SunTrust 2005 Annual Report Download - page 52
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SUNTRUST ANNUAL REPORT50
The following table of quarterly line of business results for and was updated to reflect the management reporting methodologies in effect at
December , .
TABLE • Quarterly Line of Business Results
Retail
Three Months Ended
(Dollars in millions) Dec. Sept. June Mar. Dec. Sept. June Mar.
Average total assets ,. ,. ,. ,. ,. ,. ,. ,.
Average total liabilities ,. ,. ,. ,. ,. ,. ,. ,.
Net interest income . . . . . . . .
Fully taxable-equivalent
adjustment (FTE) — — — — — — — —
Net interest income (FTE) . . . . . . . .
Provision for loan losses . . . . . . . .
Net interest income after
provision for loan losses . . . . . . . .
Noninterest income . . . . . . . .
Noninterest expense . . . . . . . .
Total contribution before taxes . . . . . . . .
Provision for income taxes — — — — — — — —
Net income . . . . . . . .
Commercial
Three Months Ended
(Dollars in millions) Dec. Sept. June Mar. Dec. Sept. June Mar.
Average total assets ,. ,. ,. ,. ,. ,. ,. ,.
Average total liabilities ,. ,. ,. ,. ,. ,. ,. ,.
Net interest income . . . . . . . .
Fully taxable-equivalent
adjustment (FTE) . . . . . . . .
Net interest income (FTE) . . . . . . . .
Provision for loan losses . . . (.) . . . .
Net interest income after
provision for loan losses . . . . . . . .
Noninterest income . . . . . . . .
Noninterest expense . . . . . . . .
Total contribution before taxes . . . . . . . .
Provision for income taxes — — — — — — — —
Net income . . . . . . . .
Net interest income is fully taxable equivalent and is presented on a matched maturity funds transfer price basis for the line of business.
Provision for loan losses represents net charge-offs for the lines of business.
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.
Other Actuarial Assumptions
To estimate the projected benefit obligation, actuarial assumptions are
required about factors such as mortality rate, turnover rate, retirement
rate, disability rate and the rate of compensation increases. These factors
don’t tend to change significantly over time, so the range of assumptions,
and their impact on pension cost, is generally limited. SunTrust periodi-
cally reviews the assumptions used based on historical and expected future
experience. The assumptions as of December , reflect relatively
minor changes to the turnover and retirement assumptions. The mortality
assumption was updated from Group Annuity Mortality to RP .
Additionally, the rate of compensation increase was increased from .% to
.%, based on recent experience and expectations of future inflation and
merit increases.
RECENTLY ISSUED AND PENDING ACCOUNTING
PRONOUNCEMENTS
Recently issued and pending accounting pronouncements are discussed
in Note , Accounting Policies, to the Consolidated Financial Statements
beginning on page .