SunTrust 2008 Annual Report Download - page 34

CONSOLIDATED FINANCIAL RESULTS
Table 1- Consolidated Daily Average Balances, Income/Expense And Average Yields Earned And Rates Paid
(Dollars in millions; yields on
taxable-equivalent basis)
2008 2007 2006
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Income/
Expense
Yields/
Rates
Assets
Loans:1
Real estate 1-4 family $31,758.9 $2,004.8 6.31 % $31,951.0 $2,036.5 6.37 % $33,523.5 $2,022.6 6.03 %
Real estate construction 10,828.5 575.8 5.32 13,519.4 1,011.0 7.48 12,333.9 923.8 7.49
Real estate home equity lines 15,204.9 796.9 5.24 14,031.0 1,088.2 7.76 13,565.2 1,032.3 7.61
Real estate commercial 13,968.9 789.7 5.65 12,803.4 887.5 6.93 12,803.7 866.6 6.77
Commercial - FTE238,131.9 2,089.6 5.48 34,194.4 2,202.6 6.44 33,836.1 2,087.4 6.17
Credit card 862.6 34.5 4.00 495.9 17.7 3.57 315.3 19.1 6.09
Consumer - direct 4,541.8 254.1 5.60 4,221.0 304.9 7.22 4,460.8 313.6 7.03
Consumer - indirect 7,262.5 459.8 6.33 8,017.5 495.4 6.18 8,376.6 477.6 5.70
Nonaccrual and restructured 2,872.7 25.4 0.89 847.0 17.3 2.05 430.1 16.6 3.85
Total loans 125,432.7 7,030.6 5.61 120,080.6 8,061.1 6.71 119,645.2 7,759.6 6.49
Securities available for sale:
Taxable 12,219.5 731.0 5.98 10,274.1 639.1 6.22 23,430.9 1,146.8 4.89
Tax-exempt - FTE21,038.4 63.1 6.07 1,043.8 62.2 5.96 954.5 55.8 5.85
Total securities available for sale - FTE213,257.9 794.1 5.99 11,317.9 701.3 6.20 24,385.4 1,202.6 4.93
Funds sold and securities
under agreements to resell 1,317.7 25.1 1.91 995.6 48.8 4.91 1,158.6 57.0 4.92
Loans held for sale 5,105.6 289.9 5.68 10,786.7 668.9 6.20 11,082.8 728.0 6.57
Interest-bearing deposits 25.6 0.8 3.18 24.0 1.3 5.44 93.4 3.3 3.59
Interest earning trading assets 7,609.1 304.4 4.00 11,999.6 657.2 5.48 2,063.3 129.5 6.28
Total earning assets 152,748.6 8,444.9 5.53 155,204.4 10,138.6 6.53 158,428.7 9,880.0 6.24
Allowance for loan and lease losses (1,815.0) (1,065.7) (1,061.3)
Cash and due from banks 3,093.2 3,456.6 3,834.8
Other assets 17,270.4 16,700.5 16,534.9
Noninterest earning trading assets 2,641.6 1,198.9 957.5
Unrealized net gains on securities available for sale,
net 1,909.5 2,300.8 1,620.5
Total assets $175,848.3 $177,795.5 $180,315.1
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
NOW accounts $21,080.7 $252.9 1.20 % $20,042.8 $473.9 2.36 % $17,214.4 $307.8 1.79 %
Money market accounts 26,564.8 520.3 1.96 22,676.7 622.5 2.75 24,507.9 634.5 2.59
Savings 3,770.9 16.3 0.43 4,608.7 55.5 1.20 5,371.1 79.1 1.47
Consumer time 16,770.2 639.1 3.81 16,941.3 764.2 4.51 15,622.7 614.6 3.93
Other time 12,197.2 478.6 3.92 12,073.5 586.3 4.86 11,146.9 492.9 4.42
Total interest-bearing consumer and
commercial deposits 80,383.8 1,907.2 2.37 76,343.0 2,502.4 3.28 73,863.0 2,128.9 2.88
Brokered deposits 10,493.2 391.5 3.73 16,091.9 861.2 5.35 17,425.7 880.5 5.05
Foreign deposits 4,250.3 78.8 1.85 5,764.5 297.2 5.16 9,064.5 455.3 5.02
Total interest-bearing deposits 95,127.3 2,377.5 2.50 98,199.4 3,660.8 3.73 100,353.2 3,464.7 3.45
Funds purchased 2,622.0 51.5 1.96 3,266.2 166.5 5.10 4,439.5 222.9 5.02
Securities sold under agreements to repurchase 4,961.0 79.1 1.59 6,132.5 273.8 4.46 7,087.0 320.1 4.52
Interest-bearing trading liabilities 785.7 27.1 3.46 430.2 15.6 3.62 404.9 15.5 3.84
Other short-term borrowings 3,057.2 55.1 1.80 2,493.0 121.0 4.85 1,507.1 74.5 4.93
Long-term debt 22,892.9 1,117.4 4.88 20,692.9 1,078.7 5.21 18,600.7 1,033.9 5.56
Total interest-bearing liabilities 129,446.1 3,707.7 2.86 131,214.2 5,316.4 4.05 132,392.4 5,131.6 3.88
Noninterest-bearing deposits 20,949.0 21,677.2 23,312.3
Other liabilities 5,176.7 5,783.1 5,895.2
Noninterest-bearing trading liabilities 1,795.6 1,313.0 1,168.5
Shareholders’ equity 18,480.9 17,808.0 17,546.7
Total liabilities and shareholders’ equity $175,848.3 $177,795.5 $180,315.1
Interest Rate Spread 2.67 % 2.48 % 2.36 %
Net Interest Income - FTE3$4,737.2 $4,822.2 $4,748.4
Net Interest Margin43.10 % 3.11 % 3.00 %
1Beginning in 2008 and for each of the three years ended December 31, the interest income includes loan fees of $134.5 million, $119.8 million and $115.1 million, respectively. Nonaccrual
loans are included in average balances and income on such loans, if recognized, is recorded on a cash basis.
2Interest income includes the effects of taxable-equivalent adjustments using a federal income tax rate of 35% for all years reported and, where applicable, state income taxes, to increase
tax-exempt interest income to a taxable-equivalent basis. Beginning in 2008 and for each of the three years ended December 31, the net taxable-equivalent adjustment amounts included in the
above table were $117.5 million, $102.7 million and $88.0 million, respectively.
3Derivative instruments used to help balance our interest-sensitivity position increased net interest income by $180.7 million in 2008 and decreased net interest income by $25.6 million in
2007 and $105.6 million in 2006.
4The net interest margin is calculated by dividing net interest income – FTE by average total earning assets.
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