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58 SUNTRUST 2004 ANNUAL REPORT
MANAGEMENT’S DISCUSSION continued
Year Ended December 31
(Dollars in millions except per share and other data) 2004 2003 2002 2001 2000 1999
Net income $ 1,572.9 $ 1,332.3 $ 1,331.8 $ 1,375.5 $ 1,294.1 $ 1,326.6
Securities losses/(gains), net of tax 27.1 (80.5) (133.0) (99.5) (4.3) 70.9
Net income excluding securities gains
and losses 1,600.0 1,251.8 1,198.8 1,276.0 1,289.8 1,397.5
The Coca-Cola Company dividend, net of tax (43.0) (37.8) (34.4) (30.9) (29.2) (27.5)
Net income excluding securities gains
and losses and The Coca-Cola Company
dividend $ 1,557.0 $ 1,214.0 $ 1,164.4 $ 1,245.1 $ 1,260.6 $ 1,370.0
Net income $ 1,572.9 —————
Merger expense, net of tax 18.5 —————
Operating net income $ 1,591.4 —————
Noninterest expense $ 3,897.0 —————
Merger expense (28.4) —————
Noninterest expense excluding
merger expense $ 3,868.6 —————
Diluted earnings per share $ 5.19 —————
Impact of excluding merger expense 0.06 —————
Operating diluted earnings per share $ 5.25 —————
Efficiency ratio 61.39% —————
Impact of excluding merger expense (0.45) —————
Operating efficiency ratio 60.94% —————
Total average assets $133,754.3 $122,325.4 $108,516.1 $102,884.2 $98,397.8 $92,820.8
Average net unrealized securities gains (2,372.2) (2,343.0) (2,731.8) (2,700.0) (2,353.8) (2,948.1)
Average assets less net unrealized
securities gains $131,382.1 $119,982.4 $105,784.3 $100,184.2 $96,044.0 $89,872.7
Total average equity $ 11,469.5 $ 9,083.0 $ 8,725.7 $ 8,073.8 $ 7,501.9 $ 8,190.7
Average accumulated other
comprehensive income (1,517.2) (1,486.1) (1,741.1) (1,745.8) (1,470.3) (1,822.4)
Total average realized equity $ 9,952.3 $ 7,596.9 $ 6,984.6 $ 6,328.0 $ 6,031.6 $ 6,368.3
Return on average total assets 1.18% 1.09% 1.23% 1.34% 1.32% 1.43%
Impact of excluding net realized and
unrealized securities gains/losses and
The Coca-Cola Company dividend 0.01 (0.08) (0.13) (0.10) (0.01) 0.09
Return on average assets less net
unrealized securities gains11.19% 1.01% 1.10% 1.24% 1.31% 1.52%
Return on average total shareholders’ equity 13.71% 14.67% 15.26% 17.04% 17.25% 16.20%
Impact of excluding net realized and
unrealized securities gains/losses and
The Coca-Cola Company dividend 1.94 1.31 1.41 2.64 3.65 5.31
Return on average realized
shareholders’ equity215.65% 15.98% 16.67% 19.68% 20.90% 21.51%
Net interest income $ 3,685.2 $ 3,320.3 $ 3,243.7 $ 3,252.6 $ 3,108.5 $ 3,145.5
FTE adjustment 58.4 45.0 39.5 40.8 39.9 42.5
Net interest income – FTE 3,743.6 3,365.3 3,283.2 3,293.4 3,148.4 3,188.0
Noninterest income 2,604.4 2,303.0 2,268.8 2,051.9 1,773.6 1,625.9
Total revenue 6,348.0 5,668.3 5,552.0 5,345.3 4,922.0 4,813.9
Securities losses/(gains) 41.7 (123.9) (204.5) (153.1) (6.6) 109.1
Total revenue excluding securities gains
and losses $ 6,389.7 $ 5,544.4 $ 5,347.5 $ 5,192.2 $ 4,915.4 $ 4,923.0
1Computed by dividing net income excluding securities gains/losses and The Coca-Cola Company dividend, by average assets less net unrealized securities gains.
2Computed by dividing net income excluding securities gains/losses and The Coca-Cola Company dividend, by average realized shareholders’ equity.
Table 23 / RECONCILEMENT OF NON-GAAP MEASURES – ANNUAL
ADDITIONAL SUPPLEMENTAL FINANCIAL DATA