SunTrust 2003 Annual Report Download - page 24

22 SunTrust Banks, Inc. Annual Report 2003
MANAGEMENT’S DISCUSSION continued
TABLE 4 CONSOLIDATED DAILY AVERAGE BALANCES, INCOME/EXPENSE AND AVERAGE YIELDS EARNED AND RATES PAID
2003 2002 2001
(Dollars in millions; yields Average Income/ Yields/ Average Income/ Yields/ Average Income/ Yields/
on taxable-equivalent basis) Balances Expense Rates Balances Expense Rates Balances Expense Rates
Assets
Loans:1
Taxable $74,476.7 $3,553.1 4.77% $69,981.0 $3,920.9 5.60% $ 68,892.8 $4,862.7 7.06%
Tax-exempt21,661.2 79.3 4.77 1,289.4 70.8 5.49 1,130.2 78.4 6.94
Total loans 76,137.9 3,632.4 4.77 71,270.4 3,991.7 5.60 70,023.0 4,941.1 7.06
Securities available for sale
Taxable 20,994.4 676.2 3.22 16,890.3 818.6 4.85 15,904.8 1,033.9 6.50
Tax-exempt2374.1 24.1 6.46 408.3 28.0 6.85 448.7 35.7 7.95
Total securities available
for sale 21,368.5 700.3 3.28 17,298.6 846.6 4.89 16,353.5 1,069.6 6.54
Funds sold and securities
purchased under
agreements to resell 1,387.0 15.7 1.13 1,390.4 24.5 1.76 1,250.3 51.2 4.09
Loans held for sale 8,587.7 448.3 5.22 4,410.8 280.4 6.36 2,949.9 211.5 7.17
Interest-bearing deposits 10.5 0.1 1.39 404.7 7.0 1.73 167.6 5.8 3.43
Trading assets 1,765.8 17.0 0.96 1,595.9 24.5 1.54 1,289.8 41.3 3.20
Total earning assets 109,257.4 4,813.8 4.41 96,370.8 5,174.7 5.37 92,034.1 6,320.5 6.87
Allowance for loan losses (950.8) (924.3) (876.3)
Cash and due from banks 3,432.1 3,343.2 3,383.4
Premises and equipment 1,588.7 1,621.2 1,599.7
Other assets 6,655.0 5,373.4 4,043.3
Unrealized gains on securities
available for sale 2,343.0 2,731.8 2,700.0
Total assets $122,325.4 $108,516.1 $102,884.2
Liabilities and
Shareholders’ Equity
NOW accounts $11,702.0 $ 50.7 0.43% $10,315.4 $ 74.5 0.72% $ 8,471.3 $ 101.2 1.20%
Money Market accounts 22,218.5 203.5 0.92 20,470.9 326.8 1.60 15,830.1 527.6 3.33
Savings 6,259.3 46.7 0.75 6,310.0 85.1 1.35 6,066.6 171.5 2.83
Consumer time 7,975.4 201.7 2.53 9,342.4 347.1 3.72 9,092.6 468.8 5.16
Other time 3,461.6 80.0 2.31 3,722.8 102.1 2.74 3,823.9 200.6 5.25
Total interest-bearing
consumer and
commercial deposits 51,616.8 582.6 1.13 50,161.5 935.6 1.87 43,284.5 1,469.7 3.40
Brokered deposits 3,662.0 111.2 3.04 2,537.2 130.1 5.13 2,617.7 115.3 4.40
Foreign deposits 6,933.3 77.8 1.12 3,190.4 51.6 1.62 5,175.4 227.5 4.39
Total interest-bearing
deposits 62,212.1 771.6 1.24 55,889.1 1,117.3 2.00 51,077.6 1,812.5 3.55
Funds purchased and
securities sold under
agreements to repurchase 11,666.9 106.2 0.91 10,376.2 140.5 1.35 11,283.6 412.2 3.65
Other short-term borrowings 2,211.7 33.5 1.52 924.8 14.1 1.52 1,593.8 63.4 3.98
Long-term debt 12,657.1 537.2 4.24 11,960.0 619.6 5.18 12,497.2 739.0 5.91
Total interest-bearing
liabilities 88,747.8 1,448.5 1.63 79,150.1 1,891.5 2.39 76,452.2 3,027.1 3.96
Noninterest-bearing deposits 17,826.9 15,268.1 13,491.1
Other liabilities 6,667.7 5,372.2 4,867.1
Realized shareholders’ equity 7,596.9 6,984.6 6,328.0
Accumulated other
comprehensive income 1,486.1 1,741.1 1,745.8
Total liabilities and
shareholders’ equity $122,325.4 $108,516.1 $102,884.2
Interest Rate Spread 2.78% 2.98% 2.91%
Net Interest Income3$3,365.3 $3,283.2 $3,293.4
Net Interest Margin 3.08% 3.41% 3.58%
1Interest income includes loan fees of $123.8, $122.6, $148.7, $135.6, $142.3, and $118.4 million for each of the six years ended December 31, 2003. Nonaccrual loans are included
in average balances and income on such loans, if recognized, is recorded on a cash basis.
2Interest income includes the effects of taxable-equivalent adjustments (reduced by the nondeductible portion of interest expense) using a federal income tax rate of 35% for all years reported
and where applicable, state income taxes, to increase tax-exempt interest income to a taxable-equivalent basis. The net taxable-equivalent adjustment amounts included in the above table
were $45.0, $39.5, $40.8, $39.9, $42.5, and $44.4 million for each of the six years ended December 31, 2003.