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56 SUNTRUST 2004 ANNUAL REPORT
MANAGEMENT’S DISCUSSION continued
Mortgage
2004 2003
(Dollars in millions) 4321 43 21
Average total assets $25,379.2 $24,058.5 $23,288.5 $21,270.2 $22,613.8 $24,950.6 $21,563.1 $20,865.7
Average total liabilities 1,600.9 1,517.2 1,751.8 1,320.6 1,458.4 2,392.1 1,900.5 1,446.0
Net interest income 121.3 121.0 125.8 116.9 134.8 168.0 137.4 132.2
Fully taxable-equivalent
adjustment (FTE) ————————
Net interest income (FTE) 121.3 121.0 125.8 116.9 134.8 168.0 137.4 132.2
Provision for loan losses10.3 0.6 0.3 2.4 0.9 0.7 0.5 0.3
Net interest income after
provision for loan losses 121.0 120.4 125.5 114.5 133.9 167.3 136.9 131.9
Noninterest income 34.7 28.6 23.8 20.2 6.3 (11.9) 11.3 —
Noninterest expense 88.3 85.1 82.6 71.4 81.2 80.5 71.6 67.2
Total income before taxes 67.4 63.9 66.7 63.3 59.0 74.9 76.6 64.7
Provision for income taxes ————————
Net income $ 67.4 $ 63.9 $ 66.7 $ 63.3 $ 59.0 $ 74.9 $ 76.6 $ 64.7
Wealth and Investment Management
2004 2003
(Dollars in millions) 4321 43 21
Average total assets $2,809.5 $2,856.3 $2,681.9 $2,393.5 $2,487.1 $2,424.6 $2,246.1 $2,040.6
Average total liabilities 2,506.6 2,166.4 1,854.1 1,663.4 1,563.1 1,569.7 1,534.0 1,450.2
Net interest income 16.8 14.7 14.3 14.8 13.8 13.6 12.8 11.8
Fully taxable-equivalent
adjustment (FTE) ————————
Net interest income (FTE) 16.8 14.7 14.3 14.8 13.8 13.6 12.8 11.8
Provision for loan losses1— 0.5 — — — 0.7 0.3 (0.1)
Net interest income after
provision for loan losses 16.8 14.2 14.3 14.8 13.8 12.9 12.5 11.9
Noninterest income 202.9 195.7 192.6 185.3 174.5 167.1 165.9 157.3
Noninterest expense 169.8 154.8 150.5 144.3 132.1 135.8 125.7 122.0
Total income before taxes 49.9 55.1 56.4 55.8 56.2 44.2 52.7 47.2
Provision for income taxes ————————
Net income $ 49.9 $ 55.1 $ 56.4 $ 55.8 $ 56.2 $ 44.2 $ 52.7 $ 47.2
NCF
2004
(Dollars in millions) 4
Average total assets $24,553.5
Average total liabilities 19,405.8
Average total equity —
Net interest income 195.9
Fully taxable-equivalent
adjustment (FTE) 0.4
Net interest income (FTE) 196.3
Provision for loan losses114.9
Net interest income after
provision for loan losses 181.4
Noninterest income 100.0
Noninterest expense 160.8
Total income before taxes 120.6
Provision for income taxes —
Net income $ 120.6
1Provision for loan losses includes an allocation to the lines of
business reflecting net credit losses.