SunTrust 2004 Annual Report Download - page 107

Download and view the complete annual report

Please find page 107 of the 2004 SunTrust annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
SUNTRUST 2004 ANNUAL REPORT 105
Note 26 / SUNTRUST BANKS,INC.(PARENT COMPANY ONLY)FINANCIAL INFORMATION
STATEMENTS OF INCOME — PARENT COMPANY ONLY
Year Ended December 31
(Dollars in thousands) 2004 2003 2002
Operating Income
From subsidiaries:
Dividends – substantially all from the Bank $1,464,648 $1,472,487 $1,765,179
Interest on loans 9,615 3,870 13,374
Other income —13
Other operating income 30,103 33,474 57,128
Total operating income 1,504,366 1,509,832 1,835,684
Operating Expense
Interest on short-term borrowings 4,663 3,840 6,424
Interest on long-term debt 143,688 132,954 156,833
Employee compensation and benefits 16,223 41,163 23,095
Service fees to subsidiaries 7,645 6,934 10,018
Other operating expense 54,291 61,621 66,996
Total operating expense 226,510 246,512 263,366
Income before income taxes and equity in undistributed income
of subsidiaries 1,277,856 1,263,320 1,572,318
Income tax benefit 33,512 53,751 32,396
Income before equity in undistributed income of subsidiaries 1,311,368 1,317,071 1,604,714
Equity in undistributed income of subsidiaries 261,533 15,226 (272,905)
Net Income $1,572,901 $1,332,297 $1,331,809