Printer Friendly

SUNTRUST 1991 NET $370.7 MILLION; $95.5 MILLION FOR FOURTH QUARTER

 SUNTRUST 1991 NET $370.7 MILLION; $95.5 MILLION FOR FOURTH QUARTER
 ATLANTA, Jan. 14 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today reported that 1991 net income of the regional banking company was $370.7 million or $2.90 per share, compared with $350.4 million or $2.75 per share in 1990.
 This represented a 5.5 percent increase in earnings per share over 1990. The return on average assets in both 1990 and 1991 was 1.13 percent. Because of the strong build up of capital, the 1991 return on average common shareholders' equity was 15.22 percent, compared with 15.97 percent in 1990.
 Net income in the 1991 fourth quarter was $95.5 million or $0.75 per share, compared with $85.8 million or $0.68 per share for the 1990 fourth quarter, an increase of 10.3 percent in earnings per share.
 As of Dec. 31, 1991, total assets of SunTrust were $34.6 billion, a 3.4 percent increase from the previous year-end. In other year-to-year comparisons, loans decreased 2.4 percent to $21.6 billion; deposits increased 4.3 percent to $28.0 billion, while total shareholders' equity increased 10.5 percent to $2.5 billion.
 At year-end 1991, the reserve for loan losses was $373.3 million or 1.73 percent of loans, compared with $360.2 million or 1.63 percent of loans at Dec. 31, 1990. Nonperforming assets, consisting of $437.1 million of nonperforming loans and $236.2 million of other real estate owned, were $673.3 million at Dec. 31, 1991. This compares with $712.1 million at Sept. 30, 1991, consisting of $464.5 million of nonperforming loans and $247.6 million of other real estate owned. Net domestic charge-offs in 1991 were $194.6 million or .91 percent of average loans. At year-end 1991, the reserve was 85.4 percent of nonperforming loans.
 SUNTRUST BANKS, INC.
 Financial Highlights
 Fourth quarter Year end
 1991 1990 1991 1990
 For the period ($ Mils)
 Net income 95.5 85.8 370.7 350.4
 Dividends 32.0 29.2 120.0 109.4
 Per common share ($)
 Net income .75 .68 2.90 2.75
 Dividends .25 .23 .94 .86
 Book value X X 19.92 18.18
 Book value as adjusted (a) X X 27.49 22.60
 Ratios (pct.)
 Return on avg. assets 1.14 1.07 1.13 1.13
 Return on avg. equity 14.81 14.93 15.22 15.97
 Net interest margin (taxable-
 equiv.)(b) 4.83 4.87 4.83 4.88
 Income Statement ($ Mils)
 Interest income (taxable-
 equiv.)(b) 684.4 756.1 2,833.9 2,947.2
 Interest expense 318.3 405.8 1,406.3 1,594.0
 Net interest income (taxable-
 equiv.) 366.1 350.3 1,427.6 1.353.2
 Prov. for loan losses 52.4 52.7 206.2 196.9
 Noninterest income 154.7 140.5 602.6 549.1
 Trust income 51.2 45.8 200.1 177.3
 Service charges on deposit
 accounts 50.6 45.2 196.8 170.0
 Securities gains (losses) (.2) .4 1.9 .7
 Noninterest expense 320.1 304.9 1,245.0 1,173.5
 Personnel expense 160.1 141.0 626.2 592.1
 Net occupancy expense 28.7 28.0 115.0 111.9
 Equipment expense 23.8 23.0 95.8 90.4
 FDIC premiums 14.8 7.5 54.5 29.2
 Other real estate expense 6.7 21.1 21.9 29.4
 Taxable-equiv. adjustments 17.6 22.0 75.9 87.7
 Income taxes 35.2 25.4 132.4 93.8
 Net income 95.5 85.8 370.7 350.4
 Contribution to net income ($ Mils)
 SunBanks, Inc. 48.3 45.7 187.8 173.6
 Trust Company of Georgia 44.0 47.3 171.1 170.8
 Third National Corporation 12.7 (.9) 50.6 22.6
 Fourth quarter Year end
 1991 1990 1991 1990
 Balance Sheet ($ Mils/Shrs in Mils)
 Average:
 Total assets 33,364 31,801 32,797 30,909
 Earning assets 30,080 28,518 29,535 27,733
 Loans 21,373 21,773 21,475 21,403
 Demand deposits 5,350 5,047 5,116 4,979
 Total deposits 27,131 25,517 26,557 25,052
 Shareholders' equity 2,556 2,279 2,435 2,195
 Common equivalent shares 128.0 126.8 127.8 127.4
 At 12/31:
 Total assets 34,554 33,411
 Earning assets 30,825 29,288
 Loans 21,581 22,111
 Demand deposits 5,944 5,848
 Total deposits 27,988 26,826
 Shareholders' equity 2,546 2,305
 Common shares outstanding 127.8 126.8
 Reserve for Loan Losses ($ Mils)
 Beginning balance 391.4 365.8 360.2 342.3
 Provision for loan losses 52.4 52.7 206.2 196.9
 Net domestic charge-offs (70.6) (59.2) (194.6) (181.9)
 Net international recoveries .1 .9 1.5 1.9
 Reserve at purchased bank --- --- --- 1.0
 Ending balance 373.3 360.2 373.3 360.2
 Domestic loan charge-off
 ratios (annualized) 1.31 1.08 .91 .85
 12/31/91 9/30/91 12/31/90
 Nonperforming assets ($ Mils):
 Nonperforming loans 437.1 464.5 365.9
 Other real estate owned 236.2 247.6 240.0
 Total nonperforming assets 673.3 712.1 605.9
 Ratios (percent):
 Reserve for loan losses/loans 1.73 1.83 1.63
 Reserve for loan losses/
 nonperforming loans 85.4 84.3 98.4
 Nonperforming loans/loans 2.03 2.17 1.66
 (a) Includes pre-tax market appreciation of $968.2 million of the the company's investment in common stock of The Coca-Cola Company.
 (b) Net interest income and net interest margin include the effects of taxable-equivalent adjustments using a federal tax rate of 34 percent and state income taxes where applicable to increase tax-exempt interest income to a taxable-equivalent basis.
 -0- 1/14/92
 /CONTACT: Thomas C. Duer, 404-588-8912, or James C. Armstrong, 404-588-7425, both of SunTrust Banks/
 (STI) CO: SunTrust Banks, Inc. ST: Georgia IN: FIN SU: ERN


BN-BR -- AT001 -- 9380 01/14/92 08:50 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 14, 1992
Words:1032
Previous Article:PRECLINICAL TESTING INDICATES RIBI IMMUNOCHEM'S MPL(R) SIGNIFICANTLY PROTECTS HEART MUSCLE FROM REPERFUSION INJURY
Next Article:ORION PICTURES CORPORATION ANNOUNCES DELAY IN FILING WITH THE SECURITIES AND EXCHANGE COMMISSION
Topics:


Related Articles
NATWEST BANCORP TURNAROUND CONTINUES
SUNTRUST REPORTS RECORD NET INCOME FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 1994
SunTrust Reports 1998 Operating Earnings of $1.1 Billion, Up 11.5%.
SunTrust Reports Record Operating Earnings of $292 Million, Up 10.3%.
SunTrust Reports Record Operating Earnings of $308.5 Million, Up 14%.
SunTrust Reports Record Operating Earnings of $325.9 Million, Up 18%.
SunTrust Reports Record Earnings of $1,326.6 Million for 1999, Up 37%.
SunTrust Reports 18% Growth in Earnings Per Share.
SunTrust Reports Full Year Earnings of $1.3 Billion; Operating Earnings Per Share in 2000 Up 12%.
SunTrust Reports 10% Growth in Earnings per Share.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters