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90 SunTrust Banks, Inc. Annual Report 2003
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
NOTE 26
SUNTRUST BANKS, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION
STATEMENTS OF INCOME — PARENT COMPANY ONLY
Year Ended December 31
(Dollars in thousands) 2003 2002 2001
Operating Income
From subsidiaries:
Dividends – substantially all from the Bank $1,072,487 $1,765,179 $1,318,300
Service fees ——156,870
Interest on loans 3,870 13,374 23,231
Other income 1318
Other operating income 33,474 57,128 53,336
Total operating income 1,109,832 1,835,684 1,551,755
Operating Expense
Interest on short-term borrowings 3,840 6,424 32,734
Interest on long-term debt 132,954 156,833 170,868
Employee compensation and benefits 41,163 23,095 84,320
Amortization of intangible assets ——7,644
Service fees to subsidiaries 6,934 10,018 30,859
Other operating expense 61,621 66,996 123,582
Total operating expense 246,512 263,366 450,007
Income before income taxes and equity in undistributed income
of subsidiaries 863,320 1,572,318 1,101,748
Income tax benefit 53,751 32,396 116,836
Income before equity in undistributed income of subsidiaries 917,071 1,604,714 1,218,584
Equity in undistributed income of subsidiaries 415,226 (272,905) 156,953
Net Income $1,332,297 $1,331,809 $1,375,537