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) July 10, 2003

SunTrust Banks, Inc.

(Exact name of registrant as specified in its charter)

Georgia	001-08918	58-1575035
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	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 July 10, 2003, the Registrant will hold an investor call and webcast to disclose financial results for the second quarter and six months ended June 30, 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.

The News Release presents noninterest income excluding net securities gains and revenue excluding net securities gains. The Registrant believes that noninterest income excluding net securities gains (fee income excluding net securities gains) is more indicative of Registrant performance because it isolates those fee types that are customer relationship and customer transaction driven. The Registrant believes that revenue excluding net securities gains is more indicative of Registrant performance because it isolates those fee types and spread-related revenue types that are customer relationship and customer transaction driven.

Non-GAAP financial measures, however, should not be considered in isolation or as an alternative to financial measures calculated and presented in accordance with GAAP.

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: July 10, 2003	By: /s/ Jorge Arrieta
	Jorge Arrieta
	Senior Vice President and Controller

EX-99.1

Exhibit 99.1

News

Contact:
Investors	Media
Gary Peacock	Barry Koling
(404) 658-4879	(404) 230-5268

For Immediate Release

July 10, 2003

SunTrust Reports Second Quarter Earnings

Company Says “No Surprises” in Results; Consistent With Prior Quarter

ATLANTA—SunTrust Banks, Inc. (NYSE: STI) today reported net income for the second quarter of 2003 of $330.4 million, down 4% from the second quarter of 2002. Net income per diluted share was $1.17, down 3% from the $1.20 per diluted share earned in the second quarter of 2002, but consistent with the $1.17 earned in the first quarter of 2003.

“There were no surprises in this quarter’s results. This is another quarter of solid performance that also signals our steadily increasing capacity to generate revenue and earnings growth that more fully reflects the strength of our franchise and the validity of our strategies, regardless of economic conditions,” said L. Phillip Humann, SunTrust chairman, president and chief executive officer. Mr. Humann noted in particular that strong fee income growth, attributable in part to excellent performance by the Company’s investment management and debt capital markets businesses, more than offset the impact of historically low interest rates.

For the second quarter of 2003, reported return on average total assets (ROA) was 1.11%, and return on average total equity (ROE) was 14.95%. Return on average assets less net unrealized gains on securities was 1.13% and return on average realized equity was 17.87%. 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.

-more-

For the first six months of 2003, net income was $658.2 million, up 1% from the same period in 2002. Net income per diluted share was $2.34, up 4% from the first six months of 2002. ROA was 1.12%, and ROE was 15.04%. Return on average assets less net unrealized gains on securities was 1.14% and return on average realized equity was 18.01%.

SunTrust believes operating earnings of the Company, which exclude certain, merger-related charges, is also an appropriate indicator of basic business performance. Operating income for the first six months was $658.2 million, down 4% from the $688.4 million earned in the comparable 2002 period. Net income for the first six months of 2002 was reduced by $39.8 million, or $0.14 per share, in after-tax merger charges attributed to the acquisition of the Florida franchise of Huntington Bancshares.

Fully taxable net interest income was $810.4 million in the second quarter, down 2% from the second quarter of 2002. The net interest margin for the quarter was 3.05%, down 16 basis points from the first quarter of 2003.

Average loans for the second quarter were $74.3 billion, up 5% from the second quarter of 2002, and average earning assets were $106.6 billion, up 13% from the second quarter of 2002.

Average consumer and commercial deposits for the second quarter were $69.1 billion, up 6% from the second 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 $565.6 million in the quarter, up 4% from the second quarter of 2002. Total noninterest income including net securities gains was $596.8 million for the quarter, down 1% from the second quarter of 2002.

Reflecting SunTrust’s emphasis on maintaining balance in its revenue generation capacity under differing economic scenarios, noninterest income excluding net securities gains represented 41% of total revenue for the second quarter of 2003.

-more-

Total noninterest expense in the second quarter was $837.7 million, up 6% from the second quarter of 2002. Excluding incremental incentive compensation costs related to higher business volumes in the second quarter of 2003, expenses were essentially flat from first quarter 2003 levels.

Net charge-offs in the second quarter were $82.2 million or 0.44% of average loans, flat from 0.44% of average loans in the first quarter of 2003. The Company believes this is generally indicative of overall improving credit quality conditions. The provision for loan losses was $82.7 million for the second quarter.

Nonperforming assets were $515.4 million at quarter end or 0.68% of loans, foreclosed properties and repossessed assets, down from $548.4 million as of March 31, 2003. Nonperforming assets at June 30, 2003 included $483.1 million in nonperforming loans, $20.9 million in other real estate owned and $11.4 million in other repossessed assets. The allowance for loan losses at June 30, 2003 was $940.9 million and represented 1.25% of period-end loans and 194.8% of nonperforming loans. SunTrust’s net charge-off and nonperforming asset levels continue to compare very favorably with the most recently published industry averages.

At June 30, 2003, SunTrust had total assets of $120.9 billion. Equity capital of $9.2 billion represented 7.59% of total assets. Book value per share was $32.62, up 4% from June 30, 2002.

On June 2, SunTrust announced the completion of its acquisition of Hilton Head Island, S.C.- based Lighthouse Financial Services, Inc. With $637 million in assets, $567 million in loans, and $421 million in deposits, Lighthouse operates primarily through five branches and is the largest mortgage lender on Hilton Head Island.

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 “2^nd Quarter Earnings Release” located at the lower right hand corner of the SunTrust homepage.

-more-

SunTrust management will host a conference call on July 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 1-800-779-9312 (Passcode STI2Q; Leader: Gary Peacock.).

Individuals calling from outside the United States should dial 1-484-630-1854 (Passcode STI 2Q; Leader: Gary Peacock). A replay of the call will be available beginning the afternoon of July 10 by dialing 1-800-238-0581 (domestic) or 1-402-220-9694 (international).

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 earnings related link, “2^nd Qtr. Results and Webcast”, found at the lower right-hand corner of the page. Beginning the afternoon of July 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.

###

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. Any such statements are made in reliance on the safe harbor protections provided under the Private Securities Act of 1995.

EX-99.2

SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

	Three Months Ended						% Change		Six Months Ended						% Change
	2003			2002					2003			2002
EARNINGS & DIVIDENDS
Period Ended June 30
(Dollars in millions except per share data)
Net income	$	330.4		$	343.7		(3.9	)%	$	658.2		$	648.6		1.5	%
Earnings per share
Diluted	$	1.17		$	1.20		(2.5	)	$	2.34		$	2.26		3.5
Basic		1.19			1.22		(2.5	)		2.37			2.29		3.5
Dividends paid per common share		0.45			0.43		4.7			0.90			0.86		4.7
Average shares outstanding (000s)
Diluted		280,287			287,288		(2.4	)		280,806			287,331		(2.3	)
Basic		277,397			283,293		(2.1	)		278,011			283,672		(2.0	)
KEY RATIOS
Return on average total assets1		1.11	%		1.29	%	(14.0	)%		1.12	%		1.24	%	(9.7	)%
Return on average assets less net unrealized gains on securities1		1.13			1.33		(15.0	)		1.14			1.27		(10.2	)
Return on average total equity1		14.95			15.77		(5.2	)		15.04			15.27		(1.5	)
Return on average realized equity1		17.87			19.97		(10.5	)		18.01			19.19		(6.1	)
Net interest margin2		3.05			3.48		(12.4	)		3.13			3.50		(10.6	)
Efficiency ratio2		59.53			55.73		6.8			59.40			56.92		4.4
Period Ended June 30
Book value per share		32.62			31.41		3.9
Equity to assets		7.59			8.33		(8.8	)
Tier 1 capital ratio		7.403			7.71		(4.0	)
Total capital ratio		11.303			12.13		(6.8	)
Tier 1 leverage ratio		7.283			7.62		(4.5	)
CONDENSED BALANCE SHEETS (Dollars in millions)
Average Balances
Securities available for sale	$	22,952		$	19,830		15.7	%	$	23,103		$	19,396		19.1	%
Loans held for sale		8,255			3,455		138.9			8,151			3,768		116.3
Loans		74,311			70,985		4.7			73,684			70,343		4.7
Other earning assets		3,381			3,349		1.0			3,296			3,201		3.0
Allowance for loan losses		(952	)		(934	)	1.9			(947	)		(916	)	3.4
Intangible assets		1,586			1,624		(2.3	)		1,570			1,405		11.7
Other assets		9,915			8,183		21.2			10,008			8,452		18.4
Total assets	$	119,448		$	106,492		12.2		$	118,865		$	105,649		12.5
Consumer and commercial deposits	$	69,097		$	65,466		5.5		$	68,286		$	63,848		7.0
Purchased liabilities4		23,005			15,634		47.1			23,386			16,283		43.6
Long-term debt		11,860			11,890		(0.3	)		11,822			12,080		(2.1	)
Other liabilities		6,622			4,759		39.1			6,545			4,872		34.3
Total liabilities		110,584			97,749		13.1			110,039			97,083		13.3
Realized shareholders' equity		7,414			6,901		7.4			7,369			6,816		8.1
Accumulated other comprehensive income		1,450			1,842		(21.3	)		1,457			1,750		(16.7	)
Total liabilities and shareholders' equity	$	119,448		$	106,492		12.2		$	118,865		$	105,649		12.5
Period Ended June 30
Securities available for sale	$	22,211		$	19,816		12.1
Loans held for sale		9,037			3,513		157.2
Loans		75,262			71,822		4.8
Other earning assets		4,283			3,550		20.6
Allowance for loan losses		(941	)		(929	)	1.3
Intangible assets		1,676			1,636		2.4
Other assets		9,329			8,580		8.7
Total assets	$	120,857		$	107,988		11.9
Consumer and commercial deposits	$	71,133		$	65,951		7.9
Purchased liabilities4		22,228			16,386		35.7
Long-term debt		11,990			11,968		0.2
Other liabilities		6,328			4,687		35.0
Total liabilities		111,679			98,992		12.8
Realized shareholders' equity		7,614			7,050		8.0
Accumulated other comprehensive income		1,564			1,946		(19.6	)
Total liabilities and shareholders' equity	$	120,857		$	107,988		11.9

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 The net interest margin and efficiency ratios are presented on a fully taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax-favored status of income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

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						% Change		Six Months Ended						% Change
	2003			2002					2003			2002
CREDIT DATA (Dollars in thousands)
Period Ended June 30
Allowance for loan losses—beginning	$	931,080		$	927,603		0.4	%	$	930,114		$	867,059		7.3	%
Allowance from acquisitions and other activity—net		9,324			—		100.0			9,324			15,531		(40.0	)
Provision for loan losses		82,662			111,018		(25.5	)		163,465			274,593		(40.5	)
Net charge-offs
Business credit card		594			178		233.7			1,163			213		446.0
Consumer		24,702			23,993		3.0			60,476			49,645		21.8
Residential		3,699			2,622		41.1			6,139			4,537		35.3
Commercial		53,182			82,896		(35.8	)		94,236			173,856		(45.8	)
Allowance for loan losses—ending	$	940,889		$	928,932		1.3		$	940,889		$	928,932		1.3
Total net charge-offs	$	82,177		$	109,689		(25.1	)	$	162,014		$	228,251		(29.0	)
Net charge-offs to average loans		0.44	%		0.62	%	(29.0	)		0.44	%		0.65	%	(32.3	)
Period Ended June 30
Nonaccrual loans	$	480,582		$	478,952		0.3
Restructured loans		2,500			—		100.0
Total nonperforming loans		483,082			478,952		0.9
Other real estate owned (OREO)		20,887			18,256		14.4
Other repossessed assets		11,421			21,323		(46.4	)
Total nonperforming assets	$	515,390		$	518,531		(0.6	)
Total nonperforming loans to total loans		0.64	%		0.67	%	(4.5	)
Total nonperforming assets to total loans plus
OREO and other repossessed assets		0.68			0.72		(5.6	)
Allowance to period-end loans		1.25			1.29		(3.1	)
Allowance to nonperforming loans		194.8			194.0		0.4
RECONCILEMENT OF NON-GAAP MEASURES
(Dollars in thousands)
Return on average total assets		1.11	%		1.29	%				1.12	%		1.24	%
Impact of excluding net unrealized securities gains		0.02			0.04					0.02			0.03
Return on average assets less net unrealized gains on securities		1.13			1.33					1.14			1.27
Return on average total shareholders' equity		14.95			15.77					15.04			15.27
Impact of excluding net unrealized securities gains		2.92			4.20					2.97			3.92
Return on average realized shareholders' equity		17.87			19.97					18.01			19.19
Net interest income	$	799,513		$	813,388				$	1,621,983		$	1,611,494
FTE adjustment		10,902			9,724					21,445			19,269
Net interest income—FTE	$	810,415		$	823,112				$	1,643,428		$	1,630,763

Page 2

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	As of June 30						Increase/(Decrease)
	2003			2002			Amount			%
ASSETS
Cash and due from banks	$	4,098,009		$	3,594,815		$	503,194		14.0	%
Interest-bearing deposits in other banks		8,701			331,256			(322,555	)	(97.4	)
Trading assets		2,122,225			1,640,842			481,383		29.3
Securities available for sale1		22,211,036			19,816,154			2,394,882		12.1
Funds sold and securities purchased under agreements to resell		2,151,606			1,577,772			573,834		36.4
Loans held for sale		9,037,490			3,512,952			5,524,538		157.3
Loans		75,261,756			71,822,335			3,439,421		4.8
Allowance for loan losses		(940,889	)		(928,932	)		(11,957	)	1.3
Net loans		74,320,867			70,893,403			3,427,464		4.8
Goodwill		1,059,720			966,579			93,141		9.6
Other intangible assets		616,137			669,000			(52,863	)	(7.9	)
Other assets		5,231,508			4,985,359			246,149		4.9
Total Assets2	$	120,857,299		$	107,988,132		$	12,869,167		11.9
LIABILITIES
Noninterest-bearing consumer and commercial deposits	$	19,077,066		$	15,049,628		$	4,027,438		26.8
Interest-bearing consumer and commercial deposits		52,055,755			50,901,361			1,154,394		2.3
Total consumer and commercial deposits		71,132,821			65,950,989			5,181,832		7.9
Brokered deposits		3,207,876			2,394,756			813,120		34.0
Foreign deposits		2,934,963			3,400,181			(465,218	)	(13.7	)
Total deposits		77,275,660			71,745,926			5,529,734		7.7
Funds purchased and securities sold under agreements to repurchase		15,089,770			9,289,877			5,799,893		62.4
Other short-term borrowings		995,147			1,301,476			(306,329	)	(23.5	)
Long-term debt		11,989,592			11,967,859			21,733		0.2
Trading liabilities		1,179,121			642,406			536,715		83.5
Other liabilities		5,149,306			4,044,310			1,104,996		27.3
Total liabilities		111,678,596			98,991,854			12,686,742		12.8
SHAREHOLDERS' EQUITY
Preferred stock, no par value		—			—			—		—
Common stock, $1.00 par value		294,163			294,163			—		—
Additional paid in capital		1,288,657			1,276,833			11,824		0.9
Retained earnings		6,727,923			5,882,712			845,211		14.4
Treasury stock and other		(696,517	)		(403,128	)		(293,389	)	72.8
Realized shareholders' equity		7,614,226			7,050,580			563,646		8.0
Accumulated other comprehensive income		1,564,477			1,945,698			(381,221	)	(19.6	)
Total shareholders' equity		9,178,703			8,996,278			182,425		2.0
Total Liabilities and Shareholders' Equity	$	120,857,299		$	107,988,132		$	12,869,167		11.9
Common shares outstanding		281,392,725			286,397,241			(5,004,516	)	(1.7	)
Common shares authorized		750,000,000			750,000,000			—		—
Treasury shares of common stock		12,770,032			7,765,516			5,004,516		64.4
1Includes net unrealized gains of:		2,474,229			3,085,923			(611,694	)	(19.8	)
2Includes earning assets of:		108,318,585			95,615,388			12,703,197		13.3

Page 3

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

	Three Months Ended										Six Months Ended
	June 30					Increase/(Decrease)					June 30						Increase/(Decrease)
	2003			2002		Amount			%		2003			2002			Amount			%
Interest income	$	1,174,040		$	1,291,952	$	(117,912	)	(9.1	)%	$	2,392,161		$	2,589,541		$	(197,380	)	(7.6	)%
Interest expense		374,527			478,564		(104,037	)	(21.7	)		770,178			978,047			(207,869	)	(21.3	)
NET INTEREST INCOME		799,513			813,388		(13,875	)	(1.7	)		1,621,983			1,611,494			10,489		0.7
Provision for loan losses		82,662			111,018		(28,356	)	(25.5	)		163,465			274,593			(111,128	)	(40.5	)
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		716,851			702,370		14,481		2.1			1,458,518			1,336,901			121,617		9.1
NONINTEREST INCOME
Service charges on deposit accounts		157,954			153,791		4,163		2.7			315,775			299,767			16,008		5.3
Trust and investment management income		124,215			132,171		(7,956	)	(6.0	)		245,010			261,258			(16,248	)	(6.2	)
Retail investment services		41,991			37,331		4,660		12.5			79,459			68,617			10,842		15.8
Other charges and fees		82,574			75,557		7,017		9.3			160,845			145,946			14,899		10.2
Mortgage production		82,148			2,954		79,194		2,680.9			120,952			8,775			112,177		1,278.4
Mortgage servicing		(80,122	)		807		(80,929	)	(10,028.4	)		(127,146	)		(5,525	)		(121,621	)	(2,201.3	)
Investment banking income		57,167			52,779		4,388		8.3			90,979			97,603			(6,624	)	(6.8	)
Trading account profits and commissions		29,583			24,233		5,350		22.1			60,376			49,891			10,485		21.0
Credit card and other fees		32,376			31,383		993		3.2			61,049			62,610			(1,561	)	(2.5	)
Other noninterest income		37,668			34,944		2,724		7.8			63,875			84,091			(20,216	)	(24.0	)
Securities gains		31,238			55,737		(24,499	)	(44.0	)		73,277			119,187			(45,910	)	(38.5	)
Total noninterest income		596,792			601,687		(4,895	)	(0.8	)		1,144,451			1,192,220			(47,769	)	(4.0	)
NONINTEREST EXPENSE
Personnel expense		482,599			466,781		15,818		3.4			956,324			927,006			29,318		3.2
Net occupancy expense		58,563			55,927		2,636		4.7			116,285			109,937			6,348		5.8
Outside processing and software		61,022			53,989		7,033		13.0			118,076			108,258			9,818		9.1
Equipment expense		44,546			43,204		1,342		3.1			88,016			86,952			1,064		1.2
Marketing and customer development		25,583			18,244		7,339		40.2			50,462			43,439			7,023		16.2
Amortization of intangible assets		15,208			17,456		(2,248	)	(12.9	)		31,925			23,988			7,937		33.1
Merger-related expenses		—			—		—		—			—			15,998			(15,998	)	(100.0	)
Other noninterest expense		150,207			138,381		11,826		8.5			294,869			291,283			3,586		1.2
Total noninterest expense		837,728			793,982		43,746		5.5			1,655,957			1,606,861			49,096		3.1
INCOME BEFORE INCOME TAXES		475,915			510,075		(34,160	)	(6.7	)		947,012			922,260			24,752		2.7
Provision for income taxes		145,556			166,390		(20,834	)	(12.5	)		288,805			273,694			15,111		5.5
NET INCOME	$	330,359		$	343,685	$	(13,326	)	(3.9	)	$	658,207		$	648,566		$	9,641		1.5
Net interest income (taxable-equivalent)1		810,415			823,112		(12,697	)	(1.5	)		1,643,428			1,630,763			12,665		0.8
Earnings per share
Diluted		1.17			1.20		(0.03	)	(2.5	)		2.34			2.26			0.08		3.5
Basic		1.19			1.22		(0.03	)	(2.5	)		2.37			2.29			0.08		3.5
Cash dividends paid per common share		0.45			0.43		0.02		4.7			0.90			0.86			0.04		4.7
Average shares outstanding (000s)
Diluted		280,287			287,288		(7,001	)	(2.4	)		280,806			287,331			(6,525	)	(2.3	)
Basic		277,397			283,293		(5,896	)	(2.1	)		278,011			283,672			(5,661	)	(2.0	)

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.

Page 4

SunTrust Banks, Inc. and Subsidiaries

SELECTED FINANCIAL INFORMATION

																Six Months Ended June 30
	2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			2nd Quarter
	2003			2003			2002			2002			2002			2003			2002
RESULTS OF OPERATIONS
(Dollars in thousands, except per share data)
Net interest income	$	799,513		$	822,470		$	827,101		$	805,114		$	813,388		$	1,621,983		$	1,611,494
Provision for loan losses		82,662			80,803			96,500			98,699			111,018			163,465			274,593
Net credit income		716,851			741,667			730,601			706,415			702,370			1,458,518			1,336,901
Securities gains		31,238			42,039			39,547			45,813			55,737			73,277			119,187
Other noninterest income		565,554			505,620			488,177			503,070			545,950			1,071,174			1,073,033
Net credit and noninterest income		1,313,643			1,289,326			1,258,325			1,255,298			1,304,057			2,602,969			2,529,121
Noninterest expense		837,728			818,229			836,407			776,152			793,982			1,655,957			1,606,861
Income before income taxes		475,915			471,097			421,918			479,146			510,075			947,012			922,260
Provision for income taxes		145,556			143,249			81,668			136,153			166,390			288,805			273,694
Net Income	$	330,359		$	327,848		$	340,250		$	342,993		$	343,685		$	658,207		$	648,566
Net interest income (taxable-equivalent)		810,415			833,013			837,341			815,127			823,112			1,643,428			1,630,763
Earnings per share
Diluted	$	1.17		$	1.17		$	1.20		$	1.20		$	1.20			2.34			2.26
Basic		1.19			1.18			1.21			1.21			1.22			2.37			2.29
Dividends paid per common share		0.45			0.45			0.43			0.43			0.43			0.90			0.86
Average shares outstanding (000s)
Diluted		280,287			281,330			283,595			285,991			287,288			280,806			287,331
Basic		277,397			278,631			280,364			282,310			283,293			278,011			283,672
SELECTED AVERAGE BALANCES
(Dollars in millions)
Total assets	$	119,448		$	118,276		$	114,828		$	107,846		$	106,492		$	118,865		$	105,649
Earning assets		106,606			105,249			101,895			95,562			94,741			105,931			93,974
Unrealized gains on securities available for sale		2,293			2,312			2,553			2,904			2,878			2,302			2,735
Loans		74,311			73,050			72,669			71,696			70,985			73,684			70,343
Interest-bearing liabilities		86,414			86,834			83,437			78,275			77,998			86,623			77,416
Total deposits		79,804			77,847			75,159			71,098			70,646			78,831			69,153
Shareholders' equity		8,864			8,787			8,823			8,943			8,743			8,826			8,565
SELECTED RATIOS
Net interest margin1		3.05	%		3.21	%		3.26	%		3.38	%		3.48	%		3.13	%		3.50	%
Return on average total assets2		1.11			1.12			1.18			1.26			1.29			1.12			1.24
Return on average assets less net unrealized gains on securities2		1.13			1.15			1.20			1.30			1.33			1.14			1.27
Return on average total equity2		14.95			15.13			15.30			15.22			15.77			15.04			15.27
Return on average realized equity2		17.87			18.16			18.74			19.18			19.97			18.01			19.19
CREDIT DATA
(Dollars in thousands)
Allowance for loan losses—beginning	$	931,080		$	930,114		$	929,320		$	928,932		$	927,603		$	930,114		$	867,059
Allowance from acquisitions and other activity—net		9,324			—			—			—			—			9,324			15,531
Provision for loan losses		82,662			80,803			96,500			98,699			111,018			163,465			274,593
Net charge-offs		82,177			79,837			95,706			98,311			109,689			162,014			228,251
Allowance for loan losses—ending	$	940,889		$	931,080		$	930,114		$	929,320		$	928,932		$	940,889		$	928,932
Net charge-offs to average loans		0.44	%		0.44	%		0.52	%		0.54	%		0.62	%		0.44	%		0.65	%
Period Ended
Nonaccrual loans	$	480,582		$	520,052		$	510,974		$	553,812		$	478,952
Restructured loans		2,500			—			—			—			—
Total nonperforming loans		483,082			520,052			510,974			553,812			478,952
Other real estate owned (OREO)		20,887			18,064			17,972			15,002			18,256
Other repossessed assets		11,421			10,279			13,030			25,925			21,323
Total nonperforming assets	$	515,390		$	548,395		$	541,976		$	594,739		$	518,531
Total nonperforming loans to total loans		0.64	%		0.70	%		0.70	%		0.76	%		0.67	%
Total nonperforming assets to total loans plus
OREO and other repossessed assets		0.68			0.74			0.74			0.82			0.72
Allowance to period-end loans		1.25			1.26			1.27			1.28			1.29
Allowance to nonperforming loans		194.8			179.0			182.0			167.8			194.0

¹ The net interest margin is presented on a fully taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax-favored status of income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

² 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.

Page 5

SunTrust Banks, Inc. and Subsidiaries

SELECTED FINANCIAL INFORMATION

																Six Months Ended June 30
	2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			2nd Quarter
	2003			2003			2002			2002			2002			2003			2002
RECONCILEMENT OF NON-GAAP MEASURES
(Dollars in thousands)
Return on average total assets		1.11	%		1.12	%		1.18	%		1.26	%		1.29	%		1.12	%		1.24	%
Impact of excluding net unrealized securities gains		0.02			0.03			0.02			0.04			0.04			0.02			0.03
Return on average assets less net unrealized gains on securities		1.13			1.15			1.20			1.30			1.33			1.14			1.27
Return on average total shareholders' equity		14.95			15.13			15.30			15.22			15.77			15.04			15.27
Impact of excluding net unrealized securities gains		2.92			3.03			3.44			3.96			4.20			2.97			3.92
Return on average realized shareholders' equity		17.87			18.16			18.74			19.18			19.97			18.01			19.19
Net interest income	$	799,513		$	822,470		$	827,101		$	805,114		$	813,388		$	1,621,983		$	1,611,494
FTE adjustment		10,902			10,543			10,240			10,013			9,724			21,445			19,269
Net interest income—FTE	$	810,415		$	833,013		$	837,341		$	815,127		$	823,112		$	1,643,428		$	1,630,763

Page 6

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										Six Months Ended
	June 30, 2003					June 30, 2002					June 30, 2003					June 30, 2002
	Average Balances			Yields/ Rates		Average Balances			Yields/ Rates		Average Balances			Yields/ Rates		Average Balances			Yields/ Rates
Assets
Loans:
Real estate 1-4 family	$	15,064.2		5.95	%	$	15,021.0		7.05	%	$	14,844.6		6.12	%	$	15,022.2		7.08	%
Real estate construction		4,057.8		4.72			3,724.0		5.54			4,002.9		4.79			3,680.9		5.62
Real estate equity		5,874.6		4.51			3,983.4		5.01			5,647.5		4.56			3,574.7		5.20
Real estate commercial		9,192.9		5.05			8,662.2		5.97			9,149.3		5.15			8,497.0		6.06
Commercial		27,810.4		3.81			27,339.1		4.43			27,824.0		3.87			27,594.4		4.44
Business credit card		126.4		6.84			94.8		7.56			123.1		7.04			90.7		7.79
Consumer—direct		3,693.7		5.16			4,643.6		6.06			3,724.3		5.26			4,570.6		6.15
Consumer—indirect		7,993.1		6.98			7,000.4		8.03			7,852.8		7.14			6,758.0		8.10
Nonaccrual and restructured		498.4		2.39			516.6		2.40			515.6		2.20			554.9		2.48
Total loans		74,311.5		4.91			70,985.1		5.72			73,684.1		5.01			70,343.4		5.76
Securities available for sale:
Taxable		20,276.8		3.00			16,538.3		5.10			20,414.8		3.27			16,242.3		5.32
Tax-exempt		381.4		6.53			413.6		6.91			385.7		6.55			419.0		6.93
Total securities available for sale		20,658.2		3.07			16,951.9		5.15			20,800.5		3.33			16,661.3		5.36
Funds sold and securities purchased under agreement to resell		1,476.2		1.17			1,454.7		1.79			1,474.6		1.21			1,316.0		1.79
Loans held for sale		8,255.4		5.25			3,454.7		6.65			8,150.7		5.38			3,767.8		6.63
Interest-bearing deposits		10.7		1.27			352.6		1.70			11.2		1.21			340.7		1.78
Trading assets		1,894.4		0.99			1,541.5		1.57			1,810.4		0.97			1,544.4		1.61
Total earning assets		106,606.4		4.46			94,740.5		5.51			105,931.5		4.59			93,973.6		5.60
Allowance for loan losses		(952.0	)				(934.0	)				(947.0	)				(915.8	)
Cash and due from banks		3,300.5					3,196.7					3,387.5					3,278.0
Premises and equipment		1,582.1					1,623.3					1,592.7					1,618.2
Other assets		6,617.6					4,987.6					6,598.3					4,959.6
Unrealized gains on securities available for sale		2,293.4					2,877.9					2,302.4					2,735.1
Total assets	$	119,448.0				$	106,492.0				$	118,865.4				$	105,648.7
Liabilities and Shareholders' Equity
Interest-bearing deposits:
NOW accounts	$	11,576.8		0.47	%	$	10,181.1		0.74	%	$	11,452.4		0.50	%	$	9,902.1		0.75	%
Money Market accounts		22,284.1		1.03			20,369.5		1.66			22,071.4		1.07			19,783.5		1.71
Savings		6,253.3		0.82			6,436.8		1.44			6,236.0		0.86			6,354.8		1.49
Consumer time		8,039.4		2.58			9,683.0		3.80			8,236.2		2.76			9,363.7		3.95
Other time		3,395.4		2.73			3,803.6		2.64			3,418.7		2.31			3,648.5		3.08
Total interest-bearing consumer and commercial deposits		51,549.0		1.23			50,474.0		1.93			51,414.7		1.27			49,052.6		2.02
Brokered deposits		3,573.5		3.40			2,394.8		4.72			3,743.1		3.44			2,520.1		5.47
Foreign deposits		7,133.7		1.23			2,785.0		1.72			6,801.4		1.23			2,785.3		1.71
Total interest-bearing deposits		62,256.2		1.36			55,653.8		2.04			61,959.2		1.40			54,358.0		2.17
Funds purchased and securities sold under agreements to repurchase		11,694.4		1.01			9,670.5		1.40			12,166.9		1.02			9,954.5		1.39
Other short-term borrowings		603.2		1.17			783.7		1.71			674.8		1.16			1,023.2		1.60
Long-term debt		11,860.1		4.46			11,889.9		5.31			11,821.7		4.65			12,080.4		5.27
Total interest-bearing liabilities		86,413.9		1.74			77,997.9		2.46			86,622.6		1.79			77,416.1		2.55
Noninterest-bearing deposits		17,548.1					14,992.2					16,871.7					14,795.3
Other liabilities		6,621.9					4,758.8					6,545.5					4,871.8
Realized shareholders' equity		7,413.7					6,901.5					7,368.7					6,816.1
Accumulated other comprehensive income		1,450.4					1,841.6					1,456.9					1,749.4
Total liabilities and shareholders' equity	$	119,448.0				$	106,492.0				$	118,865.4				$	105,648.7
Interest rate spread				2.72	%				3.05	%				2.80	%				3.05	%
Net Interest Margin				3.05	%				3.48	%				3.13	%				3.50	%

Page 7