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46 SunTrust Banks, Inc. Annual Report 2003
MANAGEMENT’S DISCUSSION continued
TABLE 24
CONSOLIDATED DAILY AVERAGE BALANCES, INCOME/EXPENSE AND AVERAGE YIELDS EARNED
AND RATES PAID
Quarters Ended
December 31, 2003 December 31, 2002
Average Income/ Yields/ Average Income/ Yields/
(Dollars in millions; yields on taxable-equivalent basis) Balances Expense Rates Balances Expense Rates
Assets
Loans1
Taxable $77,551.6 $ 883.7 4.52% $71,277.2 $ 961.1 5.35%
Tax-exempt21,818.5 21.1 4.60 1,391.6 18.1 5.16
Total loans 79,370.1 904.8 4.52 72,668.8 979.2 5.35
Securities available for sale
Taxable 22,868.1 200.7 3.51 18,891.3 193.4 4.10
Tax-exempt2363.3 5.7 6.32 399.5 6.7 6.67
Total securities available for sale 23,231.4 206.4 3.55 19,290.8 200.1 4.15
Funds sold and securities purchased
under agreements to resell 1,181.2 3.2 1.05 1,488.1 6.0 1.58
Loans held for sale 7,202.3 92.2 5.12 6,228.4 92.2 5.92
Interest-bearing deposits 13.0 — 1.28 557.8 2.3 1.61
Trading assets 1,731.5 4.3 0.98 1,661.6 5.3 1.26
Total earning assets 112,729.5 1,210.9 4.26 101,895.5 1,285.1 5.00
Allowance for loan losses (954.2) (930.4)
Cash and due from banks 3,492.3 3,558.8
Premises and equipment 1,591.3 1,617.0
Other assets 5,533.3 6,133.7
Unrealized gains on securities
available for sale 2,363.9 2,552.9
Total assets $124,756.1 $114,827.5
Liabilities and Shareholders’ Equity
Interest-bearing deposits
NOW accounts $12,102.3 $ 11.2 0.37% $11,012.5 $ 18.6 0.67%
Money Market accounts 22,273.8 42.3 0.75 21,451.2 75.6 1.40
Savings 6,248.9 9.5 0.60 6,230.3 17.7 1.13
Consumer time 7,600.3 41.8 2.18 9,161.2 78.2 3.39
Other time 3,501.2 20.7 2.35 3,745.2 22.0 2.33
Total interest-bearing consumer and
commercial deposits 51,726.5 125.5 0.96 51,600.4 212.1 1.63
Brokered deposits 3,754.0 21.9 2.28 2,713.3 30.8 4.44
Foreign deposits 7,015.6 17.7 0.99 4,616.1 16.4 1.39
Total interest-bearing deposits 62,496.1 165.1 1.05 58,929.8 259.3 1.75
Funds purchased and securities sold
under agreements to repurchase 10,497.4 20.1 0.75 11,984.8 36.6 1.19
Other short-term borrowings 3,750.6 14.8 1.56 789.1 2.4 1.23
Long-term debt 14,468.8 133.5 3.66 11,733.2 149.5 5.06
Total interest-bearing liabilities 91,212.9 333.4 1.45 83,436.9 447.8 2.13
Noninterest-bearing deposits 18,586.1 16,229.3
Other liabilities 5,521.3 6,338.0
Realized shareholders’ equity 7,932.4 7,204.8
Accumulated other comprehensive income 1,503.4 1,618.5
Total liabilities and shareholders’ equity $124,756.1 $114,827.5
Interest Rate Spread 2.81% 2.87%
Net Interest Income3$877.5 $ 837.3
Net Interest Margin 3.09% 3.26%
1Interest income includes loan fees of $33.0 million and $32.1 million in the quarters ended December 31, 2003 and 2002, respectively. 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 using a federal income tax rate of 35% 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 aggregated $12.0 million and $10.2 million in the quarters ended December 31, 2003
and 2002, respectively.
3Derivative instruments used to help balance the Company’s interest-sensitivity position increased net interest income $29.0 million in the fourth quarter of 2003 and decreased net interest
income $5.9 million in the fourth quarter of 2002.