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52 SUNTRUST 2004 ANNUAL REPORT
MANAGEMENT’S DISCUSSION continued
Table 19 / CONSOLIDATED DAILY AVERAGE BALANCES,INCOME/EXPENSE AND AVERAGE YIELDS EARNED AND RATES PAID
Quarters Ended
December 31, 2004 December 31, 2003
Average Income/ Yields/ Average Income/ Yields/
(Dollars in millions; yields on taxable-equivalent basis) Balances Expense Rates Balances Expense Rates
Assets
Loans:1
Taxable $ 98,082.1 $1,216.6 4.93% $ 77,551.6 $ 883.7 4.52%
Tax-exempt22,055.4 25.0 4.83 1,818.5 21.1 4.57
Total loans 100,137.5 1,241.6 4.93 79,370.1 904.8 4.52
Securities available for sale:
Taxable 26,389.5 275.1 4.17 22,868.1 200.7 3.51
Tax-exempt2848.6 13.0 6.11 363.3 5.7 6.32
Total securities available for sale 27,238.1 288.1 4.23 23,231.4 206.4 3.55
Funds sold and securities purchased
under agreements to resell 1,301.2 6.0 1.82 1,181.2 3.2 1.05
Loans held for sale 5,607.0 74.7 5.33 7,202.3 92.2 5.12
Interest-bearing deposits 20.9 0.1 1.35 13.0 — 1.28
Trading assets 2,145.7 10.5 1.94 1,731.5 4.3 0.98
Total earning assets 136,450.4 1,621.0 4.73 112,729.5 1,210.9 4.26
Allowance for loan losses (1,094.5) (954.2)
Cash and due from banks 4,136.4 3,492.3
Premises and equipment 1,839.9 1,591.3
Other assets 13,181.2 5,533.3
Unrealized gains on securities
available for sale 2,056.7 2,363.9
Total assets $156,570.1 $124,756.1
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
NOW accounts $ 16,940.7 $ 28.3 0.66% $ 12,102.3 $ 11.2 0.37%
Money Market accounts 24,507.0 66.3 1.08 22,273.8 42.3 0.75
Savings 8,139.3 16.8 0.82 6,248.9 9.5 0.60
Consumer time 12,083.9 73.6 2.42 7,600.3 41.8 2.18
Other time 4,748.8 30.2 2.53 3,501.2 20.7 2.35
Total interest-bearing consumer and
commercial deposits 66,419.7 215.2 1.29 51,726.5 125.5 0.96
Brokered deposits 5,966.1 32.3 2.11 3,754.0 21.9 2.28
Foreign deposits 4,704.5 23.0 1.91 7,015.6 17.7 0.99
Total interest-bearing deposits 77,090.3 270.5 1.40 62,496.1 165.1 1.05
Funds purchased and securities sold
under agreements to repurchase 9,407.1 40.3 1.68 10,497.4 20.1 0.75
Other short-term borrowings 2,219.7 11.5 2.06 3,750.6 14.8 1.56
Long-term debt 21,961.6 197.8 3.58 14,468.8 133.4 3.66
Total interest-bearing liabilities 110,678.7 520.1 1.87 91,212.9 333.4 1.45
Noninterest-bearing deposits 24,181.7 18,586.1
Other liabilities 5,890.7 5,521.3
Shareholders’ equity 15,819.0 9,435.8
Total liabilities and shareholders’ equity $156,570.1 $124,756.1
Interest Rate Spread 2.86% 2.81%
Net Interest Income3$1,100.9 $ 877.5
Net Interest Margin 3.21% 3.09%
1Interest income includes loan fees of $36.0 million and $33.0 million in the quarters ended December 31,2004 and December 31, 2003, 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 $16.7 million and $12.0 million in the quarters ended December 31, 2004 and December 31, 2003,
respectively.
3Derivative instruments used to help balance the Company’s interest-sensitivity position increased net interest income $40.5 million and $29.0 million in the quarters ended December 31,2004 and December 31,
2003, respectively.