SunTrust 2014 Annual Report Download - page 94
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71
decreased $17 million during the fourth quarter of 2014
compared to the fourth quarter of 2013, primarily driven by lower
fixed income-related trading revenue.
Mortgage production related income was $61 million, an
increase of $30 million, during the fourth quarter of 2014
compared to the fourth quarter of 2013. The increase was due to
a 20% increase in mortgage production volume and a lower
mortgage repurchase provision. Mortgage servicing income
increased $15 million compared to the fourth quarter of 2013
due to higher servicing fees and improved net hedge
performance.
Other noninterest income decreased $13 million during the
fourth quarter of 2014 compared to the fourth quarter of 2013,
primarily driven by lower gains on the sale of lease financing
and other assets, partially offset by lower asset impairment
charges.
Total noninterest expense was $1.4 billion during the fourth
quarter of 2014 which included the aforementioned $145 million
legal provision for legacy mortgage matters. Excluding this
legacy mortgage matter, noninterest expense declined $96
million, or 7%, driven by lower employee compensation and
benefits expense and, more broadly, our overall efficiency and
disciplined expense management focus.
Employee compensation and benefits expense decreased
$53 million during the fourth quarter of 2014 compared to the
fourth quarter of 2013, primarily due to a decline in salaries,
incentive compensation, and employee benefits costs, including
medical costs, due to a decline in full-time equivalent employees
as a result of our ongoing branch staffing model efficiency
improvements and the sale of RidgeWorth.
Other noninterest expense decreased $41 million compared
to the fourth quarter of 2013, primarily driven by lower credit
and collections services expenses and higher costs related to the
resolution of certain legacy mortgage matters recognized in the
fourth quarter of 2013.
The income tax provision for the fourth quarter of 2014 was
$128 million compared to the income tax provision of $138
million for the fourth quarter of 2013. Excluding the $57 million
tax impact of the $145 million legal provision related to legacy
mortgage matters in the fourth quarter of 2014, the tax provision
was $185 million, which was higher than the fourth quarter of
2013, primarily as a result of higher pre-tax income, resulting in
a quarterly effective tax rate of approximately 28%.