SunTrust 2009 Annual Report Download - page 98

SUNTRUST BANKS, INC.
Consolidated Statements of Income/(Loss)
For the Year Ended December 31
(Dollars and shares in thousands, except per share data) 2009 2008 2007
Interest Income
Interest and fees on loans $5,530,162 $6,933,657 $7,979,281
Interest and fees on loans held for sale 232,775 289,920 668,939
Interest and dividends on securities available for sale
Taxable interest 716,684 628,006 516,289
Tax-exempt interest 39,730 44,088 43,158
Dividends173,257 103,005 122,779
Interest on funds sold and securities purchased under agreements to resell 2,204 25,112 48,835
Interest on deposits in other banks 231 812 1,305
Trading account interest 114,704 302,782 655,334
Total interest income 6,709,747 8,327,382 10,035,920
Interest Expense
Interest on deposits 1,439,942 2,377,473 3,660,766
Interest on funds purchased and securities sold under agreements to repurchase 7,827 130,563 440,260
Interest on trading liabilities 20,206 27,160 15,586
Interest on other short-term borrowings 14,678 55,102 121,011
Interest on long-term debt 761,404 1,117,428 1,078,753
Total interest expense 2,244,057 3,707,726 5,316,376
Net interest income 4,465,690 4,619,656 4,719,544
Provision for credit losses 4,063,914 2,474,215 664,922
Net interest income after provision for credit losses 401,776 2,145,441 4,054,622
Noninterest Income
Service charges on deposit accounts 848,354 904,127 822,031
Other charges and fees 522,749 510,794 479,074
Trust and investment management income 486,523 592,324 685,034
Mortgage production related income 376,097 171,368 90,983
Mortgage servicing related income 329,908 (211,829) 195,436
Card fees 323,842 308,374 280,706
Investment banking income 271,999 236,533 214,885
Retail investment services 217,803 289,093 278,042
Trading account profits/(losses) and commissions (40,738) 38,169 (361,711)
Gain from ownership in Visa 112,102 86,305 -
Net gain on sale of businesses -198,140 32,340
Net gain on sale/leaseback of premises -37,039 118,840
Other noninterest income 163,620 239,726 349,907
Net securities gains298,019 1,073,300 243,117
Total noninterest income 3,710,278 4,473,463 3,428,684
Noninterest Expense
Employee compensation 2,257,532 2,327,228 2,329,034
Employee benefits 542,390 434,036 441,154
Amortization/impairment of goodwill/intangible assets 806,834 121,260 96,680
Outside processing and software 579,277 492,611 410,945
Net occupancy expense 356,791 347,289 351,238
Regulatory assessments 302,147 54,876 22,425
Credit and collection services 259,406 156,445 112,547
Other real estate expense 243,727 104,684 15,797
Equipment expense 171,887 203,209 206,498
Marketing and customer development 151,538 372,235 195,043
Operating losses 99,527 446,178 134,028
Mortgage reinsurance 114,905 179,927 174
Net loss on debt extinguishment 39,356 11,723 9,800
Visa litigation 7,000 (33,469) 76,930
Other noninterest expense 630,091 660,791 818,760
Total noninterest expense 6,562,408 5,879,023 5,221,053
Income/(loss) before provision/(benefit) for income taxes (2,450,354) 739,881 2,262,253
Provision/(benefit) for income taxes (898,783) (67,271) 615,514
Net income/(loss) including income attributable to noncontrolling interest (1,551,571) 807,152 1,646,739
Net income attributable to noncontrolling interest 12,112 11,378 12,724
Net income/(loss) ($1,563,683) $795,774 $1,634,015
Net income/(loss) available to common shareholders ($1,733,377) $740,982 $1,592,954
Net income/(loss) per average common share
Diluted ($3.98) $2.12 $4.52
Basic (3.98) 2.12 4.56
Dividends declared per common share 0.22 2.85 2.92
Average common shares - diluted3435,328 350,183 352,688
Average common shares - basic 435,328 348,919 349,346
1Includes dividends on common stock of The Coca-Cola Company $49,200 $55,920 $60,915
2Includes other-than-temporary impairment losses of $20.0 million for the year ended December 31, 2009, consisting of $112.8 million of total unrealized losses, net of $92.8 million of
non-credit related unrealized losses recorded in other comprehensive income, before taxes.
3For earnings per share calculation purposes, the impact of dilutive securities are excluded from the diluted share count during periods that the Company has recognized a net loss available to
common shareholders because the impact would be anti-dilutive.
See Notes to Consolidated Financial Statements.
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