8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 10, 2003

SunTrust Banks, Inc.

(Exact name of registrant as specified in its charter)

Georgia	001-08918	58-1575035
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
303 Peachtree St., N.E., Atlanta, Georgia		30308
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (404) 588-7711

Item 7.    Financial Statements and Exhibits

Exhibits

99.1    The News Release.

99.2    Supplemental Schedules prepared for use with The News Release.

Item 9.    Regulation FD Disclosure.

The Registrant is furnishing the information required by Item 12 of Form 8-K, “Results of Operation and Financial Condition,” under this Item 9.

On April 10, 2003, the Registrant held an investor call and webcast to disclose financial results for the first quarter ended March 31, 2003. The Supplemental Information package for use at this conference is furnished herewith as Exhibits 99.1 and 99.2 and incorporated by reference in Item 9. All information in the Supplemental Information is presented as of the News Release date and the Registrant does not assume any obligation to correct or update said information in the future.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the Undersigned, thereunto duly authorized.

	SUNTRUST BANKS, INC.             (Registrant)
Date: April 10, 2003	By:	/s/    JORGE ARRIETA
		Jorge Arrieta Senior Vice President and Controller

EX-99.1

Exhibit 99.1

News            

SUNTRUST

Contact:

Investors                     Media

Gary Peacock             Barry Koling

(404) 658-4879         (404) 230-5268

For Immediate Release

April 10, 2003

SunTrust Reports First Quarter Earnings

Company Says “Positive Performance Trends” Bolster Results in Continued Weak Economy

ATLANTA—SunTrust Banks, Inc. (NYSE: STI) today reported net income for the first quarter of 2003 of $327.8 million, up 8% from the first quarter of 2002. Net income per diluted share was $1.17, up 10% from the $1.06 per diluted share earned in the first quarter of 2002.

SunTrust believes operating earnings of the Company, which exclude certain non-recurring, merger-related charges, is also an appropriate indicator of basic business performance. Operating income for the first quarter was $327.8 million, down 5% from the $344.7 million earned in the comparable 2002 period. Net income in the first quarter of 2002 was reduced by $39.8 million, or $0.14 per share, in non-recurring after-tax merger charges.

“Once again, like everybody else in our industry, we’re reporting bottom line results that reflect the effects of a still-slow economy, sluggish loan volumes and continued uncertainty in the operating environment,” said L. Phillip Humann, SunTrust chairman, president and chief executive officer. “The good news, however, is that we are also seeing positive trends that not only bolster this quarter’s earnings but suggest better things to come.”

Mr. Humann pointed in particular to encouraging trends in sales-related revenue generation, expense discipline, and credit quality.

For the quarter, reported return on average total assets (ROA) was 1.12%, and return on average total equity (ROE) was 15.13%. Return on average assets less net unrealized gains on

-more-

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securities was 1.15% and return on average realized equity was 18.16% for the quarter. The Company believes ROA and ROE excluding net unrealized gains from the Company’s securities portfolio is the more indicative performance measure in this area due to SunTrust’s ownership of 48 million shares of The Coca-Cola Company.

SunTrust said the impact of the weak economy and related interest rate environment was, predictably, most keenly felt in fully taxable net interest income of $833.0 million in the first quarter, up 3% from the first quarter of 2002, and essentially unchanged from the fourth quarter of 2002. The net interest margin for the quarter was 3.21%, down five basis points from the fourth quarter of 2002.

Average loans for the first quarter were $73.0 billion, up 5% from the first quarter of 2002, and average earning assets were $105.2 billion, up 13% from the first quarter of 2002.

Average consumer and commercial deposits for the first quarter were $ 67.5 billion, up 8% from the first quarter of 2002. SunTrust said the strong deposit growth reflected the success of targeted sales initiatives undertaken during the quarter.

The positive impact of SunTrust’s sales focus was also reflected in noninterest income, excluding net securities gains, of $505.6 million in the quarter. Although down 4% from the first quarter of 2002, this category was up 4% from the fourth quarter of 2002. Total noninterest income including net securities gains was $547.7 million for the quarter, down 7% from the first quarter of 2002, and up 4% from the fourth quarter of 2002. Please refer to Appendix A for further noninterest income details.

Reflecting SunTrust’s emphasis on maintaining balance in its revenue generation capacity under differing economic scenarios, noninterest income excluding net securities gains represented 38% of total revenue for the first quarter of 2003.

Total noninterest expense in the first quarter was $818.2 million, up 1% from the first quarter of 2002. Consistent with the improving quarterly expense pattern evident most of last year, total noninterest expense was down 2% from the fourth quarter of 2002. Expense discipline remains a high priority for SunTrust in 2003. Please refer to Appendix A for further noninterest expense details.

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Net charge-offs in the first quarter were $79.8 million or 0.44% of average loans, down from $118.6 million, or 0.69% of average loans in the first quarter of 2002. The provision for loan losses was $80.8 million for the first quarter. This is the fourth consecutive quarter of declining loan charge-offs which the Company believes is generally indicative of overall improving credit quality conditions.

Nonperforming assets were $548.4 million at quarter end or 0.74% of loans, foreclosed properties and repossessed assets, up slightly from $542.0 million as of December 31, 2002 but in line with SunTrust’s expectations. Nonperforming assets at March 31, 2003 included $520.1 million in nonaccural loans, $18.1 million in other real estate owned and $10.3 million in other repossessed assets. The allowance for loan losses at March 31, 2003 was $931.1 million and represented 1.26% of period-end loans and 179.0% of nonaccural loans. SunTrust’s net charge-off and nonperforming asset levels continue to compare very favorably with the most recently published industry averages.

At March 31, 2003, SunTrust had total assets of $120.1 billion. Equity capital of $8.7 billion represented 7.24% of total assets. Book value per share was $31.06, up 4% from March 31, 2002.

To view the corresponding financial tables and information, please refer to the Investor Relations section located under “About SunTrust” on our Web site at www.suntrust.com. This information may also be directly accessed via the quick link entitled “1^st Quarter Earnings Release” located at the lower right hand corner of the SunTrust homepage.

SunTrust management will host a conference call on April 10 at 8:30 a.m. (Eastern Time) to discuss the earnings results and business trends. Individuals are encouraged to call in beginning at 8:15 a.m. by dialing 1-888-822-9863 (Passcode 41003; Leader: Gary Peacock.). Individuals calling from outside the United States should dial 1-484-630-1854 (Passcode 41003; Leader: Gary Peacock). A replay of the call will be available beginning the afternoon of April 10 by dialing 1-800-934-9727 (domestic) or 1-402-220-0194 (international).

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Alternatively, individuals may listen to the live webcast of the presentation by visiting the SunTrust Web site at www.suntrust.com. The webcast will be hosted under “Investor Relations” located under “About SunTrust” and may also be accessed directly from the SunTrust home page by clicking on the link “1^st Qtr. Results and Webcast Links” found at the lower right-hand corner of the page. Beginning the afternoon of April 10, 2003, listeners may access an archived version of the presentation on the “Investor Relations” page. A link to the Investor Relations page is also found in the footer of the SunTrust home page.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation’s largest commercial banking organizations. The Company operates through an extensive distribution network primarily in Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia and also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services. SunTrust’s Internet address is www.suntrust.com.

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This press release may contain forward-looking statements as defined by federal securities law which involve significant risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. SunTrust does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

EX-99.2

Exhibit 99.2

SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

	Three Months Ended						%
	2003			2002			Change
EARNINGS & DIVIDENDS
Period Ended March 31
(Dollars in millions except per share data)
Net income	$	327.8		$	304.9		7.5	%
Earnings per share
Diluted	$	1.17		$	1.06		10.4
Basic		1.18			1.07		10.3
Dividends paid per common share		0.45			0.43		4.7
Average shares outstanding (000s)
Diluted		281,330			287,375		(2.1	)
Basic		278,631			284,055		(1.9	)
KEY RATIOS
Return on average assets less net unrealized gains on securities (1)		1.15	%		1.21	%	(5.0	)%
Return on average total assets (1)		1.12			1.18		(5.1	)
Return on average realized equity (1)		18.16			18.37		(1.1	)
Return on average total equity (1)		15.13			14.74		2.6
Net interest margin (2)		3.21			3.51		(8.5	)
Efficiency ratio		59.26			58.14		1.9
Period Ended March 31
Book value per share		31.06			29.97		3.6
Equity to assets		7.24			8.07		(10.3	)
Tier 1 capital ratio		7.35	(3)		7.73		(4.9	)
Total capital ratio		11.25	(3)		12.05		(6.6	)
Tier 1 leverage ratio		7.12	(3)		7.60		(6.3	)
CONDENSED BALANCE SHEETS (Dollars in millions)
Average Balances
Securities available for sale	$	23,256		$	18,958		22.7	%
Loans held for sale		8,045			4,084		97.0
Loans		73,050			69,695		4.8
Other earning assets		3,210			3,052		5.2
Allowance for loan losses		(942	)		(897	)	5.0
Intangible assets		1,553			1,183		31.3
Other assets		10,104			8,721		15.9
Total assets	$	118,276		$	104,796		12.9
Consumer and commercial deposits	$	67,467		$	62,211		8.4
Purchased liabilities (4)		23,772			16,939		40.3
Long-term debt		11,783			12,273		(4.0	)
Other liabilities		6,468			4,987		29.7
Total liabilities		109,490			96,410		13.6
Realized shareholders’ equity		7,323			6,730		8.8
Accumulated other comprehensive income		1,463			1,656		(11.7	)
Total liabilities and shareholders’ equity	$	118,276		$	104,796		12.9
Period Ended March 31
Securities available for sale	$	24,241		$	20,201		20.0
Loans held for sale		8,221			3,441		138.9
Loans		73,850			70,849		4.2
Other earning assets		3,295			2,981		10.5
Allowance for loan losses		(931	)		(928	)	0.4
Intangible assets		1,577			1,628		(3.1	)
Other assets		9,809			8,073		21.5
Total assets	$	120,062		$	106,245		13.0
Consumer and commercial deposits	$	69,726		$	65,620		6.3
Purchased liabilities (4)		23,593			15,243		54.8
Long-term debt		11,842			12,210		(3.0	)
Other liabilities		6,203			4,595		35.0
Total liabilities		111,364			97,668		14.0
Realized shareholders’ equity		7,317			6,818		7.3
Accumulated other comprehensive income		1,381			1,759		(21.5	)
Total liabilities and shareholders’ equity	$	120,062		$	106,245		13.0

(1) SunTrust presents a return on average assets less net unrealized gains on securities and a return on average realized equity. These performance measures exclude the net unrealized gains on the Company's securities portfolio. Due to its ownership of 48 million shares of common stock of The Coca-Cola Company, the Company believes this is a more indicative performance measure when being compared to other companies.

(2) Net interest income and net interest margin include the effects of taxable-equivalent adjustments.

(3) Current period tier 1 capital, total capital and tier 1 leverage ratios are estimated as of the press release date.

(4) Purchased liabilities include foreign and brokered deposits, funds purchased and other short-term borrowings.

Page 1

SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

	Three Months Ended
							%
	2003			2002			Change
CREDIT DATA ($ in thousands)
Period Ended March 31
Allowance for loan losses—beginning	$	930,114		$	867,059		7.3	%
Allowance from acquisitions and other activity—net		—			15,531		(100.0	)
Provision for loan losses		80,803			163,575		(50.6	)
Net charge-offs
Business credit card		569			35		1,525.7
Consumer		35,775			25,652		39.5
Residential		2,440			1,915		27.4
Commercial		41,053			90,960		(54.9	)
Allowance for loan losses—ending	$	931,080		$	927,603		0.4
Total net charge-offs	$	79,837		$	118,562		(32.7	)
Net charge-offs to average loans		0.44	%		0.69	%	(36.2	)
Period Ended March 31
Nonaccrual loans	$	520,052		$	534,225		(2.7	)
Other real estate owned (OREO)		18,064			18,480		(2.3	)
Other repossessed assets		10,279			23,648		(56.5	)
Total nonperforming assets	$	548,395		$	576,353		(4.9	)
Total nonaccrual loans to total loans		0.70	%		0.75	%	(6.7	)
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.74			0.81		(8.6	)
Allowance to period-end loans		1.26			1.31		(3.8	)
Allowance to nonaccrual loans		179.0			173.6		3.1

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SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	As of March 31						Increase/(Decrease)
	2003			2002			Amount			%
ASSETS
Cash and due from banks	$	3,817,238		$	3,110,694		$	706,544		22.7	%
Interest-bearing deposits in other banks		10,809			366,775			(355,966	)	(97.1	)
Trading assets		1,861,777			1,721,314			140,463		8.2
Securities available for sale (1)		24,241,046			20,200,519			4,040,527		20.0
Funds sold and securities purchased under agreements to resell		1,422,896			893,186			529,710		59.3
Loans held for sale		8,220,705			3,440,609			4,780,096		138.9
Loans		73,849,829			70,849,149			3,000,680		4.2
Allowance for loan losses		(931,080	)		(927,603	)		(3,477	)	0.4
Net loans		72,918,749			69,921,546			2,997,203		4.3
Goodwill		967,949			968,340			(391	)	—
Other intangible assets		609,211			659,777			(50,566	)	(7.7	)
Other assets		5,991,767			4,962,062			1,029,705		20.8
Total Assets (2)	$	120,062,147		$	106,244,822		$	13,817,325		13.0
LIABILITIES
Noninterest-bearing consumer and commercial deposits	$	17,964,170		$	15,112,654		$	2,851,516		18.9
Interest-bearing consumer and commercial deposits		51,761,607			50,507,691			1,253,916		2.5
Total consumer and commercial deposits		69,725,777			65,620,345			4,105,432		6.3
Brokered deposits		4,180,861			2,394,722			1,786,139		74.6
Foreign deposits		4,099,738			1,491,740			2,607,998		174.8
Total deposits		78,006,376			69,506,807			8,499,569		12.2
Funds purchased and securities sold under agreements to repurchase		14,619,021			10,254,209			4,364,812		42.6
Other short-term borrowings		693,129			1,101,870			(408,741	)	(37.1	)
Long-term debt		11,842,215			12,210,021			(367,806	)	(3.0	)
Trading liabilities		1,048,005			675,436			372,569		55.2
Other liabilities		5,155,112			3,919,190			1,235,922		31.5
Total liabilities		111,363,858			97,667,533			13,696,325		14.0
SHAREHOLDERS’ EQUITY
Preferred stock, no par value		—			—			—		—
Common stock, $1.00 par value		294,163			294,163			—		—
Additional paid in capital		1,275,642			1,276,559			(917	)	(0.1	)
Retained earnings		6,523,222			5,661,825			861,397		15.2
Treasury stock and other		(775,550	)		(414,518	)		(361,032	)	87.1
Realized shareholders’ equity		7,317,477			6,818,029			499,448		7.3
Accumulated other comprehensive income		1,380,812			1,759,260			(378,448	)	(21.5	)
Total shareholders’ equity		8,698,289			8,577,289			121,000		1.4
Total Liabilities and Shareholders’ Equity	$	120,062,147		$	106,244,822		$	13,817,325		13.0
Common shares outstanding		280,023,826			286,207,564			(6,183,738	)	(2.2	)
Common shares authorized		750,000,000			750,000,000			—		—
Treasury shares of common stock		14,138,931			7,955,193			6,183,738		77.7
(1) Includes net unrealized gains of:		2,207,002			2,764,849			(557,847	)	(20.2	)
(2) Includes earning assets of:		107,400,060			94,706,703			12,693,357		13.4

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SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

	Three Months Ended
	March 31						Increase/(Decrease)
	2003			2002			Amount			%
Interest income	$	1,218,121		$	1,297,589		$	(79,468	)	(6.1	)%
Interest expense		395,651			499,483			(103,832	)	(20.8	)
NET INTEREST INCOME		822,470			798,106			24,364		3.1
Provision for loan losses		80,803			163,575			(82,772	)	(50.6	)
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		741,667			634,531			107,136		16.9
NONINTEREST INCOME
Service charges on deposit accounts		157,821			145,976			11,845		8.1
Trust and investment management income		120,795			129,087			(8,292	)	(6.4	)
Retail investment services		37,468			31,286			6,182		19.8
Other charges and fees		78,271			70,389			7,882		11.2
Mortgage production		38,804			5,821			32,983		566.6
Mortgage servicing		(47,024	)		(6,332	)		(40,692	)	(642.6	)
Investment banking income		33,812			44,824			(11,012	)	(24.6	)
Trading account profits and commissions		30,793			25,658			5,135		20.0
Credit card and other fees		28,673			31,227			(2,554	)	(8.2	)
Other noninterest income		26,207			49,147			(22,940	)	(46.7	)
Securities gains		42,039			63,450			(21,411	)	(33.7	)
Total noninterest income		547,659			590,533			(42,874	)	(7.3	)
NONINTEREST EXPENSE
Personnel expense		473,725			460,225			13,500		2.9
Net occupancy expense		57,722			54,010			3,712		6.9
Outside processing and software		57,054			54,269			2,785		5.1
Equipment expense		43,470			43,748			(278	)	(0.6	)
Marketing and customer development		24,879			25,195			(316	)	(1.3	)
Amortization of intangible assets		16,717			6,532			10,185		155.9
Merger-related expenses (2)		—			15,998			(15,998	)	(100.0	)
Other noninterest expense		144,662			152,902			(8,240	)	(5.4	)
Total noninterest expense		818,229			812,879			5,350		0.7
INCOME BEFORE INCOME TAXES		471,097			412,185			58,912		14.3
Provision for income taxes		143,249			107,304			35,945		33.5
NET INCOME	$	327,848		$	304,881		$	22,967		7.5
Net interest income (taxable-equivalent)(1)		833,013			807,651			25,362		3.1
Earnings per share
Diluted		1.17			1.06			0.11		10.4
Basic		1.18			1.07			0.11		10.3
Cash dividends paid per common share		0.45			0.43			0.02		4.7
Average shares outstanding (000s)
Diluted		281,330			287,375			(6,045	)	(2.1	)
Basic		278,631			284,055			(5,424	)	(1.9	)

(1) Net interest income includes the effects of taxable-equivalent adjustments using a federal tax rate of 35% and state income taxes where applicable to increase tax-exempt interest income to a taxable-equivalent basis.

(2) Results include merger-related expenses of $10.4 million, net of tax, for the three months ended March 31, 2002, for the Company's acquisition of the Florida franchise of Huntington Bancshares

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SunTrust Banks, Inc. and Subsidiaries

SELECTED FINANCIAL INFORMATION

	1st QTR. 2003			4th QTR. 2002			3rd QTR. 2002			2nd QTR. 2002			1st QTR. 2002
RESULTS OF OPERATIONS
(in thousands, except per share data)
Net interest income	$	822,470		$	827,101		$	805,114		$	813,388		$	798,106
Provision for loan losses		80,803			96,500			98,699			111,018			163,575
Net credit income		741,667			730,601			706,415			702,370			634,531
Securities gains		42,039			39,547			45,813			55,737			63,450
Other noninterest income		505,620			488,177			503,070			545,950			527,083
Net credit and noninterest income		1,289,326			1,258,325			1,255,298			1,304,057			1,225,064
Noninterest expense		818,229			836,407			776,152			793,982			812,879
Income before income taxes		471,097			421,918			479,146			510,075			412,185
Provision for income taxes		143,249			81,668			136,153			166,390			107,304
Net Income	$	327,848		$	340,250		$	342,993		$	343,685		$	304,881
Net interest income (taxable-equivalent)		833,013			837,341			815,127			823,112			807,651
Earnings per share
Diluted	$	1.17		$	1.20		$	1.20		$	1.20		$	1.06
Basic		1.18			1.21			1.21			1.22			1.07
Dividends paid per common share		0.45			0.43			0.43			0.43			0.43
Average shares outstanding (000s)
Diluted		281,330			283,595			285,991			287,288			287,375
Basic		278,631			280,364			282,310			283,293			284,055
SELECTED AVERAGE BALANCES
(in millions)
Total assets	$	118,276		$	114,828		$	107,846		$	106,492		$	104,796
Earning assets		105,249			101,895			95,562			94,741			93,198
Unrealized gains on securities available for sale		2,312			2,553			2,904			2,878			2,591
Loans		73,050			72,669			71,696			70,985			69,695
Interest-bearing liabilities		86,834			83,437			78,275			77,998			76,828
Total deposits		77,847			75,159			71,098			70,646			67,644
Shareholders' equity		8,787			8,823			8,943			8,743			8,386
SELECTED RATIOS
Net interest margin		3.21	%		3.26	%		3.38	%		3.48	%		3.51	%
Return on average assets less net unrealized gains on securities		1.15			1.20			1.30			1.33			1.21
Return on average total assets		1.12			1.18			1.26			1.29			1.18
Return on average realized equity		18.16			18.74			19.18			19.97			18.37
Return on average total equity		15.13			15.30			15.22			15.77			14.74
CREDIT DATA
(Dollars in thousands)
Allowance for loan losses—beginning	$	930,114		$	929,320		$	928,932		$	927,603		$	867,059
Allowance from acquisitions and other activity—net		—			—			—			—			15,531
Provision for loan losses		80,803			96,500			98,699			111,018			163,575
Net charge-offs		79,837			95,706			98,311			109,689			118,562
Allowance for loan losses—ending	$	931,080		$	930,114		$	929,320		$	928,932		$	927,603
Net charge-offs to average loans		0.44	%		0.52	%		0.54	%		0.62	%		0.69	%
Period Ended
Nonaccrual loans	$	520,052		$	510,974		$	553,812		$	478,952		$	534,225
Other real estate owned (OREO)		18,064			17,972			15,002			18,256			18,480
Other repossessed assets		10,279			13,030			25,925			21,323			23,648
Total nonperforming assets	$	548,395		$	541,976		$	594,739		$	518,531		$	576,353
Total nonaccrual loans to total loans		0.70	%		0.70	%		0.76	%		0.67	%		0.75	%
Total nonperforming assets to total loans plus OREO and other repossessed assets		0.74			0.74			0.82			0.72			0.81
Allowance to period-end loans		1.26			1.27			1.28			1.29			1.31
Allowance to nonacrual loans		179.0			182.0			167.8			194.0			173.6

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SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED DAILY AVERAGE BALANCES,

AVERAGE YIELDS EARNED AND RATES PAID

(Dollars in millions; yields on taxable-equivalent basis)

	Three Months Ended
	March 31, 2003					March 31, 2002
	Average Balances			Yields/ Rates		Average Balances			Yields/ Rates
Assets
Loans:
Real estate 1-4 family	$	14,622.6		6.30	%	$	15,023.4		7.11	%
Real estate construction		3,947.4		4.87			3,637.4		5.70
Real estate equity		5,417.8		4.61			3,161.5		5.45
Real estate commercial		9,105.3		5.25			8,329.9		6.15
Commercial		27,837.8		3.94			27,852.5		4.44
Credit card		119.7		7.26			86.5		8.05
Consumer—direct		3,755.2		5.36			4,496.8		6.25
Consumer—indirect		7,711.0		7.32			6,513.0		8.16
Nonaccrual		533.0		2.03			593.6		2.55
Total loans		73,049.8		5.11			69,694.6		5.81
Securities available for sale:
Taxable		20,554.3		3.53			15,943.1		5.55
Tax-exempt		390.1		6.57			424.4		6.95
Total securities available for sale		20,944.4		3.58			16,367.5		5.58
Funds sold and securities purchased under agreement to resell		1,472.9		1.25			1,175.7		1.79
Loans held for sale		8,044.7		5.52			4,084.4		6.62
Interest-bearing deposits		11.6		1.15			328.6		1.86
Trading assets		1,725.6		0.96			1,547.3		1.65
Total earning assets		105,249.0		4.73			93,198.1		5.69
Allowance for loan losses		(942.0	)				(897.3	)
Cash and due from banks		3,475.4					3,360.2
Premises and equipment		1,603.4					1,613.1
Other assets		6,578.8					4,931.3
Unrealized gains on securities
available for sale		2,311.6					2,590.7
Total assets	$	118,276.2				$	104,796.1
Liabilities and Shareholders' Equity
Interest-bearing deposits:
NOW accounts	$	11,326.5		0.53	%	$	9,620.0		0.76	%
Money Market accounts		21,856.3		1.12			19,191.0		1.77
Savings		6,218.6		0.91			6,271.9		1.54
Consumer time		8,435.3		2.93			9,040.8		4.13
Other time		3,442.3		1.89			3,491.6		3.57
Total interest-bearing consumer and commercial deposits		51,279.0		1.31			47,615.3		2.12
Brokered deposits		3,914.5		3.47			2,646.9		6.16
Foreign deposits		6,465.4		1.23			2,785.5		1.70
Total interest-bearing deposits		61,658.9		1.45			53,047.7		2.30
Funds purchased and securities sold under agreements to repurchase		12,644.7		1.03			10,241.5		1.39
Other short-term borrowings		747.2		1.15			1,265.5		1.54
Long-term debt		11,782.9		4.85			12,273.0		5.23
Total interest-bearing liabilities		86,833.7		1.85			76,827.7		2.64
Noninterest-bearing deposits		16,187.8					14,596.1
Other liabilities		6,468.1					4,986.4
Realized shareholders' equity		7,323.1					6,729.8
Accumulated other comprehensive income		1,463.5					1,656.1
Total liabilities and shareholders' equity	$	118,276.2				$	104,796.1
Interest rate spread				2.88	%				3.05	%
Net Interest Margin				3.21	%				3.51	%

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SunTrust Banks, Inc. and Subsidiaries

APPENDIX A TO THE PRESS RELEASE

(Dollars in thousands)

	1st QTR.			4th QTR.			3rd QTR.			2nd QTR.			1st QTR.
	2003			2002			2002			2002			2002
In the first quarter of 2003, the Company began to record certain mortgage origination costs for mortgage loans held for sale as a reduction of mortgage production income to conform to industry practice. All prior periods have been reclassified to reflect current practice. The following table discloses the components of the reclassification for the Mortgage line of business and consolidated SunTrust.
Mortgage Line of Business Contribution
Net interest revenue	$	123,425	(1)	$	110,467		$	84,201		$	85,293		$	89,863
Mortgage production—after reclassification		38,804			61,278			22,265			2,954			5,821
Mortgage servicing		(47,024	)		(68,087	)		(36,476	)		807			(6,332	)
Other noninterest revenue		11,011	(1)		11,936			7,685			7,518			7,901
Total noninterest revenue—after reclassification		2,791	(1)		5,127			(6,526	)		11,279			7,390
Total noninterest expense—after reclassification		68,425	(1)		64,884			45,259			53,709			61,791
Total contribution before taxes	$	57,791	(1)	$	50,710		$	32,416		$	42,863		$	35,462
Components of Reclassification—Mortgage line of business
Mortgage production—originally reported				$	103,254		$	54,252		$	27,090		$	30,570
Reclassification of expenses related to mortgage production					(41,976	)		(31,987	)		(24,136	)		(24,749	)
Mortgage production—after reclassification				$	61,278		$	22,265		$	2,954		$	5,821
Total noninterest expense—originally reported				$	106,860		$	77,246		$	77,845		$	86,540
Reclassification of expenses related to mortgage production					(41,976	)		(31,987	)		(24,136	)		(24,749	)
Total noninterest expense—after reclassification				$	64,884		$	45,259		$	53,709		$	61,791
Components of Reclassification—Consolidated SunTrust
Mortgage production—originally reported				$	103,254		$	54,252		$	27,090		$	30,570
Reclassification of expenses related to mortgage production					(41,976	)		(31,987	)		(24,136	)		(24,749	)
Mortgage production—after reclassification				$	61,278		$	22,265		$	2,954		$	5,821
Total personnel expense—originally reported				$	498,165		$	467,324		$	490,917		$	484,974
Reclassification of expenses related to mortgage production					(41,976	)	$	(31,987	)		(24,136	)		(24,749	)
Total personnel expense—after reclassification				$	456,189		$	435,337		$	466,781		$	460,225
Total noninterest expense—originally reported				$	878,383		$	808,139		$	818,118		$	837,628
Reclassification of expenses related to mortgage production					(41,976	)		(31,987	)		(24,136	)		(24,749	)
Total noninterest expense—after reclassification				$	836,407		$	776,152		$	793,982		$	812,879
Consolidated SunTrust Efficiency Ratio
Efficiency ratio—originally reported					62.43	%		57.89	%		56.46	%		58.87	%
Efficiency ratio—after reclassification					61.27			56.90			55.73			58.14

(1) Amounts are estimated as of the press release date.

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