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SUNTRUST REPORTS RECORD EARNINGS FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 1993

 ATLANTA, July 13 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today announced record earnings for the regional banking company of $118.7 million, or $0.94 per share, for the second quarter of 1993 compared with $105.9 million, or $0.82 per share, for the same quarter last year.
 Net income for the six months ended June 30 was $234.2 million, or $1.84 per share, compared to $208.4 million, or $1.60 per share, for the same period a year ago. Earnings per share increased 14.6 percent during the second quarter and 15.0 percent in the first six months. The annualized returns on average assets and average equity for the six months ended June 30 were 1.28 percent and 16.63 percent, respectively.
 "Our results through the first half of 1993 show the company maintaining its track record of strong performance," commented James B. Williams, chairman and chief executive officer of SunTrust Banks, Inc.
 In addition to record earnings, credit quality also improved. At June 30, nonperforming assets were $509.1 million, consisting of $318.9 million of nonperforming loans and $190.2 million of other real estate owned. This compares with $554.3 million at March 31, consisting of $344.5 million of nonperforming loans and $209.8 million of other real estate owned. The loan loss provision was $46.3 million for the second quarter, down from $55.9 million last year and well above charge-offs. Net domestic charge-offs for the second quarter of 1993 were $27.6 million or an annualized rate of 0.46 percent of average loans outstanding. At the end of the second quarter, the reserve was 163.0 percent of nonperforming loans.
 As of June 30, SunTrust had total assets of $37.6 billion in 1993 compared with $35.6 billion in 1992. At the end of the second quarter, total loans were $24.3 billion compared to $22.7 billion a year ago, a 6.8 percent increase. Total deposits at the end of the first six months of 1993 were $29.7 billion compared with $28.7 billion last year. Total shareholders' equity increased 4.4 percent to $2.8 billion.
 SUNTRUST BANKS, INC.
 Financial Highlights
 Second quarter 6 mos. ended 6/30
 1993 1992 1993 1992
 For the period ($ Mils)
 Net income 118.7 105.9 234.2 208.4
 Dividends paid 35.2 32.2 70.7 64.6
 Per common share ($)
 Net income 0.94 0.82 1.84 1.60
 Dividends 0.28 0.25 0.56 0.50
 Book value X X 22.40 20.85
 Book value as adjusted (a) X X 30.67 28.33
 Ratios (pct.)
 Return on avg. assets 1.28 1.21 1.28 1.19
 Return on avg. equity 16.74 15.99 16.63 15.78
 Net interest margin (taxable-
 equiv.)(b) 4.87 5.14 4.93 5.06
 Income Statement ($ Mils)
 Interest income (taxable-
 equiv.)(b) 604.4 665.8 1,213.8 1,342.4
 Interest expense 195.4 257.8 395.0 540.4
 Net interest income (taxable-
 equiv.) 409.0 408.0 818.8 802.0
 Prov. for loan losses 46.3 55.9 92.5 108.4
 Noninterest income 181.9 165.6 362.6 333.8
 Trust income 63.0 56.9 124.8 112.7
 Service charges on deposit
 accounts 55.9 53.1 111.8 106.7
 Securities gains (losses) 0.4 1.2 1.4 1.1
 Noninterest expense 353.9 344.9 707.6 694.1
 Personnel expense 182.5 178.0 366.3 353.8
 Net occupancy expense 31.8 32.4 63.7 65.1
 Equipment expense 25.3 25.9 51.4 50.7
 FDIC premiums 17.0 16.2 33.6 32.4
 Other real estate expense 5.5 6.0 13.9 19.0
 Taxable-equiv. adjustments 15.6 19.5 31.3 36.6
 Income taxes 56.4 47.4 115.8 88.3
 Net income 118.7 105.9 234.2 208.4
 Contribution to net income ($ Mils)
 SunBanks, Inc. 63.3 56.5 126.9 110.6
 Trust Company of Georgia 48.2 45.1 95.2 85.6
 Third National Corporation 17.8 16.3 35.2 31.6
 (a) Includes the pre-tax market appreciation of the company's investment in the common stock of The Coca-Cola Company. ($1.0 billion at June 30, 1993.)
 (b) Net interest income and net interest margin include the effects of taxable-equivalent adjustments using a federal tax rate of 34 percent and state income taxes where applicable to increase tax-exempt interest income to a taxable-equivalent basis.
 Second quarter 6 mos. ended
 1993 1992 6/30/93 6/30/92
 Balance Sheet ($ Mils/Shrs in Mils)
 Average:
 Total assets 37,098 35,257 36,918 35,275
 Earning assets 33,651 31,921 33,479 31,874
 Loans 24,094 22,409 23,784 22,390
 Demand deposits 6,715 5,806 6,575 5,698
 Total deposits 29,732 28,525 29,543 28,584
 Shareholders' equity 2,845 2,663 2,840 2,655
 Common equivalent shares 126.1 129.6 127.0 130.1
 At 6/30:
 Total assets 37,608 35,627
 Earning assets 34,147 32,277
 Loans 24,266 22,732
 Demand deposits 6,948 6,049
 Total deposits 29,657 28,665
 Shareholders' equity 2,810 2,691
 Common shares outstanding 125.4 129.0
 Reserve for Loan Losses ($ Mils)
 Beginning balance 501.0 400.0 474.2 381.1
 Reserve at purchased bank --- --- 8.0 6.4
 Provision for loan losses 46.3 55.9 92.5 108.4
 Net domestic charge-offs (27.6) (37.1) (55.0) (77.2)
 Net international recoveries --- 0.1 --- 0.2
 Ending balance 519.7 418.9 519.7 418.9
 Domestic loan charge-off
 ratios (annualized) 0.46 0.66 0.47 0.69
 6/30/93 12/31/92 6/30/92
 Nonperforming assets ($ Mils):
 Nonperforming loans 318.9 324.3 380.1
 Other real estate owned 190.2 220.3 254.5
 Total nonperforming assets 509.1 544.6 634.6
 Ratios (percent):
 Reserve for loan losses/loans 2.14 2.02 1.84
 Reserve for loan losses/
 nonperforming loans 162.97 146.19 110.22
 Nonperforming loans/loans 1.31 1.38 1.67
 -0- 7/12/93
 /CONTACT: Jim Armstrong of SunTrust Banks, 404-588-7425/
 (STI)


CO: SunTrust Banks, Inc. ST: Georgia IN: FIN SU: ERN

BN-BR -- AT001 -- 0734 07/13/93 08:48 EDT
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