SunTrust 2008 Annual Report Download - page 98

SUNTRUST BANKS, INC.
Consolidated Statements of Income
For the Year Ended December 31
(Dollars in thousands, except per share data) 2008 2007 2006
Interest Income
Interest and fees on loans $6,933,657 $7,979,281 $7,688,689
Interest and fees on loans held for sale 289,920 668,939 727,991
Interest and dividends on securities available for sale
Taxable interest 628,006 516,289 1,022,888
Tax-exempt interest 44,088 43,158 39,357
Dividends1103,005 122,779 123,870
Interest on funds sold and securities purchased under agreements to resell 25,112 48,835 56,964
Interest on deposits in other banks 812 1,305 3,360
Trading account interest 302,782 655,334 128,901
Total interest income 8,327,382 10,035,920 9,792,020
Interest Expense
Interest on deposits 2,377,473 3,660,766 3,464,700
Interest on funds purchased and securities sold under agreements to repurchase 130,563 440,260 543,057
Interest on trading liabilities 27,160 15,586 15,540
Interest on other short-term borrowings 55,102 121,011 74,326
Interest on long-term debt 1,117,428 1,078,753 1,033,932
Total interest expense 3,707,726 5,316,376 5,131,555
Net interest income 4,619,656 4,719,544 4,660,465
Provision for loan losses 2,474,215 664,922 262,536
Net interest income after provision for loan losses 2,145,441 4,054,622 4,397,929
Noninterest Income
Service charges on deposit accounts 904,127 822,031 763,720
Trust and investment management income 592,324 685,034 686,865
Other charges and fees 510,794 479,074 462,063
Card fees 308,374 280,706 247,647
Retail investment services 289,093 278,042 233,974
Investment banking income 236,533 214,885 230,553
Mortgage production related income 171,368 90,983 217,428
Mortgage servicing related income/(loss) (211,829) 195,436 121,738
Trading account profits/(losses) and commissions 38,169 (361,711) 113,047
Net gain on sale of businesses 198,140 32,340 112,759
Gain on Visa IPO 86,305 --
Net gain on sale/leaseback of premises 37,039 118,840 -
Other noninterest income 239,726 349,907 329,055
Net securities gains/(losses) 1,073,300 243,117 (50,477)
Total noninterest income 4,473,463 3,428,684 3,468,372
Noninterest Expense
Employee compensation 2,327,228 2,329,034 2,253,527
Employee benefits 434,036 441,154 471,926
Outside processing and software 492,611 410,945 393,576
Operating losses 446,178 134,028 44,570
Marketing and customer development 372,235 195,043 173,205
Net occupancy expense 347,289 351,238 334,213
Equipment expense 203,209 206,498 197,038
Mortgage reinsurance 179,927 174 -
Amortization/impairment of intangible assets 121,260 96,680 103,226
Net loss on extinguishment of debt 11,723 9,800 11,665
Visa litigation (33,469) 76,930 -
Other noninterest expense 988,174 982,253 896,914
Total noninterest expense 5,890,401 5,233,777 4,879,860
Income before provision for income taxes 728,503 2,249,529 2,986,441
Provision (benefit) for income taxes (67,271) 615,514 868,970
Net income 795,774 1,634,015 2,117,471
Series A preferred dividends 22,255 30,275 7,729
U.S. Treasury preferred dividends 26,579 --
Net Income Available to Common Shareholders $746,940 $1,603,740 $2,109,742
Net income per average common share
Diluted $2.13 $4.55 $5.82
Basic 2.14 4.59 5.87
Dividends declared per common share 2.85 2.92 2.44
Average common shares - diluted 350,183 352,688 362,802
Average common shares - basic 348,919 349,346 359,413
1Includes dividends on common stock of The Coca-Cola Company $55,920 $60,915 $59,850
See Notes to Consolidated Financial Statements.
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