SunTrust 2005 Annual Report Download

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what we see...
SUNTRUST BANKS, INC. 2005 ANNUAL REPORT

Table of contents

  • Page 1
    SUNTRUST BANKS, INC. 2005 ANNUAL REPORT what we see...

  • Page 2
    CONTENTS: 10 SUNTRUST AT A GLANCE 13 SHAREHOLDER LETTER 19 MANAGEMENT'S DISCUSSION 63 FINANCIAL STATEMENTS

  • Page 3
    ... each account number. We see individuals with great hopes and big dreams for their personal and professional lives. We see businesses, large and small, driving commerce and creating prosperity for their employees, stakeholders, and clients. In our view, all of our clients - from the trading desk...

  • Page 4
    ... - and convenient. In 2005, SunTrust opened new branches and mortgage offices, improved online banking capabilities, and updated ATMs. We improved accessibility by extending branch hours. We enhanced our call center capabilities for consumer and small business clients. In partnership with retailers...

  • Page 5
    to the reasons why you plan.

  • Page 6
    ... and cash management to risk management, advisory services, and investment strategies, our clients see the difference in the way we work - and reap the benefits of our approach. We're in the solution business. And we're committed to building long-term relationships. we see beyond the balance sheet

  • Page 7
    to what your growing business needs.

  • Page 8
    6 SUNTRUST 2005 ANNUAL REPORT Take a peek inside SunTrust and you will see thousands of reasons why our clients prefer working with us: our employees. The employees of SunTrust are the front-line fulfillment of our promise, "Seeing beyond money." Their mission is to discover and deliver what ...

  • Page 9
    to help wherever and whenever you need us.

  • Page 10
    ...this commitment requires leadership and the ongoing support of both human and financial resources. During 2005, visible disasters such as Hurricanes Katrina and Wilma brought out the best in the people of SunTrust. Our employees answered the call, donating money and time to help communities get back...

  • Page 11
    to ongoing investments in brighter futures.

  • Page 12
    ... financial performance, quality in customer service, and a strong commitment to all segments of the communities it serves. SunTrust's 1,694 retail and specialized service branches and 2,782 ATMs are located primarily in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia...

  • Page 13
    ...Selected Average Balances Total assets Earning assets Loans Deposits Total shareholders' equity Common shares - diluted (thousands) As of December 31 Total assets Earning assets Loans Allowance for loan and lease losses Deposits Total shareholders' equity Common shares outstanding (thousands) Market...

  • Page 14
    James M. Wells III President and Chief Operating Officer L. Phillip Humann Chairman and Chief Executive Officer

  • Page 15
    ... 2006 the Board of Directors approved an increase of 11 percent in the annual dividend on SunTrust common stock, another indication of how strong, steady performance pays off. The Management's Discussion and Analysis section of this report provides a comprehensive review of our 2005 results. For...

  • Page 16
    ... online banking capabilities for small business clients, streamlined our deposit products, and improved turnaround times for home equity loans through a combination of technology and process improvements while lowering the cost per closed loan. In Commercial Banking, expanded use of sales management...

  • Page 17
    ..., SunTrust's family office, added a location in Tampa and, late in the year, announced several key executive appointments to help position SunTrust for national leadership in this high-potential business. In Mortgage Banking, underscoring our national reach in this business line, we opened 51 new...

  • Page 18
    ... 2005 was relatively stable - no small achievement in a challenging rate environment. Our sales efforts also produced good noninterest income growth - up six percent over 2004. Once again, mortgage production was a key factor, along with ATM/debit cards and trust and investment product-related fee...

  • Page 19
    ... report selected financial data management's discussion and analysis consolidated statements of income consolidated balance sheets consolidated statements of shareholders' equity consolidated statements of cash flow notes to consolidated financial statements board of directors general information...

  • Page 20
    ... diluted basic dividends declared market price: high low close Selected average Balances total assets earning assets loans deposits total shareholders' equity as of December 31 total assets earning assets loans allowance for loan and lease losses deposits long-term debt total...

  • Page 21
    ... on suntrust's 2005 performance. introDuction suntrust, headquartered in atlanta, georgia, operates primarily within florida, georgia, maryland, north carolina, south carolina, tennessee, Virginia, and the district of columbia. within the geographic footprint, suntrust strategically operates...

  • Page 22
    ..., management information, planning, tax, and treasury. other functions included in other are enterprise risk management, credit risk management, credit review, audit, internal control, legal and compliance, branch operations, corporate strategies devel- Mortgage the mortgage line of business...

  • Page 23
    ...average loans and average deposits for the twelve months ended december 31, 2005 to the same period in the last two years: taBle 2 • average loans and Deposits (dollars in millions) retail commercial corporate and investment banking mortgage wealth and investment management 2005 $30...

  • Page 24
    ... were internal cross line of business sales credits, loan fees, and deposit sweep income. partially offsetting these increases, service charges on deposits decreased $11.0 million, or 12.0%, driven by higher compensating balances and increased client earnings credit rates. noninterest expense...

  • Page 25
    ... now accounts money market accounts savings deposits consumer time deposits other time deposits brokered deposits foreign deposits funds purchased and securities sold under agreements to repurchase other short-term borrowings long-term debt total interest expense net change in...

  • Page 26
    ... allowance for loan and lease losses cash and due from banks premises and equipment other assets unrealized gains on securities available for sale total assets liabilities and Shareholders' equity interest-bearing deposits: now accounts money market accounts savings consumer...

  • Page 27
    suntrust 2005 annual report 25 average balances 2002 income/ yields/ expense rates average balances 2001 income/ yields/ expense rates average balances 2000 income/ yields/ expense rates $69,981.0 1,289.4 71,270.4 16,890.3 408.3 17,298.6 1,390.4 4,410.8 404.7 1,...

  • Page 28
    ... suntrust 2005 annual report management's discussion and analysis continued taBle 5 • noninterest income (dollars in millions) service charges on deposit accounts trust and investment management income retail investment services other charges and fees investment banking income trading...

  • Page 29
    ... the company's marketing campaigns that ran throughout 2005 focusing on retail loan and deposit products, Visa® gift cards, and online banking services. ncf represented approximately $8 million of the overall increase in marketing and customer development. consulting and legal expense increased...

  • Page 30
    28 suntrust 2005 annual report management's discussion and analysis continued taBle 7 • loan portfolio by types of loans (dollars in millions) commercial real estate: home equity construction residential mortgages other credit card consumer loans total loans loans held for...

  • Page 31
    ... estimated probabilities of default and losses given default derived from an internal risk rating process. these baseline factors are developed and applied to the various loan pools. adjustments are made to the baseline factor for specific loan pools based on an assessment of internal and external...

  • Page 32
    30 suntrust 2005 annual report management's discussion and analysis continued taBle 10 • Summary of loan and lease losses experience (dollars in millions) 2005 $1,050.0 - 176.9 (112.0) (6.0) (47.3) (3.1) (146.8) (315.2) 36.3 0.8 14.3 2.6 62.4 116.4 (198.8) $1,028.1 $108,...

  • Page 33
    ... charge-offs may be required as a result of changes in the market value of collateral or other repayment prospects. and pooled loans and leases as prescribed under sfas no. 5, "accounting for contingencies." for the year ended december 31, 2005, the provision for loan losses was $176.9 million...

  • Page 34
    32 suntrust 2005 annual report management's discussion and analysis continued taBle 12 • Securities available for Sale (dollars in millions) amortized cost as of December 31 unrealized unrealized gains losses fair value u.s. treasury and other u.s. government agencies and ...

  • Page 35
    suntrust 2005 annual report 33 taBle 13 • composition of average Deposits (dollars in millions) noninterest bearing now accounts money market accounts savings consumer time other time total consumer and commercial deposits brokered deposits foreign deposits total deposits ...

  • Page 36
    ...december 31, 2004. this decline accounted for two basis points of the 11 basis points decline in the tangible equity ratio. the remainder of the decline was attributed to strong earning asset growth. enterpriSe riSk ManageMent in the normal course of business, suntrust is exposed to various risks...

  • Page 37
    ... the board of directors in executing this responsibility. creDit riSk ManageMent credit risk refers to the potential for economic loss arising from the failure of suntrust clients to meet their contractual agreements on all credit instruments, including on-balance sheet exposures from loans and...

  • Page 38
    ... changes in interest rates. trading activities most of the company's trading activities are designed to support secondary trading with clients. product offerings to clients include debt securities, including loans traded in the secondary market, equity securities, derivatives and foreign exchange...

  • Page 39
    ... policies. the company's sources of funds include a large, stable deposit base, secured advances from the federal home loan bank ("fhlb") and access to the capital markets. the company structures its balance sheet so that illiquid assets, such as loans, are funded through client deposits, long...

  • Page 40
    ...have variable pay or receive rates with resets of six months or less. represents interest rate swaps designated as cash flow hedges of commercial loans. forward contracts are designated as fair value hedges of closed mortgage loans, including both fixed and floating, which are held for sale. certain...

  • Page 41
    ...of six months or less. represents interest rate swaps designated as cash flow hedges of commercial loans. represents interest rate swaps designated as fair value hedges of fixed-rate loans and reverse purchase agreements. forward contracts are designated as fair value hedges of closed mortgage loans...

  • Page 42
    ... average pay fixed rate1 fair value liability hedges notional amount - swaps net unrealized gain/(loss) weighted average receive fixed rate1 weighted average pay floating rate1 1 all interest rate swaps have variable pay or receive rates with resets of six months or less. (dollars in...

  • Page 43
    ... of credit letters of credit financial standby performance standby commercial total letters of credit 1 includes $3.1 billion and $3.8 billion in interest rate locks accounted for as derivatives as of december 31, 2005 and 2004, respectively. (except to related parties) voting stock of...

  • Page 44
    ... of the limited partnership investments plus unfunded commitments. suntrust is the managing general partner of a number of non-registered investment limited partnerships which have been established to provide alternative investment strategies for its clients. in reviewing the partnerships...

  • Page 45
    ... in the fourth quarter of 2005. also positively impacting noninterest income were increases in mortgage related income, trust and investment management income, atm fees, and card fees; partially offset by a decline in trading account profits and commissions. mortgage related income increased $17...

  • Page 46
    44 suntrust 2005 annual report management's discussion and analysis continued taBle 18 • Selected quarterly financial Data (dollars in millions, except per share data) three Months ended Dec. 31 2005 Sept. 30 June 30 Mar. 31 dec. 31 sept. 30 2004 June 30 mar. 31 Summary of ...

  • Page 47
    ... allowance for loan and lease losses cash and due from banks premises and equipment other assets unrealized gains on securities available for sale total assets liabilities and Shareholders' equity interest-bearing deposits: now accounts money market accounts savings consumer...

  • Page 48
    ... quarter 2005 effective tax rate was due to ahg tax credits, an annual true-up of the 2004 tax expense to the 2004 tax return as filed, and a review of federal and state tax reserves. combined trading account profits and commissions and investment banking income, the company's capital market...

  • Page 49
    ... line of business sales credits. partially offsetting these increases were decreases in service charges on deposit accounts and deposit sweep income. the decrease in the income from deposit accounts was anticipated in a rising rate environment as clients earned a higher credit on their deposits...

  • Page 50
    ... for loan losses charged to expense and reduced by loans charged off, net of recoveries. the alll is determined based on management's assessment of reviews and evaluations of larger loans that meet the company's definition of impairment and the size and current risk characteristics of pools of...

  • Page 51
    ... market projection of the target asset allocation set forth in the investment policy for the suntrust and ncf retirement plans, the pre-tax expected rate of return on plan assets was 8.50% in 2005 and 2004. this expected rate of return is not expected to change significantly each year. annual...

  • Page 52
    50 suntrust 2005 annual report management's discussion and analysis continued have more variability in the annual pension cost, as the asset values will be more volatile than companies who elected to "smooth" their investment experience. minor changes to the turnover and retirement assumptions....

  • Page 53
    suntrust 2005 annual report 51 (dollars in millions) corporate and investment banking three months ended 2005 Dec. 31 $23,195.5 7,368.3 72.1 6.2 78.3 (2.4) 80.7 140.2 77.3 143.6 - $143.6 Sept. 30 $21,695.3 6,303.6 66.6 5.5 72.1 18.0 54.1 170.7 88.2 136.6 - $136.6...

  • Page 54
    ... loan losses noninterest income noninterest expense total contribution before taxes provision for income taxes net income (dollars in millions) corporate/other three months ended Dec. 31 $31,146.4 58,071.7 16,875.6 0.7 3.8 4.5 1.1 3.4 (2.9) 303.2 (302.7) - ($302.7) 2005...

  • Page 55
    suntrust 2005 annual report 53 additional supplemental financial data taBle 21 • reconcilement of non-uS gaap Measures - annual (dollars in millions, except per share and other data) net income securities losses/(gains), net of tax net income excluding securities losses/(gains), net of...

  • Page 56
    ...suntrust 2005 annual report management's discussion and analysis continued taBle 22 • reconcilement of non-uS gaap Measures - quarterly (dollars in millions, except per share and other data) three Months ended Dec. 31 $518.5 (0.4) 2005... excluding net securities (gains)/losses and the ...

  • Page 57
    ...terms of the applicable stock option plan and not pursuant to publicly announced share repurchase programs. for the year ended december 31, 2005, the following shares of suntrust common stock were surrendered by participants in suntrust's employee stock option plans: January 2005 - 20,857 shares at...

  • Page 58
    56 suntrust 2005 annual report management's discussion and analysis continued taBle 26 • Maturity Distribution of Debt Securities available for Sale (dollars in millions) 1 year or less 1-5 years as of December 31, 2005 5-10 after 10 years years total average ...

  • Page 59
    ..., suntrust capital markets, inc. is a broker-dealer and investment adviser registered with the securities and exchange commission ("sec") and a member organization of the new york stock exchange, inc. and the national association of securities dealers, inc. ("nasd"). suntrust investment services...

  • Page 60
    ... engaged; • various monetary and fiscal policies and regulations, including those determined by the federal reserve board, the federal deposit insurance corporation and state regulators; • changes may occur in the securities markets that affect suntrust's access to capital, the value of...

  • Page 61
    ... source of funding. checking and savings account balances and other forms of client deposits could decrease if clients perceive alternative investments, such as the stock market, as providing superior expected returns. when clients move money out of bank deposits in favor of alternative...

  • Page 62
    60 suntrust 2005 annual report management's discussion and analysis continued financial holding companies may acquire banks and other financial institutions. this may significantly change the competitive environment in which we conduct business. some of our competitors have greater financial ...

  • Page 63
    ...prevent or detect all errors or acts of fraud. our disclosure controls and procedures are designed to reasonably assure that information required to be disclosed by suntrust in reports we file or submit under the exchange act is accumulated and communicated to management, and recorded, processed...

  • Page 64
    ...officer have filed with the securities and exchange commission the certifications required by section 302 of the sarbanes-oxley act of 2002 as exhibits 31.1 and 31.2 to the company's 2005 form 10-K. in addition, on may 6, 2005 the company's chief executive officer certified to the new york stock...

  • Page 65
    suntrust 2005 annual report 63 aBBreviationS within the consolidated financial statements and the notes thereto, the following references will be used: suntrust banks, inc. - company or suntrust suntrust bank holding company - bank parent company national commerce financial corporation - ncf...

  • Page 66
    64 suntrust 2005 annual report report of independent registered public accounting firm to the BoarD of DirectorS anD ShareholDerS of SuntruSt BankS, inc.: we have completed integrated audits of suntrust banks, inc.'s 2005 and 2004 consolidated financial statements and of its internal control ...

  • Page 67
    ... 2005 annual report 65 because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes...

  • Page 68
    ...for loan losses net interest income after provision for loan losses noninterest income service charges on deposit accounts trust and investment management income retail investment services other charges and fees investment banking income trading account profits and commissions card fees net...

  • Page 69
    ... and Shareholders' equity noninterest-bearing consumer and commercial deposits interest-bearing consumer and commercial deposits total consumer and commercial deposits brokered deposits foreign deposits total deposits funds purchased and securities sold under agreements to repurchase...

  • Page 70
    ... suntrust 2005 annual report consolidated statements of shareholders' equity (dollars in thousands) Balance, January 1, 2003 net income other comprehensive income: change in unrealized gains (losses) on derivatives, net of taxes change in unrealized gains (losses) on securities...

  • Page 71
    ...sale of loans capital expenditures proceeds from the sale of other assets other investing activities net cash used for acquisitions net cash used in investing activities cash flows from financing activities: net increase in consumer and commercial deposits net increase (decrease) in foreign...

  • Page 72
    ... investment management, and mortgage. in addition to traditional deposit, credit and trust and investment services offered by suntrust bank, other suntrust subsidiaries provide mortgage banking, credit-related insurance, asset management, securities brokerage and capital market services. discounts...

  • Page 73
    ... experience and expected losses given default derived from the company's internal risk rating process. these factors are developed and applied to the portfolio in terms of line of business and loan type. adjustments are also made to the allowance for the pools after an assessment of internal and...

  • Page 74
    .... if market prices are not available, fair value is calculated using management's best estimates of key assumptions, including credit losses, loan repayment speeds and discount rates commensurate with the risks involved. gains or losses on sales as well as future servicing fees are recorded...

  • Page 75
    ..., and the factors that influenced management's judgment as it relates to the accounting policy for credit losses and doubtful accounts. this fsp is effective for the reporting period ended december 31, 2005. the required disclosures related to the company's loan products that are within the scope...

  • Page 76
    74 suntrust 2005 annual report notes to consolidated financial statements continued note 2 • acquisitions/Dispositions on october 1, 2004, suntrust acquired national commerce financial corporation and subsidiaries, a memphis-based financial services organization. ncf's parent company merged ...

  • Page 77
    ... for the year ended december 31, 2005. on January 27, 2005, suntrust purchased the remaining 20% minority interest of lighthouse partners, llc ("lhp"), a non-registered limited liability company established to provide alternative investment strategies for clients. the transaction resulted in $39...

  • Page 78
    ... the fair values of the components of trading account assets and liabilities at december 31 were as follows: (dollars in thousands) 2005 trading assets u.s. government and agency securities $468,056 corporate and other debt securities 662,827 equity securities 366 mortgage-backed securities...

  • Page 79
    ... for sale that were pledged to secure public deposits, trust and other funds had fair values of $18.1 billion, $17.4 billion, and $13.7 billion at december 31, 2005, 2004, and 2003. securities with unrealized losses at december 31 were as follows: 2005 less than twelve months twelve months or...

  • Page 80
    ... at december 31 is shown in the following table: (dollars in thousands) commercial real estate: home equity construction residential mortgages other credit card consumer loans total loans total nonaccrual loans at december 31, 2005 and 2004 were $271.9 million and $354.2 million...

  • Page 81
    suntrust 2005 annual report 79 note 8 • premises and equipment premises and equipment at december 31 were as follows: (dollars in thousands) land buildings and improvements leasehold improvements furniture and equipment construction in progress less accumulated depreciation and ...

  • Page 82
    ... no impairment of goodwill as of this date. the changes in the carrying amount of goodwill by reportable segment for the twelve months ended december 31, 2004 and 2005 are as follows: wealth and investment corporate/ mortgage management ncf other total $53,663 $69,333 $- $- $1,077...

  • Page 83
    suntrust 2005 annual report 81 the estimated amortization expense for intangible assets, excluding amortization of mortgage servicing rights, for the subsequent five years is as follows: (dollars in thousands) 2006 2007 2008 2009 2010 thereafter total core deposit intangible $83,...

  • Page 84
    ... to perform servicing for the residential mortgage loans and recognized a servicing asset of $5.6 million at fair value. the fair value was derived using the following assumptions: prepayment speed of 18.0%, an average life of 4.8 years, and a discount rate of 11.0%. payment rate (annual...

  • Page 85
    suntrust 2005 annual report 83 note 13 • long-term Debt long-term debt at december 31 consisted of the following: (dollars in thousands) parent company only senior floating rate... payable to trusts formed to issue trust preferred securities totaled $1.9 billion at december 31, 2005 and 2004.

  • Page 86
    ... deconsolidated certain wholly-owned trusts which had been formed for the sole purpose of issuing trust preferred securities. the proceeds from the trust preferred securities issuances were invested in junior subordinated debentures of the parent company and bank parent company. the obligations...

  • Page 87
    ... of unrealized gains and losses on securities available for sale, unrealized gains and losses on certain derivative financial instruments, and other comprehensive income related to certain retirement plans were recorded in other com (dollars in thousands) year ended december 31 2004 $517...

  • Page 88
    ... executives provides cash awards, if any, based on multi-year earnings performance in relation to earnings goals established by the compensation committee ("committee") of the company's board of directors. the company provides stock-based awards through the suntrust banks, inc. 2004 stock plan...

  • Page 89
    suntrust 2005 annual report 87 the following table presents information on stock options and performance and restricted stock: (dollars in thousands except per share data) stock options shares 11,742,908 3,818,050 (777,087) (795,225) 175,417 - 14,164,063 4,013,523 (2,046,298)...

  • Page 90
    ... were frozen with the exception of adjustments for pay increases after 2004. all former ncf employees who met the service requirements began to earn benefits in the suntrust retirement plan effective January 1, 2005. the ncf retirement plan was fully funded at the beginning of both fiscal years...

  • Page 91
    ... the main sources of actuarial losses for 2005 result from lower discount rates, higher salary increase assumptions, changes made to refine turnover and retirement assumptions, and the use of a more current mortality table. the change in benefit obligations for the years ended december 31 was as...

  • Page 92
    ... the suntrust and ncf retirement plans. at december 31, 2004, equity securities include suntrust common stock of $17.3 million, or 0.9% of total plan assets. the suntrust benefit plan committee, which includes several members of senior management, establishes investment policies and strategies and...

  • Page 93
    ..., 2005 and invested in a short-term fund. equity securities do not include suntrust common stock for the other post retirement benefit plans. funDeD StatuS the funded status of the plans, reconciled to the consolidated balance sheets, is as follows: (dollars in thousands) fair value of plan...

  • Page 94
    ... date was selected based on the economic environment as of that date. based on a ten-year capital market projection of the target asset allocation set forth in the investment policy for the suntrust and ncf retirement plans, the pre-tax expected rate of return on plan assets was 8.50% in 2005 and...

  • Page 95
    ... rate swaps accounted for as fair value hedges. this hedging strategy resulted in zero ineffectiveness for the years ended december 31, 2005 and 2004. the company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities...

  • Page 96
    ... to manage the company's foreign currency exchange risk and to provide derivative products to clients. the company does not have any hedges of foreign currency exposure within the guidelines of sfas no. 133. the company buys and sells credit protection to clients and dealers using credit default...

  • Page 97
    ... of the limited partnership investments plus unfunded commitments. suntrust is the managing general partner of a number of non-registered investment limited partnerships which have been established to provide alternative investment strategies for its clients. in reviewing the partnerships...

  • Page 98
    ... series b preferred stock. suntrust investment services, inc. ("stis") and suntrust capital markets, inc. ("stcm"), broker-dealer affiliates of suntrust, use a common third party clearing broker to clear and execute their clients' securities transactions and to hold clients' accounts. under their...

  • Page 99
    ... cash or securities held in the defaulting clients' accounts. for the year ended december 31, 2005, suntrust experienced minimal net losses as a result of the indemnity. the clearing agreements for stis and stcm expire in may 2010. the company has guarantees associated with credit default swaps...

  • Page 100
    ..., now/money market accounts, and savings accounts have a fair value equal to the amount payable on demand at the reporting date, i.e., their carrying amounts. fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies current interest rates to...

  • Page 101
    ...-store branches, atms, the internet and the telephone. the commercial line of business provides enterprises with a full array of financial products and services including traditional commercial lending, treasury management, financial risk management, and corporate bankcard. this line of business...

  • Page 102
    ... suntrust's reportable segments for the twelve months ended december 31, 2005, 2004, and 2003. twelve Months ended December 31, 2005 corporate and wealth and investment investment corporate/ reconciling (dollars in thousands) retail commercial Banking Mortgage Management...

  • Page 103
    ...provision for income taxes3 - net income $1,197,621 1 2 3 twelve months ended december 31, 2003 corporate and wealth and investment investment corporate/ reconciling retail commercial banking mortgage management other items consolidated $22,573,638 $21,655,638 $21...

  • Page 104
    ... gains and losses on securities available for sale, changes in derivatives accounted for as cash flow hedges, and changes in the additional minimum liability related to the carrying value of the supplemental retirement benefits. comprehensive income for the years ended december 31, 2005, 2004...

  • Page 105
    ... all from suntrust bank interest on loans other income total income expense interest on short-term borrowings interest on long-term debt employee compensation and benefits service fees to subsidiaries other expense total expense income before income taxes and equity in undistributed...

  • Page 106
    ... cash in subsidiary banks interest-bearing deposits in banks trading assets securities available for sale loans to subsidiaries investment in capital stock of subsidiaries stated on the basis of the company's equity in subsidiaries' capital accounts: banking subsidiaries nonbanking...

  • Page 107
    ... for sale net change in loans to subsidiaries capital expenditures net cash used for acquisitions capital contributions (to) from subsidiaries other, net net cash (used in) investing activities cash flows from financing activities: net (decrease) increase in short-term...

  • Page 108
    ... the fiscal year ended december 31, 2005 commission file number 1-8918 suntrust banks, inc. incorporated in the state of georgia irs employer identification number 58-1575035 address: 303 peachtree street, ne, atlanta, ga 30308 telephone: 404-588-7711 securities registered pursuant to section...

  • Page 109
    ...report or incorporated by reference herein pursuant to the securities exchange act of 1934. shareholders may obtain the list of such exhibits and copies of such documents upon request to corporate secretary, suntrust banks, inc., mail code 643, p.o. box 4418, atlanta, georgia, 30302. a-copying fee...

  • Page 110
    ..., durham • suntrust bank, new hanover central group atlanta region • suntrust bank, atlanta • suntrust bank, gainesville • suntrust bank, athens chattanooga region • suntrust bank, chattanooga • suntrust bank, northwest georgia • suntrust bank, tennessee...

  • Page 111
    suntrust 2005 annual report 109 banKs continued geographic area florida group, continued north florida region • suntrust bank, north florida • suntrust bank, north central florida • suntrust bank, northwest florida • suntrust bank, tallahassee • suntrust bank, ...

  • Page 112
    ... 2005 annual report Key subsidiaries chief executive asset Management advisors, l.l.c. provides comprehensive family office services. Maria elena lagomasino premium assignment corporation provides insurance premium financing primarily to businesses. peter kugelmann Suntrust capital Markets...

  • Page 113
    ... wealth and investment management, mortgage and commercial lines of business 26 years of service. gay o. abbott Corporate Executive Vice President commercial line of business 23 years of service. thomas e. freeman Corporate Executive Vice President chief credit officer Joined suntrust february...

  • Page 114
    ... corporation atlanta, georgia Chairman of the Board and Chief Executive Officer the coca-cola company atlanta, georgia Dr. phail wynn, Jr.4, 5 President durham technical community college durham, north carolina Jeffrey c. crowe2 Chairman of the Board landstar system, inc. Jacksonville, florida...

  • Page 115
    ... INFORMATION NUMBER OF SHAREHOLDERS SunTrust Banks, Inc. CORPORATE HEADQUARTERS SunTrust Banks, Inc. 303 Peachtree Street, NE Atlanta, GA 30308 404.588.7711 CORPORATE MAILING ADDRESS As of December 31, 2005, 39,992 Registered Shareholders (Shareholders of Record) Approximately 80,000 Street Name...

  • Page 116
    SUNTRUST BANKS, INC. 303 PEACHTREE STREET ATLANTA, GA 30308