SunTrust 2004 Annual Report Download - page 59

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MANAGEMENT’S DISCUSSION continued
SUNTRUST 2004 ANNUAL REPORT 57
Corporate/Other
2004 2003
(Dollars in millions) 4321 43 21
Average total assets $29,295.4 $27,246.9 $28,186.6 $27,219.2 $26,984.5 $24,406.5 $24,697.1 $24,888.7
Average total liabilities 40,290.9 38,619.7 39,093.5 37,415.5 37,851.7 37,507.5 36,313.4 36,465.3
Average total equity 15,819.0 9,992.9 10,194.2 9,840.3 9,435.8 9,236.8 8,864.1 8,786.6
Net interest income 26.0 38.1 55.8 49.2 28.8 (20.3) (12.4) 44.0
Fully taxable-equivalent
adjustment (FTE) 3.6 4.0 1.3 1.3 1.3 1.3 1.3 1.3
Net interest income (FTE) 29.6 42.1 57.1 50.5 30.1 (19.0) (11.1) 45.3
Provision for loan losses1(16.2) (8.6) (34.7) (4.2) 0.9 0.6 1.4 1.5
Net interest income after
provision for loan losses 45.8 50.7 91.8 54.7 29.2 (19.6) (12.5) 43.8
Noninterest income (51.8) (42.8) (32.4) (20.3) (9.7) 8.3 14.5 19.7
Noninterest expense 248.6 230.4 239.1 234.9 238.4 209.5 234.6 232.4
Total loss before taxes (254.6) (222.5) (179.7) (200.5) (218.9) (220.8) (232.6) (168.9)
Provision for income taxes 218.1 181.0 189.9 153.6 164.0 147.6 156.5 153.8
Net loss $ (472.7) $ (403.5) $ (369.6) $ (354.1) $ (382.9) $ (368.4) $ (389.1) $ (322.7)
1The provision for loan losses for Corporate/Other reflects the difference between the Company’s consolidated provision for loan losses and net charge-offs.