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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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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 11, 2000
SunTrust Banks, Inc.
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(Exact name of registrant as specified in its charter)
Georgia 001-08918 58-1575035
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(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.
303 Peachtree Street, N.E.
Atlanta, Georgia 30308
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (404) 588-7711
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On April 11, 2000, SunTrust Banks, Inc. (the "Company") reported
operating income of $328.3 million, up from $292.2 million in the first quarter
of 1999. Operating earnings per share in the quarter were $1.07 per diluted
share, up 18% from the first quarter of 1999. Including $8.9 million in
after-tax merger-related charges, reported net income was $319.4 million or
$1.04 per diluted share versus $281.7 million or $.87 per diluted share in the
first quarter of 1999. For the quarter, reported return on assets was 1.38% and
return on average realized equity was 21.33%.
"Strong loan demand and a meaningful improvement in our expense base
enabled us to report a very strong 18% increase in earnings per share despite
the pressures created by rising interest rates and a volatile stock market,"
said L. Phillip Humann, the Company's Chairman, President and Chief Executive
Officer.
Fully taxable net interest income of $792.1 million in the quarter was
up 1% from the first quarter of 1999 reflecting the impact of the sale of the
Company's $1.5 billion consumer credit card portfolio. The net interest margin
for the first quarter was 3.71%. Average loans for the first quarter were $67.0
billion, up 10% from the first quarter of last year and an annualized 13% from
the fourth quarter.
Noninterest income, excluding securities gains and losses, was $430.0
million in the quarter. Noninterest income represented 36% of total revenue.
Noninterest expense in the quarter, excluding merger-related charges, was $690.7
million.
Net charge-offs in the first quarter were $19.6 million or .12% of
average loans down from $34.0 million or .23% of average loans in the first
quarter of last year. The provision for loan losses was $22.3 million for the
quarter, down from $42.0 million a year ago.
Nonperforming assets were $311.9 million at quarter-end or .45% of
loans and foreclosed properties. Nonperforming assets at March 31, 2000 included
$284.9 million in nonperforming loans and $27.0 million in net other real estate
owned. Nonperforming assets at March 31, 2000 comprised .32% of total assets,
compared to .29% at December 31, 1999 and .26% a year ago. The allowance for
loan losses at March 31, 2000 was $874.0 million and represented 1.27% of loans.
At March 31, 2000, the Company had total assets of $96.0 billion and
total deposits of $66.3 billion. Equity capital of $7.1 billion represented
7.40% of total assets. Book value per share was $23.51.
Please refer to the Investor Relations section of our website at
www.suntrust.com for the corresponding financial tables and information.
SunTrust Banks, Inc., based in Atlanta, Georgia, is the nation's 9th
largest commercial banking organization. The Company provides a wide range of
services to meet the financial needs of its growing customer base in Alabama,
Florida, Georgia, Maryland, Tennessee, Virginia, and the District of Columbia.
Its primary businesses include traditional deposit and credit services as well
as trust and investment services. Through various subsidiaries the Company
provides credit cards, mortgage banking, insurance, brokerage and investment
services.
A copy of the press release is attached hereto as Exhibit 99.1
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Text of Press Release of SunTrust Banks, Inc., dated
April 11, 2000.
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SIGNATURES
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 hereunto duly authorized.
Date: April 26, 2000
By: /s/ Raymond D. Fortin
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Raymond D. Fortin
Senior Vice President
Corporate Secretary
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INDEX TO EXHIBITS
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EXHIBIT NUMBER AND DESCRIPTION PAGE
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99.1 Text of Press Release of SunTrust Banks, Inc., dated April 11, 2000...... 5
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EXHIBIT 99.1
Press Release
For Immediate Release:
Contact: Eugene S. Putnam, Jr. (404) 658-4879
SunTrust Reports 18% Growth In Earnings Per Share
ATLANTA, April 11, 2000 - SunTrust Banks, Inc. today reported operating
income of $328.3 million, up from $292.2 million in the first quarter of
1999. Operating earnings per share in the quarter were $1.07 per diluted
share, up 18% from the first quarter of 1999. Including $8.9 million in
after-tax merger-related charges, reported net income was $319.4 million or
$1.04 per diluted share versus $281.7 million or $.87 per diluted share in
the first quarter of 1999. For the quarter, reported return on assets was
1.38% and return on average realized equity was 21.33%.
"Strong loan demand and a meaningful improvement in our expense base
enabled us to report a very strong 18% increase in earnings per share
despite the pressures created by rising interest rates and a volatile stock
market," said L. Phillip Humann, SunTrust's Chairman, President and Chief
Executive Officer.
Fully taxable net interest income of $792.1 million in the quarter was up
1% from the first quarter of 1999 reflecting the impact of the sale of the
Company's $1.5 billion consumer credit card portfolio. The net interest
margin for the first quarter was 3.71%. Average loans for the first quarter
were $67.0 billion, up 10% from the first quarter of last year and an
annualized 13% from the fourth quarter.
Noninterest income, excluding securities gains and losses, was $430.0
million in the quarter. Noninterest income represented 36% of total
revenue. Noninterest expense in the quarter, excluding merger-related
charges, was $690.7 million.
Net charge-offs in the first quarter were $19.6 million or .12% of average
loans down from $34.0 million or .23% of average loans in the first quarter
of last year. The provision for loan losses was $22.3 million for the
quarter, down from $42.0 million a year ago.
Nonperforming assets were $311.9 million at quarter-end or .45% of loans
and foreclosed properties. Nonperforming assets at March 31, 2000 included
$284.9 million in nonperforming loans and $27.0 million in net other real
estate owned. Nonperforming assets at March 31, 2000 comprised .32% of
total assets, compared to .29% at December 31, 1999 and .26% a year ago.
The allowance for loan losses at March 31, 2000 was $874.0 million and
represented 1.27% of loans.
At March 31, 2000, SunTrust had total assets of $96.0 billion and total
deposits of $66.3 billion. Equity capital of $7.1 billion represented 7.40%
of total assets. Book value per share was $23.51.
Please refer to the Investor Relations section of our website at
www.suntrust.com for the corresponding financial tables and information.
SunTrust Banks, Inc., based in Atlanta, Georgia, is the nation's 9th
largest commercial banking organization. The Company provides a wide range
of services to meet the financial needs of its growing customer base in
Alabama, Florida, Georgia, Maryland, Tennessee, Virginia, and the District
of Columbia. Its primary businesses include traditional deposit and credit
services as well as trust and investment services. Through various
subsidiaries the Company provides credit cards, mortgage banking,
insurance, brokerage and investment services.
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