	 	NM  	 	
	 	 	 	 	 	 	 			 			
Allowance for loan and lease losses - ending	 	        $2,735,000  	 	 	    $1,545,340  	 	 	$1,189,660  	 	 	77.0  	 	

Net charge-offs to average loans (annualized)	 			 			 			 			
Commercial	 	1.35  	%	 	0.31  	%	 	1.04  	%	 	NM 	%	
Real estate:	 			 			 			 			
Home equity lines	 	4.00  	 	 	2.65  	 	 	1.35  	 	 	50.9  	 	
Construction	 	3.76  	 	 	0.72  	 	 	3.04  	 	 	NM 	 	
Residential mortgages	 	2.28  	 	 	1.29  	 	 	0.99  	 	 	76.4  	 	
Commercial real estate	 	0.05  	 	 	-  	 	 	0.05  	 	 	NM 	 	
Consumer:	 			 			 			 			
Direct	 	0.54  	 	 	0.79  	 	 	(0.24) 	 	 	(30.8) 	 	
Indirect	 	2.00  	 	 	1.53  	 	 	0.47  	 	 	30.7  	 	
Credit cards	 	6.94  	 	 	2.27  	 	 	4.67  	 	 	NM 	 	
Total net charge-offs to total average loans	 	1.97  	 	 	0.97  	 	 	1.00  	 	 	NM 	 	
					
Period Ended	 			 			 			 			
Nonaccrual/nonperforming loans	 			 			 			 			
Commercial	 	$400,076  	 	 	$97,930  	 	 	$302,146  	 	 	NM 	%	
Real estate:	 			 			 			 			
Home equity lines	 	323,226  	 	 	193,153  	 	 	130,073  	 	 	67.3  	 	
Construction	 	1,468,108  	 	 	520,704  	 	 	947,404  	 	 	NM 	 	
Residential mortgages	 	2,177,946  	 	 	1,115,071  	 	 	1,062,875  	 	 	95.3  	 	
Commercial real estate	 	221,790  	 	 	64,251  	 	 	157,539  	 	 	NM 	 	
Consumer loans	 	49,842  	 	 	46,851  	 	 	2,991  	 	 	6.4  	 	
	 	 	 	 	 	 	 			 			
Total nonaccrual/nonperforming loans	 	4,640,988  	 	 	2,037,960  	 	 	2,603,028  	 	 	NM 	 	
Other real estate owned (OREO)	 	593,579  	 	 	244,906  	 	 	348,673  	 	 	NM 	 	
Other repossessed assets	 	11,807  	 	 	6,340  	 	 	5,467  	 	 	86.2  	 	
	 	 	 	 	 	 	 			 			
Total nonperforming assets	 	$5,246,374  	 	 	$2,289,206  	 	 	$2,957,168  	 	 	NM 	 	
	 	 	 	 	 	 	 			 			
Restructured loans (accruing) 4	 	$651,068  	 	 	$30,787  	 	 	$620,281  	 	 	NM 	 	
	 	 	 	 	 	 	 			 			
Total accruing loans past due 90 days or more	 	$1,341,567  	 	 	$743,969  	 	 	$597,598  	 	 	80.3  	%	

Total nonperforming loans to total loans	 	3.75  	%	 	1.65  	%	 	2.10  	%	 	NM	%	
Total nonperforming assets to total loans plus OREO and other repossessed assets	 	4.21  	 	 	1.85  	 	 	2.36  	 	 	NM	 	
Allowance to period-end loans 2	 	2.21  	 	 	1.25  	 	 	0.96  	 	 	76.8  	 	
Allowance to nonperforming loans 3	 	60.4  	 	 	82.9  	 	 	(22.50) 	 	 	(27.1) 	 	
Allowance to annualized net charge-offs	 	1.11  	x	 	1.28  	x	 	(0.17) 	x	 	(13.3) 	 	
 
1 “NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

2 During the second quarter of 2008, the Company revised its method of calculating this ratio to include, within the period-end loan amount, only loans measured at amortized cost. Previously, period-end loans included loans measured at fair value or the lower of cost or market. The Company believes this is an improved method of calculation due to the fact that the allowance for loan losses relates solely to the loans measured at amortized cost. Loans measured at fair value or the lower of cost or market that have been excluded from the prior period calculation were $450,662 which did not change the calculation by more than one basis point as of March 31, 2008.
3 During the second quarter of 2008, the Company revised its method of calculating this ratio to include, within the nonperforming loan amount, only loans measured at amortized cost. Previously, this calculation included nonperforming loans measured at fair value or the lower of cost or market. The Company believes this is an improved method of calculation due to the fact that the allowance for loan losses relates solely to the loans measured at amortized cost. Nonperforming loans measured at fair value or the lower of cost or market that have been excluded from the prior period calculation were $173,752 which increased the calculation approximately 7 basis points as of March 31, 2008.
4 During the third quarter of 2008, the Company revised its definition of nonperforming to exclude loans that have been restructured and remain on accruing status. These loans are not considered to be nonperforming because they are performing in accordance with the restructured terms. This change better aligns the Company’s definition of nonperforming loans with the one used by peer institutions and therefore improves comparability of this measure across the industry.
 
Page 9

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

 
																						
 	 	Three Months Ended	 	
 	 	    March 31    
2009	 	 	December 31
2008	 	 	Increase/(Decrease)	 	 	September 30
2008	 	 	    June 30    
2008	 	 	    March 31    
2008	 	
 	 			 			 	    Amount    	 	 	      % 1       	 	 			 			 			
CREDIT DATA	 			 			 			 			 			 			 			
Allowance for loan and lease losses - beginning	 	$2,350,996  	 	 	$1,941,000  	 	 	$409,996  	 	 	21.1  	%	 	$1,829,400  	 	 	$1,545,340  	 	 	$1,282,504  	 	
Provision for loan losses	 	994,098  	 	 	962,494  	 	 	31,604  	 	 	3.3  	 	 	503,672  	 	 	448,027  	 	 	560,022  	 	
Allowance from GB&T acquisition	 	-  	 	 	-  	 	 	-  	 	 	-  	 	 	-  	 	 	158,705  	 	 	-  	 	
Charge-offs	 			 			 			 			 			 			 			
Commercial	 	(140,952) 	 	 	(89,675) 	 	 	51,277  	 	 	57.2  	 	 	(54,103) 	 	 	(41,366) 	 	 	(33,583) 	 	
Real estate:	 			 			 			 			 			 			 			
Home equity lines	 	(160,860) 	 	 	(136,949) 	 	 	23,911  	 	 	17.5  	 	 	(119,162) 	 	 	(94,857) 	 	 	(98,602) 	 	
Construction	 	(82,381) 	 	 	(84,194) 	 	 	(1,813) 	 	 	(2.2) 	 	 	(51,719) 	 	 	(35,399) 	 	 	(23,182) 	 	
Residential mortgages	 	(185,121) 	 	 	(156,397) 	 	 	28,724  	 	 	18.4  	 	 	(133,510) 	 	 	(126,055) 	 	 	(109,186) 	 	
Commercial real estate	 	(2,085) 	 	 	(23,548) 	 	 	(21,463) 	 	 	(91.1) 	 	 	(400) 	 	 	(563) 	 	 	(233) 	 	
Consumer:	 			 			 			 			 			 			 			
Direct	 	(9,055) 	 	 	(13,295) 	 	 	(4,240) 	 	 	(31.9) 	 	 	(10,406) 	 	 	(7,852) 	 	 	(10,315) 	 	
Indirect	 	(49,334) 	 	 	(65,666) 	 	 	(16,332) 	 	 	(24.9) 	 	 	(41,249) 	 	 	(43,101) 	 	 	(42,889) 	 	
Credit cards	 	(17,128) 	 	 	(12,843) 	 	 	4,285  	 	 	33.4  	 	 	(9,175) 	 	 	(6,372) 	 	 	(4,706) 	 	
	 	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total charge-offs	 	(646,916) 	 	 	(582,567) 	 	 	64,349  	 	 	11.0  	 	 	(419,724) 	 	 	(355,565) 	 	 	(322,696) 	 	

Recoveries	 			 			 			 			 			 			 			
Commercial	 	9,182  	 	 	6,724  	 	 	2,458  	 	 	36.6  	 	 	5,147  	 	 	6,865  	 	 	5,403  	 	
Real estate:	 			 			 			 			 			 			 			
Home equity lines	 	3,812  	 	 	4,480  	 	 	(668) 	 	 	(14.9) 	 	 	3,903  	 	 	5,650  	 	 	2,368  	 	
Construction	 	1,183  	 	 	802  	 	 	381  	 	 	47.5  	 	 	1,786  	 	 	182  	 	 	78  	 	
Residential mortgages	 	3,299  	 	 	2,816  	 	 	483  	 	 	17.2  	 	 	2,083  	 	 	1,644  	 	 	1,223  	 	
Commercial real estate	 	141  	 	 	700  	 	 	(559) 	 	 	(79.9) 	 	 	257  	 	 	35  	 	 	162  	 	
Consumer:	 			 			 			 			 			 			 			
Direct	 	2,130  	 	 	1,964  	 	 	166  	 	 	8.5  	 	 	1,700  	 	 	2,119  	 	 	2,381  	 	
Indirect	 	16,590  	 	 	12,102  	 	 	4,488  	 	 	37.1  	 	 	12,491  	 	 	16,008  	 	 	13,562  	 	
Credit cards	 	485  	 	 	481  	 	 	4  	 	 	0.8  	 	 	285  	 	 	390  	 	 	333  	 	
	 	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total recoveries	 	36,822  	 	 	30,069  	 	 	6,753  	 	 	22.5  	 	 	27,652  	 	 	32,893  	 	 	25,510  	 	
	 	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Net charge-offs	 	(610,094) 	 	 	(552,498) 	 	 	57,596  	 	 	10.4  	 	 	(392,072) 	 	 	(322,672) 	 	 	(297,186) 	 	
	 	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Allowance for loan and lease losses - ending	 	$2,735,000  	 	 	$2,350,996  	 	 	$384,004  	 	 	16.3  	 	 	$1,941,000  	 	 	$1,829,400  	 	 	$1,545,340  	 	

Net charge-offs to average loans (annualized)	 			 			 			 			 			 			 			
Commercial	 	1.35  	%	 	0.81  	%	 	0.54  	%	 	66.7  	%	 	0.57  	%	 	0.37  	%	 	0.31  	%	
Real estate:	 			 			 			 			 			 			 			
Home equity lines	 	4.00  	 	 	3.33  	 	 	0.67  	 	 	20.1  	 	 	2.97  	 	 	2.40  	 	 	2.65  	 	
Construction	 	3.76  	 	 	3.29  	 	 	0.47  	 	 	14.3  	 	 	1.73  	 	 	1.16  	 	 	0.72  	 	
Residential mortgages	 	2.28  	 	 	1.86  	 	 	0.42  	 	 	22.6  	 	 	1.57  	 	 	1.49  	 	 	1.29  	 	
Commercial real estate	 	0.05  	 	 	0.61  	 	 	(0.56) 	 	 	(91.8) 	 	 	-  	 	 	0.02  	 	 	-  	 	
Consumer:	 			 			 			 			 			 			 			
Direct	 	0.54  	 	 	0.90  	 	 	(0.36) 	 	 	(40.0) 	 	 	0.74  	 	 	0.53  	 	 	0.79  	 	
Indirect	 	2.00  	 	 	3.12  	 	 	(1.12) 	 	 	(35.9) 	 	 	1.56  	 	 	1.46  	 	 	1.53  	 	
Credit cards	 	6.94  	 	 	4.92  	 	 	2.02  	 	 	41.1  	 	 	4.11  	 	 	2.95  	 	 	2.27  	 	
Total net charge-offs to total average loans	 	1.97  	 	 	1.72  	 	 	0.25  	 	 	14.5  	 	 	1.24  	 	 	1.04  	 	 	0.97  	 	
								
Period Ended	 			 			 			 			 			 			 			
Nonaccrual/nonperforming loans	 			 			 			 			 			 			 			
    Commercial	 	$400,076  	 	 	$321,980  	 	 	$78,096  	 	 	24.3  	%	 	$257,343  	 	 	$117,168  	 	 	$97,930  	 	
Real estate:	 			 			 			 			 			 			 			
Home equity lines	 	323,226  	 	 	272,577  	 	 	50,649  	 	 	18.6  	 	 	232,904  	 	 	216,839  	 	 	193,153  	 	
Construction	 	1,468,108  	 	 	1,276,847  	 	 	191,261  	 	 	15.0  	 	 	1,040,678  	 	 	772,353  	 	 	520,704  	 	
Residential mortgages	 	2,177,946  	 	 	1,846,999  	 	 	330,947  	 	 	17.9  	 	 	1,548,955  	 	 	1,356,710  	 	 	1,115,071  	 	
Commercial real estate	 	221,790  	 	 	176,578  	 	 	45,212  	 	 	25.6  	 	 	164,906  	 	 	124,523  	 	 	64,251  	 	
Consumer loans	 	49,842  	 	 	45,045  	 	 	4,797  	 	 	10.6  	 	 	44,732  	 	 	37,735  	 	 	46,851  	 	
	 	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total nonaccrual/nonperforming loans	 	4,640,988  	 	 	3,940,026  	 	 	700,962  	 	 	17.8  	 	 	3,289,518  	 	 	2,625,328  	 	 	2,037,960  	 	
Other real estate owned (OREO)	 	593,579  	 	 	500,481  	 	 	93,098  	 	 	18.6  	 	 	387,037  	 	 	334,519  	 	 	244,906  	 	
Other repossessed assets	 	11,807  	 	 	15,866  	 	 	(4,059) 	 	 	(25.6) 	 	 	13,714  	 	 	13,203  	 	 	6,340  	 	
	 	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total nonperforming assets	 	$5,246,374  	 	 	$4,456,373  	 	 	$790,001  	 	 	17.7  	 	 	$3,690,269  	 	 	$2,973,050  	 	 	$2,289,206  	 	

Restructured loans (accruing) 4	 	$651,068  	 	 	$462,648  	 	 	$188,420  	 	 	40.7  	%	 	$381,040  	 	 	$163,358  	 	 	$30,787  	 	
	 	 	 	 	 	 	 			 			 	 	 	 	 	 	 	 	 	
Total accruing loans past due 90 days or more	 	$1,341,567  	 	 	$1,032,260  	 	 	$309,307  	 	 	30.0  	%	 	$772,132  	 	 	$753,558  	 	 	$743,969  	 	

Total nonperforming loans to total loans	 	3.75  	%	 	3.10  	%	 	0.65  	%	 	21.0  	%	 	2.60  	%	 	2.09  	%	 	1.65  	%	
Total nonperforming assets to total loans plus OREO and other repossessed assets	 	4.21  	 	 	3.49  	 	 	0.72  	 	 	20.6  	 	 	2.90  	 	 	2.36  	 	 	1.85  	 	
Allowance to period-end loans 2	 	2.21  	 	 	1.86  	 	 	0.35  	 	 	18.8  	 	 	1.54  	 	 	1.46  	 	 	1.25  	 	
Allowance to nonperforming loans 3	 	60.4  	 	 	61.7  	 	 	(1.30) 	 	 	(2.1) 	 	 	62.1  	 	 	77.0  	 	 	82.9  	 	
Allowance to annualized net charge-offs	 	1.11  	x	 	1.07  	x	 	0.04  	x	 	3.3  	 	 	1.24  	x	 	1.41  	x	 	1.28  	x	

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

2	During the second quarter of 2008, the Company revised its method of calculating this ratio to include, within the period-end loan amount, only loans measured at amortized cost. Previously, period-end loans included loans measured at fair value or the lower of cost or market. The Company believes this is an improved method of calculation due to the fact that the allowance for loan losses relates solely to the loans measured at amortized cost. Loans measured at fair value or the lower of cost or market that have been excluded from the prior period calculation were $450,662 as of March 31, 2008, which did not change the calculation by more than one basis point.	

3	During the second quarter of 2008, the Company revised its method of calculating this ratio to include, within the nonperforming loan amount, only loans measured at amortized cost. Previously, this calculation included nonperforming loans measured at fair value or the lower of cost or market. The Company believes this is an improved method of calculation due to the fact that the allowance for loan losses relates solely to the loans measured at amortized cost. Nonperforming loans measured at fair value or the lower of cost or market that have been excluded from the prior period calculation were $173,752 as of March 31, 2008, which increased the calculation approximately 7 basis points as of March 31, 2008.	

4	During the third quarter of 2008, the Company revised its definition of nonperforming to exclude loans that have been restructured and remain on accruing status. These loans are not considered to be nonperforming because they are performing in accordance with the restructured terms. This change better aligns the Company’s definition of nonperforming loans with the one used by peer institutions and therefore improves comparability of this measure across the industry.	
 
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-    
Amortized Cost	 	 	Mortgage
Servicing Rights-
Fair Value	 	 	        Other        	 	 	        Total        	 	
OTHER INTANGIBLE ASSET ROLLFORWARD	 			 			 			 			 			
Balance, beginning of period	 	$172,655	 	 	$1,049,425	 	 	$-	 	 	$140,915	 	 	$1,362,995	 	
Amortization	 	(14,952	)	 	(56,442	)	 	-	 	 	(5,763	)	 	(77,157	)	
Mortgage Servicing Rights (“MSRs”) originated	 	-	 	 	152,303	 	 	-	 	 	-	 	 	152,303	 	
Sale of interest in Lighthouse Partners	 	-	 	 	-	 	 	-	 	 	(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	 	

Balance, beginning of period	 	$145,311	 	 	$810,474	 	 	$-	 	 	$79,642	 	 	$1,035,427	 	
Designated at fair value (transfers from amortized cost)	 	-	 	 	(187,804	)	 	187,804	 	 	-	 	 	-	 	
Amortization	 	(11,881	)	 	(67,467	)	 	-	 	 	(4,108	)	 	(83,456	)	
MSRs originated	 	-	 	 	-	 	 	146,290	 	 	-	 	 	146,290	 	
MSRs impairment recovery	 	-	 	 	31,298	 	 	-	 	 	-	 	 	31,298	 	
Fair value changes due to inputs and assumptions	 	-	 	 	-	 	 	(25,798	)	 	-	 	 	(25,798	)	
Cymric purchase price adjustment	 	-	 	 	-	 	 	-	 	 	(428	)	 	(428	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance, March 31, 2009	 	$133,430	 	 	$586,501	 	 	$308,296	 	 	$75,106	 	 	$1,103,333	 	

 	 	Three Months Ended	 	
 	 	March 31
2009	 	 	December 31
2008	 	 	September 30
2008	 	 	June 30
2008	 	 	March 31
2008	 	
						
COMMON SHARE ROLLFORWARD	 			 			 			 			 			
Beginning balance	 	354,515	 	 	353,963	 	 	353,542	 	 	349,832	 	 	348,411	 	
Common shares issued/exchanged for employee benefit plans, stock option, performance and restricted stock activity	 	2,178	 	 	552	 	 	421	 	 	1,489	 	 	1,421	 	
Common shares issued for acquisition of GB&T	 	-	 	 	-	 	 	-	 	 	2,221	 	 	-	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ending balance	 	356,693	 	 	354,515	 	 	353,963	 	 	353,542	 	 	349,832	 	

COMMON STOCK REPURCHASE ACTIVITY	 			 			 			 			 			
Number of common shares repurchased 1	 	-	 	 	-	 	 	-	 	 	2	 	 	17	 	
Average price per share of repurchased common shares	 	$-	 	 	$-	 	 	$-	 	 	$57.76	 	 	$62.38	 	
Maximum number of common shares that may yet be purchased under repurchase plans or programs	 	30,000	 	 	30,000	 	 	30,000	 	 	30,000	 	 	30,000	 	

1	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.	
 
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
2009	 	 	December 31
2008	 	 	September 30
2008	 	 	June 30
2008	 	 	March 31
2008	 	
NON-GAAP MEASURES PRESENTED IN THE EARNINGS RELEASE	  			 			 			 			 			
Net income/(loss)	  	($815,167) 	 	 	($347,587) 	 	 	$312,444  	 	 	$540,362  	 	 	$290,555  	 	
Securities (gains)/losses, net of tax	  	(2,094) 	 	 	(254,853) 	 	 	(107,289) 	 	 	(345,807) 	 	 	37,563  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss) excluding net securities (gains)/losses, net of tax	  	(817,261) 	 	 	(602,440) 	 	 	205,155  	 	 	194,555  	 	 	328,118  	 	
The Coca-Cola Company stock dividend, net of tax	  	(10,947) 	 	 	(10,146) 	 	 	(10,146) 	 	 	(14,738) 	 	 	(14,738) 	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss) excluding net securities (gains)/losses and The
Coca-Cola Company stock dividend, net of tax	  	(828,208) 	 	 	(612,586) 	 	 	195,009  	 	 	179,817  	 	 	313,380  	 	
Less: Preferred dividends, Series A	  	5,000  	 	 	5,055  	 	 	5,111  	 	 	5,112  	 	 	6,977  	 	
Less: U.S. Treasury preferred dividends	  	66,279  	 	 	26,579  	 	 	-  	 	 	-  	 	 	-  	 	
Less: Dividends and undistributed earnings allocated to unvested shares	  	(11,065) 	 	 	(4,283) 	 	 	2,937  	 	 	5,282  	 	 	2,023  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss) available to common shareholders excluding net securities (gains)/losses and The Coca-Cola Company stock dividend	  	($888,422) 	 	 	($639,937) 	 	 	$186,961  	 	 	$169,423  	 	 	$304,380  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total average assets	  	$178,871,285  	 	 	$177,047,258  	 	 	$173,888,490  	 	 	$175,548,768  	 	 	$176,916,901  	 	
Average net unrealized securities gains	  	(1,341,146) 	 	 	(1,371,624) 	 	 	(1,526,431) 	 	 	(2,295,932) 	 	 	(2,453,981) 	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average assets less net unrealized securities gains	  	$177,530,139  	 	 	$175,675,634  	 	 	$172,362,059  	 	 	$173,252,836  	 	 	$174,462,920  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total average common shareholders’ equity	  	$17,144,179  	 	 	$17,600,105  	 	 	$17,597,380  	 	 	$17,709,264  	 	 	$17,678,719  	 	
Average accumulated other comprehensive income	  	(824,314) 	 	 	(996,955) 	 	 	(871,413) 	 	 	(1,488,305) 	 	 	(1,533,427) 	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total average realized common shareholders’ equity	  	$16,319,865  	 	 	$16,603,150  	 	 	$16,725,967  	 	 	$16,220,959  	 	 	$16,145,292  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on average total assets	  	(1.85) 	%	 	(0.78) 	%	 	0.71  	%	 	1.24  	%	 	0.66  	%	
Impact of excluding net realized and unrealized securities
(gains)/losses and The Coca-Cola Company stock dividend	  	(0.04) 	 	 	(0.61) 	 	 	(0.26) 	 	 	(0.82) 	 	 	0.06  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on average total assets less net unrealized
securities gains 1	  	(1.89) 	%	 	(1.39) 	%	 	0.45  	%	 	0.42  	%	 	0.72  	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on average common shareholders’ equity	  	(20.71) 	%	 	(8.47) 	%	 	6.88  	%	 	12.04  	%	 	6.41  	%	
Impact of excluding net realized and unrealized securities (gains)/losses and The Coca-Cola Company stock dividend	  	(1.37) 	 	 	(6.86) 	 	 	(2.43) 	 	 	(7.72) 	 	 	1.17  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on average realized common shareholders’ equity 2	  	(22.08) 	%	 	(15.33) 	%	 	4.45  	%	 	4.32  	%	 	7.58  	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Efficiency ratio 3	  	97.22  	%	 	82.34  	%	 	67.67  	%	 	52.94  	%	 	56.27  	%	
Impact of excluding amortization/impairment of goodwill/intangible assets
other than MSRs	  	(34.25) 	 	 	(0.90) 	 	 	(0.75) 	 	 	(2.49) 	 	 	(0.93) 	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible efficiency ratio 4	  	62.97  	%	 	81.44  	%	 	66.92  	%	 	50.45  	%	 	55.34  	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	$21,645,626  	 	 	$22,500,805  	 	 	$18,069,378  	 	 	$18,023,095  	 	 	$18,548,603  	 	
Goodwill	  	(6,224,610) 	 	 	(6,941,104) 	 	 	(7,062,869) 	 	 	(7,056,015) 	 	 	(6,923,033) 	 	
Other intangible assets including MSRs	  	(1,049,155) 	 	 	(978,211) 	 	 	(1,328,055) 	 	 	(1,394,941) 	 	 	(1,379,522) 	 	
MSRs	  	894,797  	 	 	810,474  	 	 	1,150,013  	 	 	1,193,450  	 	 	1,143,405  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible equity	  	15,266,658  	 	 	15,391,964  	 	 	10,828,467  	 	 	10,765,589  	 	 	11,389,453  	 	
Preferred stock	  	(5,227,357) 	 	 	(5,221,703) 	 	 	(500,000) 	 	 	(500,000) 	 	 	(500,000) 	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible common equity	  	$10,039,301  	 	 	$10,170,261  	 	 	$10,328,467  	 	 	$10,265,589  	 	 	$10,889,453  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$179,116,402  	 	 	$189,137,961  	 	 	$174,776,760  	 	 	$177,232,727  	 	 	$178,986,947  	 	
Goodwill	  	(6,309,431) 	 	 	(7,043,503) 	 	 	(7,062,869) 	 	 	(7,056,015) 	 	 	(6,923,033) 	 	
Other intangible assets including MSRs	  	(1,103,333) 	 	 	(1,035,427) 	 	 	(1,389,965) 	 	 	(1,442,056) 	 	 	(1,430,268) 	 	
MSRs	  	894,797  	 	 	810,474  	 	 	1,150,013  	 	 	1,193,450  	 	 	1,143,405  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible assets	  	$172,598,435  	 	 	$181,869,505  	 	 	$167,473,939  	 	 	$169,928,106  	 	 	$171,777,051  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tangible equity to tangible assets 5	  	8.85  	%	 	8.46  	%	 	6.47  	%	 	6.34  	%	 	6.63  	%	
Tangible common equity to tangible assets 6	  	5.82  	%	 	5.59  	%	 	6.17  	%	 	6.04  	%	 	6.34  	%	
Tangible book value per common share 8	  	$28.15  	 	 	$28.69  	 	 	$29.18  	 	 	$29.04  	 	 	$31.13  	 	
Net interest income	  	$1,062,098  	 	 	$1,176,860  	 	 	$1,146,213  	 	 	$1,156,716  	 	 	$1,139,867  	 	
Taxable-equivalent adjustment	  	30,859  	 	 	31,790  	 	 	29,466  	 	 	28,256  	 	 	27,975  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net interest income - FTE	  	1,092,957  	 	 	1,208,650  	 	 	1,175,679  	 	 	1,184,972  	 	 	1,167,842  	 	
Noninterest income	  	1,146,542  	 	 	717,729  	 	 	1,285,222  	 	 	1,413,010  	 	 	1,057,502  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue - FTE	  	2,239,499  	 	 	1,926,379  	 	 	2,460,901  	 	 	2,597,982  	 	 	2,225,344  	 	
Securities (gains)/losses, net	  	(3,377) 	 	 	(411,053) 	 	 	(173,046) 	 	 	(549,787) 	 	 	60,586  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue - FTE excluding net securities (gains)/losses 7	  	$2,236,122  	 	 	$1,515,326  	 	 	$2,287,855  	 	 	$2,048,195  	 	 	$2,285,930  	 	

 

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 securities portfolio which includes the ownership by the Company of common shares of The Coca-Cola Company. The Company uses this information internally to gauge its actual performance in the industry. The Company believes that the return on average assets less the net unrealized securities gains is more indicative of the Company’s return on assets because it more accurately reflects the return on the assets that are related to the Company’s core businesses which are primarily 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	SunTrust 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/impairment 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 after-tax impact of purchase accounting intangible assets. The Company believes this measure is useful to investors because, by removing the effect of intangible assets that result from merger and acquisition activity (the level of which may vary from company to company), it allows investors to more easily compare the Company’s capital adequacy to other companies in the industry. This measure is used by management to analyze capital adequacy.	

6	SunTrust presents a tangible common equity to tangible assets ratio that excludes preferred stock from tangible equity. The Company believes this measure is useful to investors because, by removing the preferred stock (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 who also use this measure. This measure is also used by management to analyze capital adequacy.	

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

8	SunTrust presents a tangible book value per common share that excludes the after-tax impact of purchase accounting intangible assets and also excludes preferred stock from tangible equity. The Company believes this measure is useful to investors because, by removing the effect of intangible assets that result from merger and acquisition activity as well as preferred stock (the level of which may vary from company to company), it allows investors to more easily compare the Company’s book value on common stock to other companies in the industry. This measure is also used by management to analyze capital adequacy.	
 
Page 12

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

 
													
 	  	Three Months Ended	
 	  	  March 31
2009	 	 	December 31
2008	 	 	September 30
2008	  	June 30
2008	  	March 31
2008	
	  	 	 	 	 	 	 	 	  	 	  	 	
NON-GAAP MEASURES PRESENTED IN THE EARNINGS RELEASE    	  			 			 		  		  		
						
Total noninterest expense	  	$2,177,327	 	 	$1,586,153 	 	 	$1,665,295 	  	$1,375,342 	  	$1,252,233 	
						
Goodwill/intangible impairment charges other than MSRs	  	751,156	 	 	- 	 	 	- 	  	45,000 	  	- 	
	  	 	 	 	 	 	 	 	  	 	  	 	
Total noninterest expense excluding goodwill/intangible impairment charges other than MSRs 1	  	$1,426,171	 	 	    $1,586,153 	 	 	    $1,665,295 	  	    $1,330,342 	  	    $1,252,233 	

Net income/(loss)	  	($815,167	)	 	($347,587	) 	 	$312,444 	  	$540,362 	  	$290,555 	
Goodwill/intangible impairment charges other than MSRs, after tax	  	723,853	 	 	- 	 	 	- 	  	27,281 	  	- 	
	  	 	 	 	 	 	 	 	  	 	  	 	
Net income/(loss) excluding goodwill/intangible
impairment charges other than MSRs, after tax 1	  	($91,314	)	 	($347,587	) 	 	$312,444 	  	$567,643 	  	$290,555 	

Net income/(loss) available to common shareholders	  	($875,381	)	 	($374,938	) 	 	$304,397 	  	$529,968 	  	$281,555 	
Goodwill/intangible impairment charges other than MSRs attributable to common shareholders, after tax	  	714,824  	 	 	- 	 	 	- 	  	27,006 	  	- 	
	  	 	 	 	 	 	 	 	  	 	  	 	
Net income/(loss) available to common shareholders excluding goodwill/intangible
impairment charges other than MSRs, after tax 1	  	($160,557	)	 	($374,938	) 	 	$304,397 	  	$556,974 	  	$281,555 	

Net income/(loss) per average common share, diluted	  	($2.49	)	 	($1.07	) 	 	$0.87 	  	$1.52 	  	$0.81 	
Impact of excluding goodwill/intangible impairment charges other than MSRs attributable to common shareholders, after tax	  	2.03  	 	 	- 	 	 	- 	  	0.07 	  	- 	
	  	 	 	 	 	 	 	 	  	 	  	 	
Net income/(loss) per average diluted common share, excluding goodwill/intangible
impairment charges other than MSRs, after tax 1	  	($0.46	)	 	($1.07	) 	 	$0.87 	  	$1.59 	  	$0.81 	

 
1 SunTrust presents noninterest expense, net income/(loss), net income/(loss) available to common shareholders, and net income/(loss) per average common diluted share that excludes the portion of the impairment charges on goodwill and intangible assets other than MSRs allocated to the common shareholders. The Company believes this measure is useful to investors, because removing the non-cash impairment charges provides a more representative view of normalized operations and the measure also allows better comparability with peers in the industry who also provide a similar presentation when applicable. In addition, management uses this measure internally to analyze performance.
 
Page 13

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

 
																						
 	 	Three Months Ended	 	
								
 	 	March 31
2009	 	December 31
2008	 	Increase/(Decrease) 2	 	 	Sequential
Annualized 1  %	 	 	March 31
2009	 	March 31
2008	 	Increase/(Decrease) 2	 	
 	 		 		 	Amount	 	        %        	 	 			 		 		 	Amount	 	        %        	 	
STATEMENTS OF INCOME (Dollars in thousands)	 		 		 		 			 			 		 		 		 			
NET INTEREST INCOME	 	$1,062,098  	 	$1,176,860  	 	($114,762) 	 	(9.8)  	%	 	(39.0)  	%	 	    $1,062,098  	 	$1,139,867  	 	($77,769) 	 	(6.8)  	%	
Provision for loan losses 3	 	994,098  	 	962,494  	 	31,604  	 	3.3  	 	 	13.1  	 	 	994,098  	 	560,022  	 	434,076  	 	77.5  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	 	68,000  	 	214,366  	 	(146,366) 	 	(68.3) 	 	 	NM  	 	 	68,000  	 	579,845  	 	(511,845) 	 	(88.3) 	 	

NONINTEREST INCOME	 		 		 		 			 			 		 		 		 			
Service charges on deposit accounts	 	206,394  	 	221,751  	 	(15,357) 	 	(6.9) 	 	 	(27.7) 	 	 	206,394  	 	211,839  	 	(5,445) 	 	(2.6) 	 	
Trust and investment management income	 	116,010  	 	126,426  	 	(10,416) 	 	(8.2) 	 	 	(33.0) 	 	 	116,010  	 	161,102  	 	(45,092) 	 	(28.0) 	 	
Retail investment services	 	56,713  	 	70,238  	 	(13,525) 	 	(19.3) 	 	 	(77.0) 	 	 	56,713  	 	72,300  	 	(15,587) 	 	(21.6) 	 	
Other charges and fees	 	124,321  	 	125,206  	 	(885) 	 	(0.7) 	 	 	(2.8) 	 	 	124,321  	 	127,231  	 	(2,910) 	 	(2.3) 	 	
Investment banking income	 	59,534  	 	57,962  	 	1,572  	 	2.7  	 	 	10.8  	 	 	59,534  	 	55,420  	 	4,114  	 	7.4  	 	
Trading account profits/(losses) and commissions	 	107,293  	 	(61,879) 	 	169,172  	 	NM  	 	 	NM  	 	 	107,293  	 	28,218  	 	79,075  	 	NM  	 	
Card fees	 	75,660  	 	77,909  	 	(2,249) 	 	(2.9) 	 	 	(11.5) 	 	 	75,660  	 	73,761  	 	1,899  	 	2.6  	 	
Mortgage production related income/(loss)	 	250,470  	 	(27,717) 	 	278,187  	 	NM  	 	 	NM  	 	 	250,470  	 	85,549  	 	164,921  	 	NM  	 	
Mortgage servicing related income/(loss)	 	83,352  	 	(336,129) 	 	419,481  	 	NM  	 	 	NM  	 	 	83,352  	 	29,098  	 	54,254  	 	NM  	 	
Gain/(loss) on sale of businesses	 	-  	 	(2,711) 	 	2,711  	 	100.0  	 	 	NM  	 	 	-  	 	89,390  	 	(89,390) 	 	(100.0) 	 	
Gain on Visa IPO	 	-  	 	-  	 	-  	 	-  	 	 	-  	 	 	-  	 	86,305  	 	(86,305) 	 	(100.0) 	 	
Net gain on sale/leaseback of premises	 	-  	 	-  	 	-  	 	-  	 	 	-  	 	 	-  	 	37,039  	 	(37,039) 	 	(100.0) 	 	
Net gain on extinguishment of debt	 	25,304  	 	-  	 	25,304  	 	NM  	 	 	NM  	 	 	25,304  	 	-  	 	25,304  	 	NM  	 	
Other noninterest income	 	38,114  	 	55,620  	 	(17,506) 	 	(31.5) 	 	 	NM  	 	 	38,114  	 	60,836  	 	(22,722)  	 	(37.4) 	 	
Securities gains/(losses), net	 	3,377  	 	411,053  	 	(407,676) 	 	(99.2) 	 	 	NM  	 	 	3,377  	 	(60,586) 	 	63,963  	 	NM  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Total noninterest income	 	1,146,542  	 	717,729  	 	428,813  	 	59.7  	 	 	NM  	 	 	1,146,542  	 	1,057,502  	 	89,040  	 	8.4  	 	

NONINTEREST EXPENSE	 		 		 		 			 			 		 		 		 			
Employee compensation and benefits	 	736,052  	 	638,014  	 	98,038  	 	15.4  	 	 	61.5  	 	 	736,052  	 	715,083  	 	20,969  	 	2.9  	 	
Net occupancy expense	 	87,417  	 	86,620  	 	797  	 	0.9  	 	 	3.7  	 	 	87,417  	 	86,441  	 	976  	 	1.1  	 	
Outside processing and software	 	138,361  	 	143,880  	 	(5,519) 	 	(3.8) 	 	 	(15.3) 	 	 	138,361  	 	109,165  	 	29,196  	 	26.7  	 	
Equipment expense	 	43,540  	 	47,892  	 	(4,352) 	 	(9.1) 	 	 	(36.3) 	 	 	43,540  	 	52,395  	 	(8,855) 	 	(16.9) 	 	
Marketing and customer development	 	34,725  	 	51,636  	 	(16,911) 	 	(32.8) 	 	 	NM  	 	 	34,725  	 	55,703  	 	(20,978) 	 	(37.7) 	 	
Amortization/impairment of goodwill/intangible assets	 	767,016  	 	17,259  	 	749,757  	 	NM  	 	 	NM  	 	 	767,016  	 	20,715  	 	746,301  	 	NM  	 	
Visa litigation	 	-  	 	(14,345) 	 	14,345  	 	100.0  	 	 	NM  	 	 	-  	 	(39,124) 	 	39,124  	 	100.0  	 	
Net loss on extinguishment of debt	 	-  	 	-  	 	-  	 	-  	 	 	-  	 	 	-  	 	11,723  	 	(11,723) 	 	(100.0) 	 	
Operating losses 3	 	22,621  	 	236,078  	 	(213,457) 	 	(90.4) 	 	 	NM  	 	 	22,621  	 	30,263  	 	(7,642) 	 	(25.3) 	 	
Mortgage reinsurance	 	-  	 	99,999  	 	(99,999)  	 	(100.0) 	 	 	NM  	 	 	-  	 	7,011  	 	(7,011) 	 	(100.0) 	 	
Other noninterest expense	 	347,595  	 	279,120  	 	68,475  	 	24.5  	 	 	98.1  	 	 	347,595  	 	202,858  	 	144,737  	 	71.3  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Total noninterest expense	 	2,177,327  	 	1,586,153  	 	591,174  	 	37.3  	 	 	NM  	 	 	2,177,327  	 	1,252,233  	 	925,094  	 	73.9  	 	

INCOME/(LOSS) BEFORE PROVISION/(BENEFIT) FOR INCOME TAXES AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	 	(962,785) 	 	(654,058) 	 	(308,727) 	 	(47.2) 	 	 	NM  	 	 	(962,785) 	 	385,114  	 	(1,347,899) 	 	NM  	 	
Less: Pre-tax income attributable to noncontrolling interest	 	3,159  	 	2,485  	 	674  	 	27.1  	 	 	NM  	 	 	3,159  	 	2,911  	 	248  	 	8.5  	 	
Provision/(benefit) for income taxes	 	(150,777) 	 	(308,956) 	 	158,179  	 	51.2  	 	 	NM  	 	 	(150,777) 	 	91,648  	 	(242,425) 	 	NM  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
NET INCOME/(LOSS)	 	(815,167) 	 	(347,587) 	 	(467,580) 	 	NM  	 	 	NM  	 	 	(815,167) 	 	290,555  	 	(1,105,722) 	 	NM  	 	
Preferred dividends, Series A	 	5,000  	 	5,055  	 	(55) 	 	(1.1) 	 	 	(4.4) 	 	 	5,000  	 	6,977  	 	(1,977)  	 	(28.3) 	 	
U.S. Treasury preferred dividends	 	66,279  	 	26,579  	 	39,700  	 	NM  	 	 	NM  	 	 	66,279  	 	-  	 	66,279  	 	NM  	 	
Dividends and undistributed earnings allocated to unvested shares	 	(11,065) 	 	(4,283) 	 	(6,782) 	 	NM  	 	 	NM  	 	 	(11,065) 	 	2,023  	 	(13,088) 	 	NM  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
NET INCOME/(LOSS) AVAILABLE TO COMMON SHAREHOLDERS	 	($875,381) 	 	($374,938) 	 	($500,443) 	 	NM  	%	 	NM  	%	 	($875,381) 	 	$281,555  	 	($1,156,936) 	 	NM  	%	

REVENUE (Dollars in thousands)	 		 		 		 			 			 		 		 		 			
Net interest income	 	$1,062,098  	 	$1,176,860  	 	($114,762) 	 	(9.8)  	%	 	(39.0)  	%	 	$1,062,098  	 	$1,139,867  	 	($77,769) 	 	(6.8)  	%	
Taxable-equivalent adjustment	 	30,859  	 	31,790  	 	(931) 	 	(2.9) 	 	 	(11.7) 	 	 	30,859  	 	27,975  	 	2,884  	 	10.3  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Net interest income - FTE	 	1,092,957  	 	1,208,650  	 	(115,693) 	 	(9.6) 	 	 	(38.3) 	 	 	1,092,957  	 	1,167,842  	 	(74,885) 	 	(6.4) 	 	
Noninterest income	 	1,146,542  	 	717,729  	 	428,813  	 	59.7  	 	 	NM  	 	 	1,146,542  	 	1,057,502  	 	89,040  	 	8.4  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Total revenue - FTE	 	$2,239,499  	 	$1,926,379  	 	$313,120  	 	16.3  	 	 	65.0  	 	 	$2,239,499  	 	$2,225,344  	 	$14,155  	 	0.6  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
SELECTED AVERAGE BALANCES (Dollars in millions)	 		 		 		 			 			 		 		 		 			
										
Average loans	 		 		 		 			 			 		 		 		 			
Commercial-FTE	 	$39,199  	 	$40,464  	 	($1,265) 	 	(3.1)  	%	 	(12.5)  	%	 	$39,199  	 	$36,375  	 	$2,824  	 	7.8  	%	
Real estate home equity lines	 	15,907  	 	15,803  	 	104  	 	0.7  	 	 	2.6  	 	 	15,907  	 	14,603  	 	1,304  	 	8.9  	 	
Real estate construction	 	7,376  	 	8,915  	 	(1,539) 	 	(17.3) 	 	 	(69.1) 	 	 	7,376  	 	12,450  	 	(5,074) 	 	(40.8) 	 	
Real estate 1-4 family	 	29,945  	 	31,007  	 	(1,062) 	 	(3.4) 	 	 	(13.7) 	 	 	29,945  	 	32,440  	 	(2,495)  	 	(7.7) 	 	
Real estate commercial	 	15,339  	 	14,737  	 	602  	 	4.1  	 	 	16.3  	 	 	15,339  	 	13,113  	 	2,226  	 	17.0  	 	
Credit card	 	972  	 	999  	 	(27) 	 	(2.7) 	 	 	(10.7) 	 	 	972  	 	774  	 	198  	 	25.6  	 	
Consumer - direct	 	5,165  	 	5,009  	 	156  	 	3.1  	 	 	12.5  	 	 	5,165  	 	4,063  	 	1,102  	 	27.1  	 	
Consumer - indirect	 	6,624  	 	6,821  	 	(197) 	 	(2.9) 	 	 	(11.5) 	 	 	6,624  	 	7,646  	 	(1,022) 	 	(13.4) 	 	
Nonaccrual and restructured	 	4,807  	 	3,853  	 	954  	 	24.7  	 	 	99.0  	 	 	4,807  	 	1,799  	 	3,008  	 	NM  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Total loans	 	$125,334  	 	$127,608  	 	($2,273) 	 	(1.8)  	%	 	(7.1)  	%	 	$125,334  	 	$123,263  	 	$2,071  	 	1.7  	%	

Average deposits	 		 		 		 			 			 		 		 		 			
Noninterest bearing deposits	 	$22,827  	 	$20,955  	 	$1,872  	 	8.9  	%	 	35.7  	%	 	$22,827  	 	$20,616  	 	$2,211  	 	10.7  	%	
NOW accounts	 	21,244  	 	20,095  	 	1,149  	 	5.7  	 	 	22.9  	 	 	21,244  	 	21,981  	 	(737) 	 	(3.4) 	 	
Money market accounts	 	29,317  	 	27,969  	 	1,348  	 	4.8  	 	 	19.3  	 	 	29,317  	 	25,343  	 	3,974  	 	15.7  	 	
Savings	 	3,443  	 	3,460  	 	(17) 	 	(0.5) 	 	 	(2.0) 	 	 	3,443  	 	3,917  	 	(474) 	 	(12.1) 	 	
Consumer and other time	 	30,684  	 	29,760  	 	924  	 	3.1  	 	 	12.4  	 	 	30,684  	 	29,311  	 	1,373  	 	4.7  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Total consumer and commercial deposits	 	107,515  	 	102,239  	 	5,276  	 	5.2  	 	 	20.6  	 	 	107,515  	 	101,168  	 	6,347  	 	6.3  	 	
Brokered and foreign deposits	 	7,417  	 	12,648  	 	(5,231) 	 	(41.4) 	 	 	NM  	 	 	7,417  	 	15,469  	 	(8,052) 	 	(52.1) 	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Total deposits	 	$114,932  	 	$114,887  	 	$45  	 	0.0  	%	 	0.0  	%	 	$114,932  	 	$116,637  	 	($1,705) 	 	(1.5)  	%	

SELECTED CREDIT DATA (Dollars in thousands)	 		 		 		 			 			 		 		 		 			
										
Nonaccrual loans	 	$4,640,988  	 	$3,940,026  	 	$700,962  	 	17.8  	%	 	71.2  	%	 	$4,640,988  	 	$2,037,960  	 	$2,603,028  	 	NM  	%	
Other real estate owned (OREO)	 	593,579  	 	500,481  	 	93,098  	 	18.6  	 	 	74.4  	 	 	593,579  	 	244,906  	 	348,673  	 	NM  	 	
Other repossessed assets	 	11,807  	 	15,866  	 	(4,059) 	 	(25.6) 	 	 	NM  	 	 	11,807  	 	6,340  	 	5,467  	 	86.2  	 	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Total nonperforming assets	 	$5,246,374  	 	$4,456,373  	 	$790,001  	 	17.7  	%	 	70.9  	%	 	$5,246,374  	 	$2,289,206  	 	$2,957,168  	 	NM  	%	
	 	 	 	 	 		 			 			 	 	 	 	 		 			
Allowance for loan and lease losses	 	$2,735,000  	 	$2,350,996  	 	$384,004  	 	16.3  	%	 	65.3  	%	 	$2,735,000  	 	$1,545,340  	 	$1,189,660  	 	77.0  	%	

 
1 Multiply percentage change by 4 to calculate sequential annualized change.
2 “NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.
3 During the first quarter of 2009, the Company began incorporating certain types of loan-related losses in the allowance for loan and lease losses. These losses, representing borrower misrepresentation and insurance claim denials, were previously recorded within noninterest expense.
 
Page 14

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

										
 	  	Three Months Ended                                	 	
 	  	    March 31    
2009	 	 	    March 31    
2008	 	 	%
    Change 3     	 	
				
Statements of Income	  			 			 			
				
Net interest income 1	  	$549,271  	 	 	$633,731  	 	 	(13.3) 	%	
FTE adjustment	  	8,793  	 	 	8,785  	 	 	0.1  	 	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	558,064  	 	 	642,516  	 	 	(13.1) 	 	
Provision for loan losses 2	  	219,031  	 	 	103,556  	 	 	NM  	 	
	  	 	 	 	 	 	 			
Net interest income after provision for loan losses - FTE	  	339,033  	 	 	538,960  	 	 	(37.1) 	 	

Noninterest income before securities gains/(losses)	  	329,209  	 	 	331,488  	 	 	(0.7) 	 	
Securities losses, net	  	(72) 	 	 	-  	 	 	-  	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	329,137  	 	 	331,488  	 	 	(0.7) 	 	

Noninterest expense before amortization/impairment of goodwill/intangible assets	  	696,015  	 	 	626,779  	 	 	11.0  	 	
Amortization/impairment of goodwill/intangible assets	  	311,113  	 	 	14,941  	 	 	NM  	 	
	  	 	 	 	 	 	 			
Total noninterest expense	  	1,007,128  	 	 	641,720  	 	 	56.9  	 	

Income/(loss) before provision/(benefit) for income taxes and income attributable to noncontrolling interest	  	(338,958) 	 	 	228,728  	 	 	NM  	 	
Less: pre-tax income attributable to noncontrolling interest	  	-  	 	 	-  	 	 	-  	 	
Provision/(benefit) for income taxes	  	(51,355) 	 	 	55,639  	 	 	NM  	 	
FTE adjustment	  	8,793  	 	 	8,785  	 	 	0.1  	 	
	  	 	 	 	 	 	 			
Net income/(loss)	  	($296,396) 	 	 	$164,304  	 	 	NM  	 	

Total revenue - FTE	  	$887,201  	 	 	$974,004  	 	 	(8.9) 	 	
				
Selected Average Balances	  			 			 			
				
Total loans	  	$50,453,738  	 	 	$50,402,018  	 	 	0.1  	%	
Goodwill	  	6,206,435  	 	 	6,089,255  	 	 	1.9  	 	
Other intangible assets excluding MSRs	  	138,996  	 	 	165,700  	 	 	(16.1) 	 	
Total assets	  	58,164,316  	 	 	58,010,005  	 	 	0.3  	 	
Consumer and Commercial Deposits	  	86,654,408  	 	 	82,372,969  	 	 	5.2  	 	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	113.52  	%	 	65.88  	%	 			
Impact of excluding amortization/impairment of goodwill/intangible assets	  	(41.13) 	 	 	(5.85) 	 	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	72.39  	%	 	60.03  	%	 			

 

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
CORPORATE AND INVESTMENT BANKING LINE OF BUSINESS
(Dollars in thousands) (Unaudited)

										
 	 	Three Months Ended                        	 	
 	 	    March 31    
2009	 	 	    March 31    
2008	 	 	%
    Change 3     	 	
				
Statements of Income	 			 			 			
				
Net interest income 1	 	$76,160  	 	 	$58,194  	 	 	30.9  	%	
FTE adjustment	 	18,275  	 	 	14,038  	 	 	30.2  	 	
	 	 	 	 	 	 	 			
Net interest income - FTE	 	94,435  	 	 	72,232  	 	 	30.7  	 	
Provision for loan losses 2	 	75,070  	 	 	(376) 	 	 	NM  	 	
	 	 	 	 	 	 	 			
Net interest income after provision for loan losses - FTE	 	19,365  	 	 	72,608  	 	 	(73.3) 	 	

Noninterest income before securities gains/(losses)	 	159,270  	 	 	150,529  	 	 	5.8  	 	
Securities gains/(losses), net	 	-      	 	 	-      	 	 	-      	 	
	 	 	 	 	 	 	 			
Total noninterest income	 	159,270  	 	 	150,529  	 	 	5.8  	 	

Noninterest expense before amortization of intangible assets	 	151,796  	 	 	134,355  	 	 	13.0  	 	
Amortization of intangible assets	 	122  	 	 	122  	 	 	-      	 	
	 	 	 	 	 	 	 			
Total noninterest expense	 	151,918  	 	 	134,477  	 	 	13.0  	 	

Income/(loss) before provision/(benefit) for income taxes and income attributable to noncontrolling interest	 	26,717  	 	 	88,660  	 	 	(69.9) 	 	
Less: pre-tax income attributable to noncontrolling interest	 	-      	 	 	-      	 	 	-      	 	
Provision/(benefit) for income taxes	 	(7,607) 	 	 	13,958  	 	 	NM  	 	
FTE adjustment	 	18,275  	 	 	14,038  	 	 	30.2  	 	
	 	 	 	 	 	 	 			
Net income	 	$16,049  	 	 	$60,664  	 	 	(73.5) 	 	

Total revenue - FTE	 	$253,705  	 	 	$222,761  	 	 	13.9  	 	
				
Selected Average Balances	 			 			 			
				
Total loans	 	$23,205,539  	 	 	$19,664,675  	 	 	18.0  	%	
Goodwill	 	223,307  	 	 	223,426  	 	 	(0.1) 	 	
Other intangible assets excluding MSRs	 	305  	 	 	801  	 	 	(61.9) 	 	
Total assets	 	34,796,955  	 	 	29,703,886  	 	 	17.1  	 	
Consumer and Commercial Deposits	 	7,214,294  	 	 	6,255,368  	 	 	15.3  	 	
				
Performance Ratios	 			 			 			
				
Efficiency ratio	 	59.88  	%	 	60.37  	%	 			
Impact of excluding amortization of intangible assets	 	(0.66) 	 	 	(0.73) 	 	 			
	 	 	 	 	 	 	 			
Tangible efficiency ratio	 	59.22  	%	 	59.64  	%	 			

 

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
HOUSEHOLD LENDING LINE OF BUSINESS
(Dollars in thousands)    (Unaudited)

										
 	  	Three Months Ended	 	 	   	 	
 	  	March 31
2009	 	 	March 31
2008	 	 	%
Change 3	 	
Statements of Income	  			 			 			
				
Net interest income 1	  	$201,902  	 	 	$187,561  	 	 	7.6  	%	
FTE adjustment	  	-      	 	 	-      	 	 	-      	 	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	201,902  	 	 	187,561  	 	 	7.6  	 	
Provision for loan losses 2	  	305,820  	 	 	188,092  	 	 	62.6  	 	
	  	 	 	 	 	 	 			
Net interest loss after provision for loan losses - FTE	  	(103,918) 	 	 	(531) 	 	 	NM  	 	

Noninterest income before securities gains/(losses)	  	336,660  	 	 	152,603  	 	 	NM  	 	
Securities losses, net	  	(723) 	 	 	(5,010) 	 	 	(85.6) 	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	335,937  	 	 	147,593  	 	 	NM  	 	

Noninterest expense before amortization/impairment of goodwill/intangible assets	  	345,559  	 	 	255,293  	 	 	35.4  	 	
Amortization/impairment of goodwill/intangible assets	  	452,294  	 	 	763  	 	 	NM  	 	
	  	 	 	 	 	 	 			
Total noninterest expense	  	797,853  	 	 	256,056	 	 	NM  	 	

Loss before benefit for income taxes and income attributable to noncontrolling interest	  	(565,834) 	 	 	(108,994) 	 	 	NM  	 	
Less: pre-tax income attributable to noncontrolling interest	  	869  	 	 	442  	 	 	96.6  	 	
Benefit for income taxes	  	(63,673) 	 	 	(45,638) 	 	 	39.5  	 	
FTE adjustment	  	-      	 	 	-      	 	 	-      	 	
	  	 	 	 	 	 	 			
Net loss	  	($503,030) 	 	 	($63,798) 	 	 	NM  	 	

Total revenue - FTE	  	$537,839  	 	 	$335,154  	 	 	60.5  	 	
				
Selected Average Balances	  			 			 			
				
Total loans	  	$43,279,858  	 	 	$45,009,044  	 	 	(3.8)  	%	
Goodwill	  	283,291  	 	 	276,592  	 	 	2.4  	 	
Other intangible assets excluding MSRs	  	9,355  	 	 	1,274  	 	 	NM  	 	
Total assets	  	52,482,628  	 	 	58,013,698  	 	 	(9.5) 	 	
Consumer and Commercial Deposits	  	2,954,598  	 	 	2,105,235  	 	 	40.3 	 	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	148.34  	%	 	76.40  	%	 			
Impact of excluding amortization/impairment of goodwill/intangible assets	  	(84.50) 	 	 	(0.93) 	 	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	63.84  	%	 	75.47  	%	 			

Other Information	  			 			 			
				
Production Data	  			 			 			
Channel mix	  			 			 			
Retail	  	$6,380,622  	 	 	$5,357,407  	 	 	19.1  	%	
Wholesale	  	3,605,375  	 	 	4,204,623  	 	 	(14.3) 	 	
Correspondent	  	3,456,256  	 	 	2,169,602  	 	 	59.3  	 	
	  	 	 	 	 	 	 			
Total production	  	$13,442,253  	 	 	$11,731,632  	 	 	14.6  	 	

Channel mix - percent	  			 			 			
Retail	  	47  	%	 	46  	%	 			
Wholesale	  	27  	 	 	36  	 	 			
Correspondent	  	26  	 	 	18  	 	 			
	  	 	 	 	 	 	 			
Total production	  	100  	%	 	100  	%	 			

Purchase and refinance mix	  			 			 			
Refinance	  	$10,800,272  	 	 	$6,715,286  	 	 	60.8  	 	
Purchase	  	2,641,981  	 	 	5,016,346  	 	 	(47.3) 	 	
	  	 	 	 	 	 	 			
Total production	  	$13,442,253  	 	 	$11,731,632  	 	 	14.6  	 	

Purchase and refinance mix - percent	  			 			 			
Refinance	  	80  	%	 	57  	%	 			
Purchase	  	20  	 	 	43  	 	 			
	  	 	 	 	 	 	 			
Total production	  	100  	%	 	100  	%	 			

Applications	  	$25,614,207  	 	 	$21,209,440  	 	 	20.8  	 	
				
Mortgage Servicing Data (End of Period)	  			 			 			
Total loans serviced	  	$166,420,008  	 	 	$155,450,933  	 	 	7.1  	%	
Total loans serviced for others	  	131,882,752  	 	 	121,147,815  	 	 	8.9  	 	
Net carrying value of MSRs	  	894,797  	 	 	1,143,405  	 	 	(21.7) 	 	
Ratio of net carrying value of MSRs to total
loans serviced for others	  	0.678  	%	 	0.944  	%	 			

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
WEALTH AND INVESTMENT MANAGEMENT LINE OF BUSINESS
(Dollars in thousands)    (Unaudited)

										
 	  	Three Months Ended	 	 	   	 	
 	  	March 31
2009	 	 	March 31
2008	 	 	%
Change	 	
Statements of Income	  			 			 			
				
Net interest income 1	  	$69,744  	 	 	$79,906  	 	 	(12.7) 	%	
FTE adjustment	  	4  	 	 	10  	 	 	(60.0) 	 	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	69,748  	 	 	79,916  	 	 	(12.7) 	 	
Provision for loan losses 2	  	9,798  	 	 	5,116  	 	 	91.5  	 	
	  	 	 	 	 	 	 			
Net interest income after provision for loan losses - FTE	  	59,950  	 	 	74,800  	 	 	(19.9) 	 	

Noninterest income before securities gains/(losses)	  	173,193  	 	 	331,358  	 	 	(47.7) 	 	
Securities gains, net	  	3  	 	 	4  	 	 	(25.0) 	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	173,196  	 	 	331,362  	 	 	(47.7) 	 	

Noninterest expense before amortization of intangible assets	  	220,537  	 	 	239,084  	 	 	(7.8) 	 	
Amortization of intangible assets	  	3,385  	 	 	4,786  	 	 	(29.3) 	 	
	  	 	 	 	 	 	 			
Total noninterest expense	  	223,922  	 	 	243,870  	 	 	(8.2) 	 	

Income before provision for income taxes and income attributable to noncontrolling interest	  	9,224  	 	 	162,292  	 	 	(94.3) 	 	
Less: pre-tax income attributable to noncontrolling interest	  	-      	 	 	219  	 	 	(100.0) 	 	
Provision for income taxes	  	3,733  	 	 	59,214  	 	 	(93.7) 	 	
FTE adjustment	  	4  	 	 	10  	 	 	(60.0) 	 	
	  	 	 	 	 	 	 			
Net income	  	$5,487  	 	 	$102,849  	 	 	(94.7) 	 	

Total revenue - FTE	  	$242,944  	 	 	$411,278  	 	 	(40.9) 	 	
				
Selected Average Balances	  			 			 			
				
Total loans	  	$8,162,721  	 	 	$7,890,128  	 	 	3.5  	%	
Goodwill	  	338,211  	 	 	332,890  	 	 	1.6  	 	
Other intangible assets excluding MSRs	  	63,648  	 	 	126,269  	 	 	(49.6) 	 	
Total assets	  	8,909,689  	 	 	8,805,524  	 	 	1.2  	 	
Consumer and Commercial Deposits	  	10,032,542  	 	 	9,794,424  	 	 	2.4  	 	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	92.17  	%	 	59.30  	%	 			
Impact of excluding amortization of intangible assets	  	(3.12) 	 	 	(1.89) 	 	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	89.05  	%	 	57.41  	%	 			

Other Information (End of Period)	  			 			 			
				
Assets under administration	  			 			 			
Managed (discretionary) assets	  	$105,316,231  	 	 	$140,439,761  	 	 	(25.0) 	%	
Non-managed assets	  	40,363,929  	 	 	63,875,844  	 	 	(36.8) 	 	
	  	 	 	 	 	 	 			
Total assets under administration	  	145,680,160  	 	 	204,315,605  	 	 	(28.7) 	 	

Brokerage assets	  	28,760,749  	 	 	39,279,523  	 	 	(26.8) 	 	
Corporate trust assets	  	6,659,408  	 	 	4,699,047  	 	 	41.7  	 	
	  	 	 	 	 	 	 			
Total assets under advisement	  	$181,100,317  	 	 	$248,294,175  	 	 	(27.1) 	 	

 

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.	
 
Page 18

SunTrust Banks, Inc. and Subsidiaries
CORPORATE OTHER AND TREASURY
(Dollars in thousands)       (Unaudited)

										
 	 	Three Months Ended	 	 	   	 	
 	 	    March 31    
2009	 	 	    March 31    
2008	 	 	%
  Change 2   	 	
				
Statements of Income	 			 			 			
				
Net interest income	 	$165,021  	 	 	$180,475  	 	 	(8.6) 	%	
FTE adjustment	 	3,787  	 	 	5,142  	 	 	(26.4) 	 	
	 	 	 	 	 	 	 			
Net interest income - FTE	 	168,808  	 	 	185,617  	 	 	(9.1) 	 	
Provision for loan losses 1	 	384,379  	 	 	263,634  	 	 	45.8  	 	
	 	 	 	 	 	 	 			
Net interest loss after provision for loan losses - FTE	 	(215,571) 	 	 	(78,017) 	 	 	NM  	 	

Noninterest income before securities gains/(losses)	 	144,833  	 	 	152,110  	 	 	(4.8) 	 	
Securities gains/(losses), net	 	4,169  	 	 	(55,580) 	 	 	NM  	 	
	 	 	 	 	 	 	 			
Total noninterest income	 	149,002  	 	 	96,530  	 	 	54.4  	 	
	 	 	 	 	 	 	 			
Noninterest expense before amortization of intangible assets	 	(3,596) 	 	 	(23,993) 	 	 	(85.0) 	 	
Amortization of intangible assets	 	102  	 	 	103  	 	 	(1.0) 	 	
	 	 	 	 	 	 	 			
Total noninterest expense	 	(3,494) 	 	 	(23,890) 	 	 	(85.4) 	 	

Income/(loss) before provision/(benefit) for income taxes and income attributable to noncontrolling interest	 	(63,075) 	 	 	42,403  	 	 	NM  	 	
Less: pre-tax income attributable to noncontrolling interest	 	2,290  	 	 	2,250  	 	 	1.8  	 	
Provision/(benefit) for income taxes	 	(31,875) 	 	 	8,475  	 	 	NM  	 	
FTE adjustment	 	3,787  	 	 	5,142  	 	 	(26.4) 	 	
	 	 	 	 	 	 	 			
Net income/(loss)	 	($37,277) 	 	 	$26,536  	 	 	NM  	 	

Total revenue - FTE	 	$317,810  	 	 	$282,147  	 	 	12.6  	 	
				
Selected Average Balances	 			 			 			
				
Total loans	 	$231,641  	 	 	$297,170  	 	 	(22.1) 	%	
Securities available for sale	 	18,686,431  	 	 	15,350,028  	 	 	21.7  	 	
Goodwill	 	-  	 	 	714  	 	 	(100.0) 	 	
Other intangible assets excluding MSRs	 	4,070  	 	 	4,484  	 	 	(9.2) 	 	
Total assets	 	24,517,697  	 	 	22,383,788  	 	 	9.5  	 	
Consumer and Commercial Deposits	 	659,136  	 	 	640,416  	 	 	2.9  	 	
				
Other Information	 			 			 			
				
Duration of investment portfolio	 	2.2  	%	 	4.3  	%	 			
				
Accounting net interest income interest rate sensitivity 3 :	 			 			 			
% Change in net interest income under:	 			 			 			
Instantaneous 100 bp increase in rates over next 12 months	 	2.1  	%	 	0.4  	%	 			
Instantaneous 100 bp decrease in rates over next 12 months	 	(0.4) 	%	 	(1.0) 	%	 			
				
Economic net interest income interest rate sensitivity 3 :	 			 			 			
% Change in net interest income under:	 			 			 			
Instantaneous 100 bp increase in rates over next 12 months	 	1.5  	%	 	(0.8) 	%	 			
Instantaneous 100 bp decrease in rates over next 12 months	 	0.1  	%	 	0.2  	%	 			

1	Provision for loan losses is the difference between net charge-offs recorded by 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 certain long-term debt and the related interest rate swaps. The net interest income sensitivity profile from an economic perspective assumes the net interest payments from the related swaps were included in net interest income.	
 
Page 19

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

										
 	  	Three Months Ended	 	 	   	 	
 	  	March 31
2009	 	 	March 31
2008	 	 	%
Change 1	 	
Statements of Income	  			 			 			
				
Net interest income	  	$1,062,098  	 	 	$1,139,867  	 	 	(6.8)  	%	
FTE adjustment	  	30,859  	 	 	27,975  	 	 	10.3  	 	
	  	 	 	 	 	 	 			
Net interest income - FTE	  	1,092,957  	 	 	1,167,842  	 	 	(6.4) 	 	
Provision for loan losses	  	994,098  	 	 	560,022  	 	 	77.5  	 	
	  	 	 	 	 	 	 			
Net interest income after provision for loan losses - FTE	  	98,859  	 	 	607,820  	 	 	(83.7) 	 	

Noninterest income before securities gains/(losses)	  	1,143,165  	 	 	1,118,088  	 	 	2.2  	 	
Securities gains/(losses), net	  	3,377  	 	 	(60,586) 	 	 	NM  	 	
	  	 	 	 	 	 	 			
Total noninterest income	  	1,146,542  	 	 	1,057,502  	 	 	8.4  	 	

Noninterest expense before amortization/impairment of goodwill/intangible assets	  	1,410,311  	 	 	1,231,518  	 	 	14.5  	 	
Amortization/impairment of goodwill/intangible assets	  	767,016  	 	 	20,715  	 	 	NM  	 	
	  	 	 	 	 	 	 			
Total noninterest expense	  	2,177,327  	 	 	1,252,233  	 	 	73.9  	 	

Income/(loss) before provision/(benefit) for income taxes and income attributable to noncontrolling interest	  	(931,926) 	 	 	413,089  	 	 	NM  	 	
Less: pre-tax income attributable to noncontrolling interest	  	3,159  	 	 	2,911  	 	 	8.5  	 	
Provision/(benefit) for income taxes	  	(150,777) 	 	 	91,648  	 	 	NM  	 	
FTE adjustment	  	30,859  	 	 	27,975  	 	 	10.3  	 	
	  	 	 	 	 	 	 			
Net income/(loss)	  	($815,167) 	 	 	$290,555  	 	 	NM  	 	

Total revenue - FTE	  	$2,239,499  	 	 	$2,225,344  	 	 	0.6  	 	
				
Selected Average Balances	  			 			 			
				
Total loans	  	$125,333,497  	 	 	$123,263,035  	 	 	1.7  	%	
Goodwill	  	7,051,244  	 	 	6,922,877  	 	 	1.9  	 	
Other intangible assets excluding MSRs	  	216,374  	 	 	298,528  	 	 	(27.5) 	 	
Total assets	  	178,871,285  	 	 	176,916,901  	 	 	1.1  	 	
Consumer and Commercial Deposits	  	107,514,978  	 	 	101,168,412  	 	 	6.3  	 	
				
Performance Ratios	  			 			 			
				
Efficiency ratio	  	97.22  	%	 	56.27  	%	 			
Impact of excluding amortization/impairment of goodwill/intangible assets	  	(34.25) 	 	 	(0.93) 	 	 			
	  	 	 	 	 	 	 			
Tangible efficiency ratio	  	62.97  	%	 	55.34  	%	 			

 

1	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.	
 
Page 20

SunTrust Banks, Inc.
1Q 2009 Earnings Presentation
April 23, 2009
Exhibit 99.2	

1
Important
Cautionary
Statement
About
Forward-Looking
Statements
The following should be read in conjunction with the financial statements, notes and other information contained in the Company’s 2008 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 or in the appendix
of 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. 

This presentation contains forward-looking statements. Statements regarding net interest margin, future levels of charge-offs, provision expense, and income are forward-looking statements. 
Also, any statement that does not describe historical or current facts, including statements about beliefs and expectations, is a forward-looking statement. These statements often include the
words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs
such as “may,” “will,” “should,” “would,” and “could.” Such statements are based upon the current beliefs and expectations of management and on information currently available to
management. Such statements speak as of the date hereof, and we do not assume any obligation to update the statements made herein or to update the reasons why actual results could
differ from those contained in such statements in light of new information or future events. 

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially
from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found at Item
1A of our annual report on Form 10-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: difficult market conditions have adversely affected our industry; current levels of market volatility are unprecedented; the soundness of other financial institutions could
adversely affect us; there can be no assurance that recently enacted legislation ,or any proposed federal programs, will stabilize the U.S. financial system, and such legislation and programs
may adversely affect us; the impact on us of recently enacted legislation, in particular the EESA and its implementing regulations, and actions by the FDIC, cannot be predicted at this time;
credit risk; weakness in the economy and in the real estate market, including specific weakness within our geographic footprint, has adversely affected us and may continue to adversely affect
us; weakness in the real estate market, including the secondary residential mortgage loan markets, has adversely affected us and may continue to adversely affect us; weakness in the real
estate market may adversely affect our reinsurance subsidiary; as a financial services company, adverse changes in general business or economic conditions could have a material adverse
effect on our financial condition and results of operations; changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and
obligations, and the availability and cost of capital or liquidity; the fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our earnings;
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; clients could pursue alternatives to bank deposits, causing us to lose a relatively inexpensive source of
funding; consumers may decide not to use banks to complete their financial transactions, which could affect net income; we have businesses other than banking which subject us to a variety of
risks; hurricanes and other natural disasters may adversely affect loan portfolios and operations and increase the cost of doing business; negative public opinion could damage our reputation
and adversely impact our business and revenues; we rely on other companies to provide key components of our business infrastructure; we rely on our systems, employees, and certain
counterparties, and certain failures could materially adversely affect our operations; we depend on the accuracy and completeness of information about clients and counterparties; regulation by
federal and state agencies could adversely affect our business, revenue, and profit margins; competition in the financial services industry is intense and could result in losing business or
reducing margins; future legislation could harm our competitive position; maintaining or increasing market share depends on market acceptance and regulatory approval of new products and
services; we may not pay dividends on our common stock; our ability to receive dividends from our subsidiaries accounts for most of our revenue and could affect our liquidity and ability to pay
dividends; significant legal actions could subject us to substantial uninsured liabilities; recently declining values of residential real estate, increases in unemployment, and the related effects on
local economics may increase our credit losses, which would negatively affect our financial results; deteriorating credit quality, particularly in real estate loans, has adversely impacted us and
may continue to adversely impact us; disruptions in our ability to access global capital markets may negatively affect our capital resources and liquidity; any reduction in our credit rating could
increase the cost of our funding from the capital markets; we have in the past and may in the future pursue acquisitions, which could affect costs and from which we may not be able to realize
anticipated benefits; we depend on the expertise of key personnel. If these individuals leave or change their roles without effective replacements, operations may suffer; we may not be able to
hire or retain additional qualified personnel and recruiting and compensation costs may increase as a result of turnover, both of which may increase costs and reduce profitability and may
adversely impact our ability to implement our business strategy; our accounting policies and processes are critical to how we report our financial condition and results of operations, and these
require us to make estimates about matters that are uncertain; changes in our accounting policies or in accounting standards could materially affect how we report our financial results and
condition; our stock price can be volatile; our disclosure controls and procedures may not prevent or detect all errors or acts of fraud; our financial instruments carried at fair value expose us to
certain market risks; our revenues derived from our investment securities may be volatile and subject to a variety of risks; we may enter into transactions with off-balance sheet affiliates or our
subsidiaries; and we are subject to market risk associated with our asset management and commercial paper conduit businesses. 	

2
I.    HIGHLIGHTS
II.
CAPITAL
III.  FINANCIAL PERFORMANCE
IV.  RISK REVIEW
V.   APPENDIX
Table of Contents	

3
First Quarter Hi g hlights
•
While there were some preliminary signs of improvement in several key areas, results
indicate that SunTrust is still working through credit and earnings challenges
•
EPS loss of $2.49; loss of $0.46
1
excluding non-cash goodwill impairment charge
•
Solid capital position enhanced; estimated Tier 1 Ratio of 11.00% and increased tangible
common ratio
•
Consumer and Commercial deposit growth accelerated in the first quarter to a record level
of $112 billion at quarter end
•
Revenue increased from last quarter due to strong mortgage origination income which
was partially offset by soft net interest income and lower economically sensitive fee
income
•
Overall asset quality deteriorated in the quarter, while the portfolios showed mixed results
•
Expenses well managed; however, economically cyclical FDIC, pension and credit
expenses impacted results
•
Focus remains on front-line execution and improved service quality, risk mitigation, and
expense management to successfully emerge from this recession strong and well
positioned to deliver superior shareholder returns
I. HIGHLIGHTS
1.
Please refer to the appendix to this presentation for a reconcilement to the most directly comparable GAAP financial measure	

4
Solid Capital Ratios Improved in 1Q 200 9
Tier 1 Capital Ratio
Total Capital Ratio
Total Avg. Equity to Total Avg. Assets                         
Tangible Equity to Tangible Assets                             
Tangible Common Equity to Tangible Assets             
•
Received $4.9 billion in proceeds and Tier 1 capital from sale of preferred securities to U.S. Treasury in
4Q 2008
•
Increased ratios in 1Q 2009 driven primarily by a reduction in assets from 4Q 2008 MBS sale settlement
and lower trading assets
Capital Ratios
1Q 2009
4Q 2008
3Q 2008
Estimate                   Actual                Actual
II. CAPITAL
1.
Please refer to the appendix to this presentation for a reconcilement to the most directly comparable GAAP financial measure
11.00%
14.15%
12.51%
8.85%
5.82%
10.87%
14.04%
11.23%
8.46%
5.59%
8.15%
11.16%
10.41%
6.47%
6.17%
1
1	

5
($ in millions, except per share data)
$1,093.0
994.1
1,146.5               
2,239.5
2,177.3                                                          
1,426.2                           (10)%                         
(965.9)
(150.8)
71.3                                       
(875.4)
(160.6)
(2.49)
$  (0.46)        
1Q 2009 Loss of $2.49 Per Share and Loss of $0.46 Per Share Excluding Goodwill Charge
Income Statement Highlights
III.
FINANCIAL
PERFORMANCE
Net Interest Income (FTE)
Provision for Loan Losses
Noninterest Income
Total Revenue (FTE)
Total Noninterest Expense
Total
Noninterest
Expense
Excl
Goodwill
1
Pre-Tax Loss
Benefit for Income Taxes
Preferred Dividends
Net Loss to Common Shareholders
Net Loss to Common Excl Goodwill
Net Loss Per Average Common Diluted Share
Net
Loss
Per
Share
Excl
Goodwill
1
NM = Not Meaningful—those changes over 1000% or where results changed from positive to negative
% Change
1Q 2009                      4Q 2008                     1Q 2008
1.
Please refer to the appendix to this presentation for a reconcilement to the most directly comparable GAAP financial measure
(10)%
3%
60%              
16%
(47)%
51%
126%                                       
(133)%
57%
(133)%
57%        
(6)%
78%
8%        
1%
74%        
14%        
NM
NM
922%        
NM        
NM
NM
NM        
37%
1	

6
($ in millions, quarterly average balances)
Balance Sheet Summary
Commercial
Real Estate Home Equity Lines
Real Estate Construction
Real Estate 1-4 Family
Real Estate Commercial
Consumer –
Direct
Consumer –
Indirect
Credit Card
Total Loans
Noninterest-Bearing Deposits
NOW Accounts
Money Market Accounts
Savings
Consumer Time
Other Time
Total Consumer and Commercial Deposits       
Brokered & Foreign Deposits
Total Deposits
1Q 2009
4Q 2008
4Q 2008
1Q 2008
Annualized
% Change
III. FINANCIAL PERFORMANCE
$  39,199
(3)%
(13)%
8%
15,907
1%
3%          
9%
7,376
(17)%    
(69)%        
(41)%
29,945
(3)%        
(14)%          
(8)%
15,339
4%            
16%           
17%
5,165
3%              
12%          
27%
6,624                      (3)%          
(12)%            
(13)%
972
(3)%
(11)%              
26%
$120,527    
(3)%          
(10)%                       (1)%
$  22,827
9%     
36%           
11%
21,244
6%            
23%        
(3)%
29,317                         5%             
19%          
16%
3,443
0%             
(2)%        
(12)%
17,240
1%      
5%          
1%
13,444
6%          
23%             
9%
107,515                         5%                   21%      
6% 
7,417
(41)%               (165)%              
(52)%
$114,932
0%                       0%     
(1)%
1.
Excludes $4.8 billion of nonaccrual and restructured loans
Deposit Growth Accelerated in the Quarter and Mix Improved
1	

7
$3.4
$3.3
$3.4
$30.1
$29.1
$28.8
$28.3
$24.4
$22.9
$20.9
$21.2
$21.0
$20.9
$21.8
$20.8
$17.3
$17.2
$17.2
$17.3
$13.3
$13.3
$13.0
$13.7
$3.5
$0
$20
$40
$60
$80
$100
$120
Dec 2008
Jan 2009
Feb 2009
Mar 2009
MMA
DDA
NOW
CD <$100
CD >$100
Savings
Core Consumer and Commercial Deposits Showed Record Growth and
Favorable Mix Trends
1.  Graph depicts average product balances by month
+5.4%
flat
+4.8%
+16.7%
+6.4%
3-Month
Growth
+5.0%
Consumer and Commercial Deposit Trends
III. FINANCIAL PERFORMANCE
$103.8
$104.8
$106.9
$110.8
+6.7%
($ in billions)	

8
3.07%
3.13%
3.07%
2.87%
3.14%
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
Margin of 2.87% Compressed 27 bps from 4Q 2008
•
Margin compression in 1Q driven by:
•
Short-term rate declines
•
Deposit pricing floors and deposit
growth
•
Sale of AFS securities in 4Q
•
Increased NPA’s
•
Opportunities for margin include
significant CD re-pricing in 2Q and 3Q,
refinancing of additional wholesale
funding, and DDA volumes
•
Risks include rising NPA’s, higher
interest-bearing deposit volumes and 
further declines in LIBOR
•
Based on current assumptions, margin
expected to be relatively stable for the
next quarter or two, and slight
expansion is possible
Net Interest Margin
III. FINANCIAL PERFORMANCE	

9
($ in millions)
Provision Expense Up 3% Versus 4Q 2008, as Charge-offs Increased 10% and 
Allowance Increased to 2.21%
Provision For Loan Loss
III. FINANCIAL PERFORMANCE
Provision
Net Charge-offs
Net Charge-off Ratio
Net ALLL Increase
Allowance to Loan Ratio
$994.1
$610.1
1.97%
$384.0
2.21%             
1.
Increase in ALLL in 2Q 2008 is greater than provision less charge-offs due to acquisition of GB&T      
1Q 2009       4Q 2008         3Q 2008        2Q 2008        1Q 2008
$962.5
$552.5
1.72%
$410.0
$503.7
$392.1
1.24%
$111.6
$448.0
$322.7
1.04%
$284.1
$560.0
$297.2
0.97%
$262.8
1
1.86%
1.54%
1.46%
1.25%	

10
Noninterest Income   
$1,147           $718          $1,058              60%            8%
Net Adjustments
1
123             (86)         
70
Adjusted Noninterest Income
2
$1,024
$804            $988
($ in millions)
Core Noninterest Income Up 4% versus last year and 27% Sequential Quarter Driven by
Mortgage-Related Revenu e
27%          4%
1.  Adjustment detail included in appendix includes securities gains and losses
2.  Please refer to the appendix to this presentation for a
reconcilement to the most directly comparable GAAP financial measure
Noninterest Income
III. FINANCIAL PERFORMANCE
%  Change      
1Q 2009      4Q  2008        1Q 2008        4Q 2008     1Q 2008	

11
74%
12%
$150
108
43
37
(5)
$183          
Expense Results
Noninterest Expense
Goodwill
Impairment/Other
Adjusted
Noninterest
Expense
Expense Driver Analysis
Total Adjusted Incr/(Decr)
Credit
Related
Costs
FDIC                                                             
Pension                                                          
FICA/401K (seasonal)
Sub-Total of Expense Drivers
Noisy Quarter in Expenses Impacted by Goodwill Charge, Mortgage Fraud Losses and a
Few Economically Cyclical and Seasonal Items
1.  Adjustment detail included in appendix
2.  Includes operating losses, credit and collections, other real estate expense, and additions to mortgage re-insurance reserves
Change
1Q 2009             4Q 2008             1Q 2008
4Q 2008
1Q 2008
% 
($ in millions)
Noninterest Expense
III. FINANCIAL PERFORMANCE
$                       
Change
$2,177
751
$1,426
185
47
39
77
$1,586
13
$1,573
416
20
5
42
$1,252
(24)
$1,276
77
4
2
82
37%
(9)%
$(147)
(231)
27
34
35
$(135)                               
1
2	

12
Classification of Losses
•
Borrower misrepresentation
Borrower misrepresentation
•
•
Insured loan claim denials
Insured loan claim denials
•
Criminal loan fraud
•
Deposit/check/ATM fraud
•
Bank errors
•
Litigation settlements and
damage awards
•
Criminal loan fraud
•
Deposit/check/ATM fraud
•
Bank errors
•
Litigation settlements and
damage awards
Operating
Losses
Other
Real Estate
Provision Expense
2008
2009
•
Operating expense for foreclosed
properties
•
Net gain or loss including selling
expense on disposal of foreclosed
properties
•
Valuation adjustments
•
Operating expense for foreclosed
properties
•
Net gain or loss including selling
expense on disposal of foreclosed
properties
•
Valuation adjustments
•
Net charge-offs
•
Incr/(Decr) in ALLL
•
Net charge-offs
•
Incr/(Decr) in ALLL
•
Borrower misrepresentation
Borrower misrepresentation
•
•
Insured loan claim denials
Insured loan claim denials
IV. RISK REVIEW
Changing Classification Related to Reserving and Recording Certain Fraud and Claim
Denial Losses in 200 9	

13
Classification of Losses
IV. RISK REVIEW
Costs of Borrower Misrepresentation and Insurance Claim Denials Moves to Provision
1. Remaining operating loss reserves of $42.4 is expected to be fully utilized during 2Q 2009
1Q
4Q
$
2009
2008
Change
$
in
millions
Operating Loss Reserves
Beginning Balance
207.0
$  
40.0
$   
167.0
$  
Increase / (Decrease)
(164.6)
167.0
(331.6)
Ending Balance
1
42.4
207.0
(164.6)
Operating Loss Expense
Written-off
187.2
69.1
118.1
Accrued
(164.6)
167.0
(331.6)
Total
22.6
236.1
(213.5)
Misrep/Claim Denial ALLL Reserves
Beginning Balance
-
-
-
Increase
173.0
-
173.0
Ending Balance
173.0
-
173.0
Misrep/Claim Denial Provision Expense
Charge-off
17.6
-
17.6
Accrued
173.0
-
173.0
Total
190.6
-
190.6
Total Misrep/Claim Denial and Operating Loss Expense
213.2
236.1
(22.9)
TotalMisrep/Claim Denial Related Reserves
215.4
$  
207.0
$ 
8.4
$      	

14
Securities Portfolio
IV. RISK REVIEW
Approximately 80% of Fixed Income Securities in High Liquidity Govt/Agency Securities
Liquidity
Total
Trading
AFS
($ in billions)
$26.9
$  7.4
$  19.5
TOTAL SECURITIES PORTFOLIO
N/A
4.1
4.1
--
Derivative
2
$  2.1
$  0.1
$    2.0
TOTAL EQUITIES
N/A
High
$  0.7
1.4
--
$  0.1
$    0.7
1.3
Equities:
Federal Reserve/FHLB Stock
Other Equities & Options (Coke)
$20.7
$  3.2
$  17.5
TOTAL FIXED INCOME
High
High
Moderate
Moderate
Low
Low
$   1.7
14.5
1.2
2.2
0.5
0.6
$ 1.2
0.2
0.2
1.1
--
0.5
$    0.5
14.3
1.0
1.1
0.5
0.1
Fixed Income:
US Treasury/Agency Notes
Agency MBS
Municipal Bonds
Corporate Bonds
Private MBS
Miscellaneous Acquired Assets
1
1. Includes approximately
$230
million
in
securities
acquired
in
4Q
2007
and
approximately
$380
million
carrying
value
of
ARS
as
of
3/31/09  
2. Matched book of derivatives maintained for client driven capital markets activities	

15
Asset Quality Metrics
IV. RISK REVIEW
ALLL Increased 35 bps to 2.21% of Loans; Early Stage Delinquencies Declined 
$
in
millions
1Q
2009
4Q
2008
3Q
2008
1Q09
vs
4Q08
4Q08
vs
3Q08
Total Loans at End of Period
$123,893.0
$126,998.4
$126,718.4
-$3,105.4
$280.0
Allowance for Loans & Lease Losses
2,735.0
2,351.0
1,941.0
384.0
410.0
Net Charge-offs
610.1
552.5
392.1
57.6
160.4
Provision Expense
994.1
962.5
503.7
31.6
458.8
NPAs
5,246.4
4,456.4
3,690.3
790.0
766.1
NPLs
to Total Loans
3.75%
3.10%
2.60%
0.65%
0.50%
NPAs
to Total Loans + OREO/OA
4.21%
3.49%
2.90%
0.72%
0.59%
ALLL to Loans
2.21%
1.86%
1.54%
0.35%
0.32%
NCOs (annualized to Average Loans)
1.97%
1.72%
1.24%
0.25%
0.48%
30-89 Days Past Due
1.76%
1.81%
1.52%
-0.05%
0.29%
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	

16
Loan Portfolio
IV. RISK REVIEW
Delinquencies Were Stable; Modest Increase in Charge-offs;
Residential Real Estate Continued to Dominate Credit Risk Profile
1.  CRE -
4Q 2008 charge-offs were largely the result of one commercial-purpose credit secured by real estate
2. Consumer -
Direct includes approximately $3 billion of federally guaranteed student loans
Balance         % of                 Balance          % of    
C/O Ratio        C/O Ratio       30-89 DLQ%     30-89 DLQ%    
$ millions                                                3/31/2009     Portfolio           12/31/2008      Portfolio           1Q09                4Q08                 1Q09                4Q08
Commercial
$38,616
31%
$41,040
32%
1.35%
0.81%
0.37%
0.36%
Commercial Real Estate
(1)
15,094
12%
14,957
12%
0.05%
0.61%
0.72%
0.63%
Consumer -
Direct
(2)
5,173
4%
5,139
4%
0.54%
0.90%
5.25%
5.16%
Consumer -
Indirect
6,351
5%
6,508
5%
2.00%
3.12%
1.84%
2.19%
Credit Cards
976
1%
970
1%
6.94%
4.92%
3.25%
3.00%
Real Estate Home Equity Lines
16,455
13%
16,454
13%
4.00%
3.33%
1.44%
1.65%
Real Estate 1-4 Family
32,181
27%
32,066
25%
2.28%
1.86%
2.79%
2.93%
Real Estate Construction
9,047
7%
9,864
8%
3.76%
3.29%
4.24%
4.13%
Total
$123,893
100%
$126,998
100%
1.97%
1.72%
1.76%
1.81%	

17
1.  Excludes $68.3  million of C & I loans secured by residential real estate and $61.6 million of mark-to-market loans held for sale
2.  Does not include nonaccruals
Residential Mortgages $32,181 million
Portfolio Profile
Credit Quality Metrics
Loan Type
3/31/09
Balance
12/31/08   
Balance
3/31/2009         
$ Nonaccruals
12/31/2008                    
$ Nonaccruals
60+ DLQ
60+ DLQ
Core Portfolio
$23,906
$23,143
$1,293
$  938
2.43%
2.57%
Home Equity Loans
2,333
2,504
68        
60          
0.98
0.85
Prime
2
3,509
3,843
128 
225
3.06
2.93
Lot Loans
1,329
1,391
252  
209
5.30
5.67
Alt-A
1
819
865
250  
204
8.02
12.79
Alt-A
2
285
320
57   
50
8.60
13.32
Total
$32,181
$32,066
$2,048
$1,686
2.71%
2.98%
Residential Mortgages
IV. RISK REVIEW
Delinquencies
Improved
and
Balances
Declined
in
the
Highest
Risk
Segments
of
the
Mortgage Portfolio;  Nonaccruals Trended up, as Anticipated
($ millions)
3/31/09
12/31/08
nd
st
nd
1
2
2	

18
Home Equity Lines $16,455 million
1.  Excludes 3rd
party originated
2.  Excludes 3rd party originated and Florida CLTV > 80%
3.  Excludes 3rd party originated, Florida CLTV>80% and CLTV
90+%
4.  Annualized quarterly rate
Portfolio Profile
Credit Quality Metrics
Type
3/31/09
Balance
% of
Total
12/31/08
Balance
Q1 09
Charge-off
4
%
Q4 08
Charge-off
4
%
Q1 09
Nonaccrual
%
Q4 08
Nonaccrual
%
3 rd
Party
Originated
$1,782
11%
$1,859
14.08%
10.63%
4.63%
4.30%
CLTV > 80%
1
(Florida)
1,853
11
1,868
8.48
7.06
3.91
3.00
CLTV > 90%
2
1,695
10
1,739
4.00
3.58
1.71
1.60
All Other
3
11,125
68
10,988
1.82
1.45
1.22
0.97
Total
$16,455
100%
$16,454
4.00%
3.33%
1.96%
1.66%
Home Equity Lines
IV. RISK REVIEW
Two HELOC Sub-Segments, Third Party Originated and High CLTVs in Florida, That
Accounted for Just 22% of the Portfolio Continued to Drive Overall Credit Performance
($ millions)	

19
1.
Excludes consumer home equity loans
2.
Excludes C & I loans secured by residential real estate, mark-to-market loans held for sale and consumer home equity loans
743
Updated FICO
687
Updated FICO
$323
60.7%
8.7%
8.5%
5.1%
$16,455
38.8%
15.6%
14.2%
8.1%
73.7%
744
Home Equity Lines
Residential Mortgage
Updated FICO
(excluding NPLs)
717
Updated FICO
(excluding NPLs)
Original LTV
78.6 %
Original CLTV
Portfolio  
Florida
Georgia
Virginia
N.Carolina
$29,848
(1)
29.8%
14.4%
10.9%
7.7%
Portfolio  
Florida
Virginia
Georgia
Maryland
NPLs       
Florida
Georgia
California
Virginia
$1,979
(2)
49.0%
10.9%
8.8%
6.1%
NPLs       
Florida
Virginia
Georgia
Maryland
Mortgage and Home Equity Statistics
IV. RISK REVIEW
Current
FICO
Scores
are
Indicative
of
Prime
Portfolios;
However,
Mortgage
and
HELOC Nonperforming Loans are Driven by Florida Real Estate Concentrations
($ millions)	

20
1. Annualized first quarter net charge-off ratio
($ millions)
Balances Declined Steadily –
Down Over $800 Million, or 8.3%, in 1Q 2009. 
Residential Construction Credit Metrics were Weak; Commercial Construction Metrics
were Solid
Construction $9,047 million
Portfolio Profile
Credit Quality Metrics
Type
03/31/09
Balance
%
of
Portfolio
%
FL
Avg.
Size
$000’s
Q1
C/O
1
%
$
NPLs
FL
NPLs
%
%
30 +
DLQ
Construction Perm
$ 1,490
16%
26%
537
7.94%
$323
33%
8.32%
Residential
Construction
1,799
20
28
452
2.30
456
34
8.50
Residential A&D
1,729
19
25
687
6.66
418
34
8.72
Residential Land
604
7
36
928
3.65
180
48
6.00
Commercial
Construction
2,248
25
21
3,269
0.48
42
43
0.96
Commercial A&D
589
7
27
843
1.09
13
53
0.68
Commercial Land
588
6
30
713
1.49
36
18
5.47
Total
$ 9,047
100%
26%
3.76%
$1,468
35%
5.77%
IV. RISK REVIEW
Construction	

21
Credit Summary
IV. RISK REVIEW
•
Overall, credit performance weakened with deterioration evident in some asset quality measures
and products
•
Favorable movement in early stage delinquencies was evident, particularly across most consumer
and mortgage loan products
•
Residential Mortgages and HELOCs accounted for 54% of nonperforming loans; two-thirds of
residential mortgage nonperformers have been written down to their expected recoverable value
•
The Residential Mortgage portfolio has solid borrower credit characteristics as evidenced by good
current
FICO
scores,
but
it
is
30%
concentrated
in
Florida
which
drives
the
nonperforming
loans
•
The
HELOC
portfolio
has
stronger
borrower
credit
characteristics
with
weighted
average
FICOs
exceeding 740; however, HELOCs have a higher Florida concentration at 39% disproportionately
contributing to HELOC nonperforming loans
•
The
Construction
portfolio
declined
8%
–
over
$800
million
–
in
1Q
2009,
and
is
down
34%
since
December 2007 
Residential Construction credit performance remained weak
Commercial Construction performed well
•
The ALLL build to 2.21% of loans was driven by continued credit stress and the addition of
reserves for fraud-related loan losses
•
Credit losses are expected to increase in the second quarter given the classification change related
to fraud losses combined with continued deterioration in residential construction and cyclically
sensitive commercial exposures	

22
Appendix	

23
($ in millions)
Total
Noninterest
Income
$1,147
718
$1,058
60%
8%
Securities
Gains/(Losses)
3
411
(60)
VISA
IPO
Gain
-
-
86
Lighthouse
Gain
-
-
89
Corporate
Real
Estate
Gain
-
-
37
Fair
Market
Write-downs
–
Trading
(32)
(41)
(282)
STI
Debt
Valuation
Write-up
–
Trading
113
(44)
240
Fair
Value
Write-downs
–
Mtg
Prod
(16)
(57)
(53)
SAB
109
–
Mtg
Prod
-
-
18
Fair
Value
Write-downs
–
Other
Income
-
-
(5)
ARS
Reserve
-
Trading
(1)
(5)
-
Litigation
Settlement
–
Other
Income
-
20
-
MSR
(Impairment)/Recovery
–
Mtg
Svcing
31
(370)
-
Gain
on
Debt
Extinguishment
–
Other
Income
25
-
-
Net
Adjustments
123
(86)
70
Adjusted
Noninterest
Income
$1,024
$
804
$
988
27%
4%
Noninterest Income Reconciliation
V. APPENDIX
%                   %
Change
Change
1Q
2009
4Q
2008
1Q
2008
4Q
2008
1Q
2008	

24
Noninterest Expense
$2,177            $1,586           $1,252            
37%              74%
Net E
2
Nonrecurring
-
11                     5
Goodwill Impairment
751                     -
-
Debt Retirement                                             -
-
12
Visa Litigation
-
(14)              (39)
AHG Write-down
-
16                    2
Tax Reserves Release                                  -
-
(4)
Net Adjustments                                           751   
13               (24)
Adjusted Noninterest Expense
$1,426            $1,573           $1,276            
(9)%             12%
Change
1Q 2009         4Q 2008        1Q 2008
4Q 2008
1Q 2008
%
($ in millions)
Noninterest Expense Reconciliation
V. APPENDIX	

25
Noninterest Income
OTTI-
Securities Gains/(Losses)
$  (0.7)              $ (2.0)           $(64.1)        $
1.3               $63.4 
Mortgage Repurchase Reserve         (25.6)                (60.2)
(10.8)             34.6                (14.8)
FV MSR Hedging –
Trading                 (19.2)                   -
-
(19.2)              (19.2)
MSR FV Change –
Mtg
Svcing            19.2                     -
-
19.2                 19.2
Noninterest Expense
Operating Losses
1
22.6                 236.1           
30.3           (213.5)               (7.7)
Mortgage Insurance Reserves            70.0                100.0
7.0             (30.0)               63.0
Credit & Collections                              47.9         
44.3               27.8                3.6             
20.1
Other Real Estate
44.4                   35.3          
12.2                 9.1               32.2
Total Credit-Related
$184.9               $415.7             $77.3        $(230.8)          $107.6   
Additional Disclosures
V. APPENDIX
$
Change 
1Q 2009         4Q 2008        1Q 2008          4Q 2008
1Q 2008
($ in millions)
1.
1Q 2009 operating losses includes a $165 million decrease in reserves for fraud losses and claim denials associated with mortgage
secured loans.  4Q 2008 included a $167 million increase and the
reserve was established at $40 million in 3Q 2008.	

26
(As of 03/31/09, $ millions)
1. Reserves have been established for residential mortgage loans that have not had specific write-downs as well as for incremental losses on loans carried at expected recoverable values
2. Nonaccruals not requiring write-downs include well-secured loans and loans with claims in process for individual and pool PMI policies
3. Excludes Home Equity nonaccruals of $68.0 million, $68.3 million of C & I loans secured by residential real estate and $61.6 million of
mark-to-market loans held for sale
Nonaccruals that have been through the
specific write-down process
Loan
Type
Balance
before
write-
down
-
Amount  
of write-
down
=
Non     
accruals
with              
write-down
+
Non  
accruals
not
requiring
write-down
2
+
Non 
accruals
without   
specific
write-down  
=
Total
Non 
accruals
3
% Loss
Severity
Core
Portfolio
$739.8
$(207.1)
$532.7
$289.9
$470.5
$1,293.1
20.1%
Prime 2
nd
217.4
(216.0)
1.4
126.4
--
127.8
--
Lot
Loans
239.8
(109.2)
130.6
54.6
66.4
251.6
37.1%
Alt-A 1
st
146.0
(40.1)
105.9
54.6
88.9
249.4
20.0%  
Alt-A 2
nd
107.7
(90.7)
17.0
--
39.8
56.8
84.2%
Total
$1,450.7
$(663.1)
$787.6
$525.5
$665.6
$1,978.9
Residential Mortgages
Nonaccrual Balances Were Up, But 66% of Nonaccruals are Carried At
Expected Recoverable Value
(1)
VI. APPENDIX	

27
Non GAAP Reconciliations
VI. APPENDIX
March 31
December 31
September 30
March 31
2009
2008
2008
2008
Total shareholders' equity               
$21,645,626
$22,500,805
$18,069,378
$18,548,603
Goodwill                     
(6,224,610)
(6,941,104)
(7,062,869)
(6,923,033)
Other intangible assets including MSRs
(1,049,155)
(978,211)
(1,328,055)
(1,379,522)
MSRs
894,797
810,474
1,150,013
1,143,405
Tangible equity             
15,266,658
          
15,391,964
          
10,828,467
          
11,389,453
          
Preferred stock
(5,227,357)
           
(5,221,703)
           
(500,000)
               
(500,000)
               
Tangible common equity
$10,039,301
$10,170,261
$10,328,467
$10,889,453
Total assets                
$179,116,402
$189,137,961
$174,776,760
$178,986,947
Goodwill                
(6,309,431)
(7,043,503)
(7,062,869)
(6,923,033)
Other intangible assets including MSRs                
(1,103,333)
(1,035,427)
(1,389,965)
(1,430,268)
MSRs
894,797
810,474
1,150,013
1,143,405
Tangible assets                
$172,598,435
$181,869,505
$167,473,939
$171,777,051
Tangible equity to tangible assets
8.85
%
8.46
%
6.47
%
6.63
%
Tangible common equity to tangible assets
5.82
%
5.59
%
6.17
%
6.34
%
Three Months Ended
(Dollars in thousands)	

28
VI. APPENDIX
Non GAAP Reconciliations
(Dollars in thousands, except per share data) (Unaudited)                                                                                                               
March 31
December 31
September 30
June 30
March 31
2009
2008
2008
2008
2008
Total noninterest expense
$2,177,327
$1,586,153
$1,665,295
$1,375,342
$1,252,233
Goodwill/intangible impairment charges other than MSRs
751,156
       
-
                
-
                 
45,000
         
-
               
Total noninterest expense excluding goodwill/intangible impairment charges other than MSRs
$1,426,171
$1,586,153
$1,665,295
$1,330,342
$1,252,233
Net income/(loss)
($815,167)
($347,587)
$312,444
$540,362
$290,555
Goodwill/intangible impairment charges other than MSRs, after tax
723,853
-
                
-
                 
27,281
         
-
               
Net income/(loss) excluding goodwill/intangible
     impairment charges other than MSRs, after tax
($91,314)
($347,587)
$312,444
$567,643
$290,555
Net income/(loss) available to common shareholders
($875,381)
($374,938)
$304,397
$529,968
$281,555
Goodwill/intangible impairment charges other than MSRs attributable to
     common shareholders, after tax
714,824
-
                
-
                 
27,006
         
-
               
Net income/(loss) available to common shareholders excluding goodwill/intangible
     impairment charges other than MSRs, after tax
($160,557)
($374,938)
$304,397
$556,974
$281,555
Net income/(loss) per average common share, diluted
($2.49)
($1.07)
$0.87
$1.52
$0.81
Impact of excluding goodwill/intangible impairment charges other than MSRs attributable
     to common shareholders, after tax
2.03
             
-
                
-
                 
0.07
              
-
               
Net income/(loss) per average diluted common share, excluding goodwill/intangible
      impairment charges other than MSRs, after tax
($0.46)
($1.07)
$0.87
$1.59
$0.81
Three Months Ended