SunTrust 2011 Annual Report Download - page 110
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94
Total noninterest expense was $919 million, an increase of $61 million, or 7%. The increase was predominantly due to a $25
million, or 5%, increase in staff expense driven by incentive compensation associated with revenue growth. Additionally, increases
in discretionary and transactional structural expense were partially offset by decreased operating losses and other real estate
expense.
Corporate Other and Treasury
Corporate Other and Treasury's net income for the twelve months ended December 31, 2010 was $489 million, an increase of
$108 million, or 28%, compared with the same period in 2009. The increase was predominantly due to increased net interest
income, securities gains, and a decrease in noninterest expense due to a special FDIC insurance assessment recorded in the second
quarter of 2009.
Net interest income was $484 million, an increase of $41 million, or 9%. An increase in income from hedges employed as part of
an overall interest rate risk management strategy was mostly offset by a decrease in net earnings on the investment portfolio and
increase in funding cost related to the prepaid FDIC assessment. Total average assets increased $6.1 billion, or 23%, predominantly
due to net purchases of investment securities and an increase in other assets due to the prepaid FDIC assessment. Total average
deposits decreased $3.3 billion, or 59%, due to decrease in brokered deposits, as we reduced our reliance on wholesale funding
sources in conjunction with solid consumer and commercial deposit growth.
Total noninterest income was $295 million, an increase of $103 million, or 54%. Trading gains increased $157 million
predominantly due to favorable mark to market valuation gains on our debt instruments carried at fair value compared to mark to
market valuation losses in 2009. Net gains on the sale of securities increased $63 million compared with 2009. These increases
were offset by a $112 million gain on Visa Class B shares recorded in the second quarter of 2009.
Total noninterest expense decreased $109 million compared with the same period in 2009. The decrease in expense was
predominantly due to the $78 million FDIC special assessment in 2009 and higher net recovery of allocated administrative expenses.
This decrease was partially offset by a $31 million increase in debt extinguishment costs.