Edgar Filing: GB&T BANCSHARES INC

Rule 425

Filed by SunTrust Banks, Inc.

pursuant to Rule 425

under the Securities Act of

1933, as amended and deemed

filed under Rule 14a-6

under the Securities Exchange Act

of 1934, as amended

Subject Company: GB&T Bancshares Inc.

Exchange Act File Number of

Subject Company: 000-24203


		News Release


Contact:
Investors		Media
Steve Shriner		Barry Koling
(404) 827-6714		(404) 230-5268

For Immediate Release

April 22, 2008

SunTrust Reports First Quarter Earnings of $0.81 Per Share

Credit Costs Impact Results as Company Points to Underlying Progress and Financial Strength

ATLANTA— SunTrust Banks, Inc. (NYSE: STI) today reported net income available to common shareholders for the first quarter of 2008 of $283.6 million, or $0.81 per average common diluted share, compared to $513.9 million, or $1.44 per average common diluted share, in the first quarter of 2007. Growth in the balance sheet and core business revenues coupled with disciplined expense management were more than offset by increased credit costs associated with the continued deterioration in the housing market, as well as net mark-to-market valuation losses related to certain asset-backed securities. Positively impacting the quarter were gains from the Company’s interest in Visa, Inc. (“Visa”) and prior decisions to sell its remaining interest in Lighthouse Investment Partners and certain bank-owned real estate.

“Growth in credit costs associated with the residential real estate correction continued to take a toll in the first quarter; further, the backdrop of emerging recession fears clouds the near-term outlook. However, SunTrust is financially strong, with ample liquidity, adequate capital, and a solid balance sheet, and we are effectively managing through this difficult economic environment. Perhaps most importantly, we are encouraged by underlying progress in key business lines, good deposit and some modest loan growth, and the positive impact of improved expense discipline. Given the success we are achieving in our E²Efficiency and Productivity program, we have increased our 2008 savings estimate to $500 million, up $150 million from our previous estimate. Economic uncertainty notwithstanding, we remain confident in the validity of our strategies, our execution of those strategies, and the growth potential within our existing businesses and markets,” said James M. Wells III, President and Chief Executive Officer of SunTrust.

As the deterioration of residential real estate markets continued in the first quarter of 2008, the Company increased its provision for loan losses to $560 million, increasing the ratio of allowance to total loans outstanding to 1.25% as of March 31, 2008. Annualized net charge-offs for the quarter of 0.97% of average loans were principally related to loans secured by residential real estate. The increase in the allowance for loan and lease losses was also attributable to an increase in expected losses in the existing residential mortgage, home equity lines of credit, and residential construction portfolios.

During the quarter, the Company also recognized approximately $163.7 million in net valuation losses. The losses pertained primarily to mark-to-market valuation adjustments on trading assets and loan warehouses, as well as certain asset-backed securities that are classified as available for sale, net of gains on the Company’s public debt carried at fair value and related hedges. The unrealized loss on certain available for sale securities was recognized through earnings, as the assets were deemed to be other-than-temporarily impaired, thus triggering an accounting recognition of the losses. The after-tax earnings impact of the net valuation losses was $101.5 million, or $0.29 per diluted common share. Through sales, maturities and pay downs, the Company has reduced its exposure to these distressed assets by over $1.0 billion since the end of 2007, leaving the quarter-end exposure at approximately $1.6 billion. The Company continues to actively evaluate its holdings of these specific securities with an objective of continuing to lower its exposure to such assets.

First Quarter 2008 Consolidated Highlights:


	1^st Quarter 2008			1^st Quarter 2007			% Change
	1^st Quarter 2008			1^st Quarter 2007			% Change
Income Statement
(Dollars in millions, except per share data)
Net income available to common shareholders	$	283.6		$	513.9		(44.8	)%
Net income per average common diluted share		0.81			1.44		(43.8	)%
Revenue – fully taxable-equivalent		2,225.3			2,067.2		7.6	%
Net interest income – fully taxable equivalent		1,167.8			1,188.3		(1.7	)%
Provision for loan losses		560.0			56.4		892.2	%
Noninterest income		1,057.5			878.9		20.3	%
Noninterest expense		1,255.1			1,236.0		1.5	%
Net interest margin		3.07	%		3.02	%
Efficiency ratio		56.40	%		59.79	%

Balance Sheet
(Dollars in billions)
Average loans	$	123.3		$	121.5		1.4	%
Average consumer and commercial deposits		101.2			97.8		3.5	%

Capital
Tier 1 capital ratio ⁽¹⁾		7.25	%		7.60	%
Total average shareholders’ equity to total average assets		10.21	%		9.76	%
Tangible equity to tangible assets		6.53	%		5.97	%

Asset Quality Net charge-offs to average loans (annualized)		0.97	%		0.21	%
Nonperforming loans to total loans		1.67	%		0.57	%

⁽¹⁾	Current period Tier 1 capital ratio is estimated as of the earnings release date.

•

Net income available to common shareholders decreased 44.8% and net income per average common diluted share decreased 43.8% from the first quarter of 2007 primarily due to higher provision for loan losses.

•

Fully taxable-equivalent revenue increased 7.6% compared to the first quarter of 2007, as growth in noninterest income more than offset a decline in net interest income.

•

Fully taxable-equivalent net interest income declined 1.7% from the first quarter of 2007, despite a five basis point improvement in margin, as earning assets declined 4.1% due to a reduction in interest earning trading assets. Both the increase in margin and the decrease in interest earning trading assets were a result of balance sheet management strategies.

•

Noninterest income increased 20.3% from the first quarter of 2007, driven by double digit growth in service charges on deposit accounts, retail investment services, investment banking, and card fees. Net market valuation losses were offset by gains related to the Company’s interest in Visa, gain on the sale of its remaining 24.9% interest in Lighthouse Investment Partners, and the gain on the sale/leaseback of certain bank-owned branches and office buildings.

•

Noninterest expense increased 1.5% from the first quarter of 2007 and declined 13.8% compared to the fourth quarter of 2007. During the first quarter of 2008, the Company reversed $39.1 million of Visa litigation expense that was recorded in the fourth quarter of 2007 and incurred $11.7 million in debt extinguishment costs. Year-over-year core expense growth remained well controlled and would have declined if not for $35.9 million in higher credit-related expenses.

•

The effective income tax rate for the first quarter of 2008 was 24.0% due to lower pre-tax income and the release of tax reserves in conjunction with the settlement of certain tax positions.

•

Total average loans increased 1.4% from the first quarter of 2007. The increase in average loans was due to growth in the commercial (C&I) loan portfolio, partially offset by declines in real estate 1-4 family and

construction loans as a result of loan sales in the second quarter of 2007 associated with specific balance sheet management strategies and risk management tactics, respectively. Average consumer and commercial deposits increased 3.5% over the first quarter of 2007. The increase in average consumer and commercial deposits was driven mainly by growth in NOW and money market account balances.

•

The estimated Tier 1 capital, total average shareholders’ equity to total average assets, and tangible equity to tangible asset ratios were 7.25%, 10.21%, and 6.53%, respectively. The Company maintains a Tier 1 capital ratio target of 7.5%.

•

Annualized net charge-offs were 0.97% of average loans for the first quarter of 2008, up from 0.21% in the first quarter of 2007 and 0.55% in the fourth quarter of 2007. The increase reflects deterioration in consumer credit, particularly in residential real estate secured loans.

•

Nonperforming loans to total loans increased to 1.67% as of March 31, 2008, from 1.19% as of December 31, 2007 and 0.57% as of March 31, 2007, due mainly to increased levels of residential real estate secured loans and residential real estate construction loans.

CONSOLIDATED FINANCIAL PERFORMANCE

Revenue

Fully taxable-equivalent revenue was $2,225.3 million for the first quarter of 2008, an increase of 7.6% compared to the first quarter of 2007, driven by gains from the Company’s interest in Visa, gains on the sale of certain non-strategic assets, and double digit growth in many of the fee-related core business products. These gains more than offset a slight decline in net interest income and net mark-to-market valuation losses.

Net Interest Income

Fully taxable-equivalent net interest income was $1,167.8 million in the first quarter of 2008, a decrease of 1.7% from the first quarter of 2007, despite a five basis point improvement in margin, as earning assets declined 4.1% due to a reduction in interest earning trading assets. Both the increase in margin and the decrease in interest earning trading assets were a result of balance sheet management strategies. On a sequential quarter basis, net interest margin was down six basis points. The decline was driven by the impact of benchmark interest rate reductions on earning asset yields that exceeded reductions in rates paid on interest-bearing deposits.

Noninterest Income

Total noninterest income was $1,057.5 million for the first quarter of 2008, up $178.6 million, or 20.3%, from the first quarter of 2007. Included in the first quarter of 2008 were the following transaction-related gains:

•

$89.4 million from the gain on sale of Lighthouse Investment Partners

•

$86.3 million from the Visa initial public offering

•

$37.0 million from the sale/leaseback of corporate owned real estate

During the quarter, the Company also recorded approximately $287 million in market valuation losses related primarily to investments in asset-backed securities that were acquired in late 2007 and other trading and securitization activities. These losses were recorded primarily in trading account profits and commissions, which declined $62.0 million, or 68.7%, from first quarter of 2007 and also included approximately $240 million of valuation gains recorded on the Company’s publicly-traded debt net of associated hedges carried at fair value. In the first quarter of 2007, trading account profit and commissions income included $81.0 million in market valuation gains related to trading assets and liabilities and related hedges that the Company elected to record at fair value. Underlying growth in trading account profit and

commissions income in the first quarter of 2008 as compared to the first quarter of 2007 was due to increased core client activity, primarily in derivative sales. Securities gains/losses in the first quarter of 2008 included $64.1 million in market value impairment related primarily to certain asset-backed securities that were classified as available for sale and estimated to be other-than-temporarily impaired at quarter end, triggering accounting recognition of the unrealized loss in current period earnings.

Mortgage production income was $85.5 million in the first quarter of 2008 compared to a loss of $8.7 million in the first quarter of 2007. The increase was due to higher margins on current mortgage production, as well as certain changes in accounting methodologies. Specifically, application of Staff Accounting Bulletin 109 (SAB 109) accelerated the recognition of servicing value to the date of the interest rate lock commitment in 2008, and in connection with the Company’s second quarter of 2007 election to record at fair value certain newly-originated mortgage loans held for sale, the recognition of loan fees were accelerated in 2008 to the date of closing. The first quarter of 2008 included $52.6 million in market value declines in mortgages held for sale, while the first quarter of 2007 included $42.2 million of income reductions related to the Company’s adoption of the fair value accounting standards and $26.6 million of losses related to Alt-A loan valuations.

In the first quarter of 2008, the Company experienced strong growth in the following noninterest income categories: service charges on deposit accounts increased 12.1%, retail investment services increased 13.8%, card fees increased 14.9%, and investment banking income increased 10.5%. Trust and investment management income decreased 7.6% compared to the first quarter of 2007, which reflects the sale of Lighthouse Investment Partners on January 2, 2008. The first quarter of 2007 results included a $32.3 million gain on sale upon merger of Lighthouse Partners.

Noninterest Expense

Total noninterest expense in the first quarter of 2008 was $1,255.1 million, up $19.1 million, or 1.5%, from the first quarter of 2007 and down $200.2 million, or 13.8%, on a sequential quarter basis as the Company recognized the benefits of its cost savings from the E²Efficiency and Productivity program. Personnel expenses in the first quarter of 2008 increased $16.1 million, or 2.3%, from the same period in 2007; however, personnel expenses would have declined if not for a $34.5 million impact related to loan origination costs that were deferred prior to the Company’s election to record at fair value certain newly-originated mortgage loans held for sale. Total personnel declined from 33,397 as of March 31, 2007 to 31,745 as of March 31, 2008. Compared to the fourth quarter of 2007, personnel expense increased $32.3 million, or 4.7%, primarily due to the seasonal increase in Company paid payroll taxes and 401(k) matching contributions. Other expenses included in the first quarter of 2008 included an $11.7 million net cost of early retirement of debt and a $35.9 million increase in credit-related expenses such as collection services, valuation losses on other real estate owned, and mortgage fraud related losses. The first quarter of 2008 also included a $39.1 million reversal of a portion of the accrued liability associated with Visa litigation for which the Company recorded $76.9 million in the fourth quarter of 2007.

Balance Sheet

As of March 31, 2008, SunTrust had total assets of $179.0 billion. Shareholders’ equity of $18.4 billion as of March 31, 2008, represented 10.3% of total assets. Book value per common share was $51.26 as of March 31, 2008.

Loans

Average loans for the first quarter of 2008 were $123.3 billion, up $1.7 billion, or 1.4%, from the first quarter of 2007. The increase was primarily in commercial loans, as average residential real estate and consumer loans declined as a result of balance sheet management strategies, while construction declined due to slowing residential building activity and Company efforts to reduce exposure. Compared to the fourth quarter of 2007, average loans were up $2.2 billion, or 7.2%, on a sequential annualized basis, primarily driven by commercial loan growth.

Deposits

Average consumer and commercial deposits for the first quarter of 2008 were $101.2 billion, up 3.5% from the first quarter of 2007, as increases in NOW and money market deposits were partially offset by declines in demand deposit and savings account balances. Average total brokered and foreign deposits declined 42.1% from the first quarter of 2007, as the Company strategically reduced the size of its earning assets, thereby enabling the reduction of these higher cost funding sources and substantially improving the Company’s liquidity position.

On a sequential annualized basis, average consumer and commercial deposits increased 6.1% from the fourth quarter of 2007, driven by growth in NOW and money market account balances as a result of marketing campaigns and customers’ increased preference for the safety of insured deposit products. This growth offset declines in demand and savings deposit balances.

Capital

The estimated Tier 1 capital, total average shareholders’ equity to total average assets, and tangible equity to tangible asset ratios at March 31, 2008, were 7.25%, 10.21%, and 6.53%, respectively. Tier 1 capital decreased 35 basis points compared to March 31, 2007, while the total average shareholders’ equity to total average assets and tangible equity to tangible asset ratios increased 45 and 56 basis points, respectively. Compared to December 31, 2007, Tier 1 capital increased 32 basis points due to the issuance of Tier 1 qualifying enhanced trust preferred securities which primarily replaced securities retired in the third and fourth quarters of 2007. The Company’s regulatory capital ratios are in excess of the regulatory requirements for well capitalized status. The Company maintains its established Tier 1 capital ratio target of 7.5%.

The Company’s current Tier 1 capital level does not include the benefit of the equity value of its common stock holdings in The Coca-Cola Company (“Coke”), as SunTrust does not receive regulatory credit for the equity value of this position. As SunTrust has stated, the Company anticipates completing transactions related to this position in the second quarter of 2008 which will generate approximately $1 billion of Tier 1 capital or approximately 65 basis points of capital. The process that the Company embarked upon in 2007 is designed to result in a regulatory capital benefit from the holdings. In addition, as SunTrust management has indicated, this process is entirely focused on increasing the capital efficiency of this position and does not relate to SunTrust’s view of the current value of the Coke stock, nor its positive view of the long-term prospects of the company.

Asset Quality

Annualized net charge-offs in the first quarter of 2008 were 0.97% of average loans, up from 0.21% in the first quarter of 2007 and 0.55% in the fourth quarter of 2007. Net charge-offs were $297.2 million in the first quarter of 2008, as compared to $62.9 million in the first quarter of 2007 and $168.0 million in the fourth quarter of 2007. The increase in net charge-offs over the first quarter of 2007 reflects deterioration in consumer credit, particularly in residential real estate secured loans. The increase in net charge-offs in 2008 was most pronounced in home equity and residential mortgages.

Nonperforming loans were $2,068.7 million, or 1.67%, of total loans, as of March 31, 2008, compared to $1,460.3 million, or 1.19%, of total loans, as of December 31, 2007, and $665.1 million, or 0.57%, of total loans, as of March 31, 2007. The increase in nonperforming loans was mainly due to an increase in residential mortgage and real estate construction loans as the overall weakening of the housing markets and economy continued to increase delinquencies.

The allowance for loan and lease losses increased $262.8 million from December 31, 2007, to $1,545.3 million as of March 31, 2008. The increase in the allowance for loan and lease losses was attributable to the deterioration in certain segments of the consumer and residential real estate market, and contributed to the $203.2 million increase in provision for loan losses compared to the fourth quarter of 2007. The allowance for loan and lease losses as of March 31, 2008, represented 1.25% of period-end total loans compared to 1.05% as of December 31, 2007. The allowance for loan and lease losses as of March

31, 2008 represented 75% of period-end nonperforming loans of which over 63% were mortgages secured by residential real estate.

LINE OF BUSINESS FINANCIAL PERFORMANCE

The following discussion details results for SunTrust’s four business lines: Retail and Commercial Banking, Wholesale Banking, Mortgage, and Wealth and Investment Management. All revenue is reported on a fully taxable-equivalent basis. Previously, the Company had five business segments. The segment reporting structure was adjusted to align with the recently modified organizational structure that better aligns with serving clients’ needs. For the lines of business, results include net interest income which is computed using matched-maturity funds transfer pricing. Further, provision for loan losses is represented by net charge-offs.

SunTrust also reports results for Corporate Other and Treasury, which includes the Treasury department as well as the residual expense associated with operational and support expense allocations. This segment also includes differences created between internal management accounting practices and Generally Accepted Accounting Principles, certain matched-maturity funds transfer pricing credits and charges, differences in provision expense compared to net charge-offs, as well as equity and its related impact.

Retail and Commercial Banking

Three Months Ended March 31, 2008 vs. 2007

Retail and Commercial Banking net income for the first quarter of 2008 was $96.7 million, a decrease of $107.3 million, or 52.6%, compared to the first quarter of 2007. This decrease was primarily the result of higher provision expense due to home equity related charge-offs, lower net interest income driven by a continued shift in deposit mix and decreased spreads, partially offset by higher noninterest income driven by an increase in service charges on deposits.

Net interest income decreased $81.0 million, or 11.4%, mainly driven by the continued shift in deposit mix and decreased spreads as deposit competition and the interest rate environment encouraged customers to migrate into higher yielding interest-bearing deposits. Average loan balances declined $1.0 billion, or 1.9%, with the movement of Middle Market clients to the Wholesale Banking segment decreasing loans by approximately $2.0 billion. Remaining loan growth was driven by commercial loans and equity lines.

Provision for loan losses increased $129.1 million over the same period in 2007. The provision increase was most pronounced in home equity lines and loans reflecting the negative impact from the current deterioration in certain segments of the consumer portfolio, primarily related to the residential real estate market.

Total noninterest income increased $25.7 million, or 8.8%, from the first quarter of 2007. This increase was driven primarily by an $18.9 million, or 11.4%, increase in service charges on deposits related to both consumer and business accounts.

Total noninterest expense declined $13.2 million, or 2.1%, from the first quarter of 2007 with the transfer of the Middle Market business to Wholesale Banking being responsible for $5.5 million of the decline. The remainder of the decline reflects the continuing impact of expense savings initiatives, offset primarily by investments in the branch distribution network.

Wholesale Banking

Three Months Ended March 31, 2008 vs. 2007

Wholesale Banking reported net income of $86.2 million for the first quarter of 2008, a decrease of $6.3 million, or 6.8%, compared to the first quarter of 2007. An increase in net income due to the

movement of Middle Market clients into Wholesale Banking was offset by lower net interest income and higher provision for loan losses.

Net interest income decreased $5.7 million, or 4.0%. Average loan balances increased $3.1 billion, or 10.5%, while the corresponding net interest income was virtually unchanged due to a decline in the higher spread residential builder portfolio and increased levels of real estate related nonaccrual loans. The increase in average loan balances includes an approximate $2.0 billion impact from the migration of Middle Market balances to Wholesale Banking. The remainder of Wholesale Banking’s loan growth of approximately $1.2 billion, or 4.0%, was despite a $1.9 billion structured asset sale of corporate loans in the first quarter of 2007. The additional loan growth was driven by corporate banking, partially offset by declining loan balances in the residential builder portfolio. Total average deposits were up $3.7 billion, or 79.2%; however, net interest income decreased $3.2 million. Higher cost corporate money market balances increased $3.1 billion while the resulting net interest income increased $1.8 million. Interest income from demand deposits was down $4.6 million due to slightly lower balances and the impact of the lower rate environment on the value of these deposits.

Provision for loan losses was $12.3 million, an increase of $9.5 million from the same period in 2007, driven primarily by higher residential builder related charge-offs.

Total noninterest income increased $4.8 million, or 2.8%. The migration of Middle Market clients into Wholesale Banking accounted for $4.4 million of the growth while the remaining Wholesale Banking increased $0.4 million, or 0.2%. Solid performances in fixed income sales and trading, derivatives, bond originations, structured leasing, and equity capital markets were offset, in part, by lower revenues from securitization and loan syndications, as well as lower income related to the structured asset sale in the first quarter of 2007.

Total noninterest expense increased $8.9 million, or 4.7%. Expense associated with Middle Market relationship management accounted for $5.6 million, or over 60% of the noninterest expense increase. The remaining $3.4 million was driven by higher incentive-based compensation expenses primarily related to increased fixed income and equity sales and trading revenue, increased Affordable Housing related expenses, and higher outside processing costs.

Mortgage

Three Months Ended March 31, 2008 vs. 2007

Mortgage reported a net loss of $31.4 million for the first quarter of 2008, a decrease in income of $38.3 million compared to the first quarter of 2007. The decrease resulted from higher credit related costs that were partially offset by the impact of adopting new accounting standards and by higher margins in secondary marketing in the first quarter of 2008.

Net interest income for the first quarter increased $0.9 million, or 0.7%, due to higher income from mortgage loans held for sale, mortgage backed securities and deposits offset by lower income on loans held for investment and increased funding cost of nonearning assets. Total average loans, principally residential mortgage and residential construction loans, decreased $0.4 billion, or 1.2%. The decline in average loans was partially due to the Company’s balance sheet management strategies that included the transfer of $4.1 billion of portfolio loans to loans held for sale at the end of first quarter 2007. The effect of the transfer has been substantially offset by new loan originations. Lower loan portfolio balances, declining spreads, and increased nonaccrual loans resulted in lower loan-related net interest income of $15.4 million. Average nonearning assets increased $0.7 billion over the first quarter of 2007. Funding of these assets lowered net interest income by $6.7 million. Average loans held for sale declined $4.3 billion, or 43.4%. However, higher spreads increased net interest income by $14.6 million. Additionally, average investment securities, which were up $3.6 billion, contributed $8.7 million to net interest income, and deposits, which were up $0.3 billion, contributed $1.2 million to net interest income.

Provision for loan losses increased $88.0 million, driven by higher residential mortgage and residential construction charge-offs.

Total noninterest income increased $93.6 million. This increase was driven by the adoption of new accounting standards, which impacted the timing of recognizing origination fees and servicing value and

improved secondary marketing margins. The increases were partially offset by valuation adjustments on loans held for sale and lower servicing income. Loan production of $11.7 billion was down $3.1 billion, or 20.9%; however, mortgage production income was up $104.4 million. In 2007, income was reduced by $42.2 million resulting from the adoption of SFAS 157. Additionally, loan fees increased $32.9 million in the first quarter of 2008 due to the recognition of loan fees that were previously deferred prior to the May 2007 fair value election under SFAS 159 for certain newly-originated loans. Newly adopted accounting standards related to the recognition of loan servicing value at the time of interest rate lock commitment in the first quarter of 2008 contributed $18.3 million to production income during the quarter. Servicing income declined $6.0 million, principally due to higher MSR amortization that was only partially offset by higher fees resulting from an increased servicing portfolio. Total loans serviced at March 31, 2008 were $155.5 billion, up 12.1% from March 31, 2007. Noninterest income was also impacted by $8.5 million of net securities losses related to market value impairment on asset-backed securities deemed to be other-than-temporarily impaired.

Total noninterest expense increased $67.9 million, or 44.6%. Drivers of the increase were higher loan origination costs, higher operating losses and increased credit costs related to collections and other real estate. Loan origination expense was up $37.0 million due to recognition of loan origination costs on certain newly originated mortgage loans that were previously deferred. Operating losses recorded in the first quarter of 2008 were higher due to loan application fraud from customer misstatements of income or assets primarily on Alt-A products originated in prior periods.

Wealth and Investment Management

Three Months Ended March 31, 2008 vs. 2007

Wealth and Investment Management’s net income for the first quarter of 2008 was $104.2 million, an increase of $36.2 million, or 53.1%, compared to the first quarter of 2007. The increase was driven by approximately $33 million of incremental net income generated by the sale of the Company’s investment in Lighthouse Partners. In the first quarter of 2007, the Company’s investment in Lighthouse Partners generated $22.4 million of net income, which included a $20.1 million after-tax gain resulting from the gain on sale upon merger of Lighthouse Partners into Lighthouse Investment Partners, the entity that was serving as the sub-advisor to the Lighthouse funds. This transaction resulted in the Company maintaining a 24.9% minority interest in the combined entity. In the first quarter 2008, SunTrust recorded a $55.4 million after tax gain on the merger of Lighthouse Investment Partners with HFA Holdings, an Australian fund manager, in exchange for the Company’s 24.9% minority interest in the firm. Additional increases in net income primarily resulted from lower noninterest expense and higher retail investment and trust income, offset by lower net interest income primarily from deposits.

Net interest income decreased $10.2 million, or 11.3%, primarily due to a continued shift in deposit mix to higher cost deposits. Average deposits were practically unchanged as declines in demand deposit and certain money market accounts were offset by increases in higher-cost NOW accounts and time deposits. This shift in deposit mix coupled with compressed spreads due to increased competition for deposits resulted in a $7.9 million decrease in net interest income. Average loans decreased $306.1 million, or 3.7%, reducing net interest income $0.4 million. The decline in average loans was driven by lower consumer and commercial real estate balances.

Provision for loan losses increased $4.1 million primarily due to higher home equity, personal credit line and consumer mortgage net charge-offs.

Total noninterest income increased $45.7 million, or 16.0%, compared to the first quarter of 2007 driven by $39.0 million of incremental revenue from the sale of the Company’s Lighthouse Partners investment. Retail investment income increased $7.7 million, or 12.4%, due to strong annuity sales and higher recurring managed account fees. Trust income, excluding Lighthouse Partners, increased $4.3 million, or 2.7%. As of March 31, 2008, assets under management were approximately $140.4 billion compared to $137.2 billion as of March 31, 2007. Assets under management include individually managed assets, the Ridgeworth Funds, institutional assets managed by Ridgeworth Capital Management, and participant-directed retirement accounts as of March 31, 2008. SunTrust’s total assets under advisement

were approximately $248.3 billion, which includes $140.4 billion in assets under management, $63.9 billion in non-managed trust assets, $39.3 billion in retail brokerage assets, and $4.7 billion in non-managed corporate trust assets.

Total noninterest expense decreased $25.4 million, or 9.5%, driven by lower salaries, discretionary expense, and allocated overhead and operations costs, as well as lower structural expense resulting from the sale of Lighthouse Partners.

Corporate Other and Treasury

Three Months Ended March 31, 2008 vs. 2007

Corporate Other and Treasury’s net income for the first quarter of 2008 was $34.7 million, a decrease of $115.1 million, or 76.8%, compared to the first quarter of 2007 driven by an increased provision for loan losses and securities losses. This decreases was partially offset by an increase in net interest income due to favorable net gains on hedges, an increase in noninterest income due to a gain on the Visa initial public offering, gains from the sale/leaseback of corporate real estate properties, and a decrease in noninterest expenses due to the reversal of a portion of the accrued liability associated with the Visa litigation.

Net interest income in the first quarter of 2008 increased $75.6 million, or 66.1%, over the same period in 2007 mainly due to interest rate hedging activities and an increase in net interest income due to balance sheet management strategies executed in the second quarter of last year. These strategies improved the yield on the securities portfolio and delevered the balance sheet, thereby reducing reliance on higher-cost wholesale funding. Total average assets decreased $8.4 billion, or 26.7%, mainly due to the reduction in size of the investment portfolio. Total average deposits decreased $11.6 billion, or 42.8%, mainly due to a decrease in brokered and foreign deposits, as the Company reduced its reliance on wholesale funding sources.

Provision for loan losses, which predominantly represents the difference between consolidated provision for loan losses and net charge-offs for the lines of business, increased $272.9 million in conjunction with an increase in the allowance for loan losses due to the further deterioration in the residential real estate market and consumer credit quality.

Total noninterest income increased $8.8 million, or 9.4%, in the first quarter of 2008 compared to the same period in 2007. In the first quarter of 2008, the Company recognized approximately $240 million of valuation gains recorded on the Company’s publicly traded debt carried at fair value. The Company also realized an $86.3 million gain from the Visa initial public offering and $37.0 million gain from the sale/leaseback of real estate properties. These gains were offset by securities gains/losses in the first quarter of 2008 which included $55.6 million in market value impairment related primarily to certain asset-backed securities that were classified as available for sale and estimated to be other-than-temporarily impaired, triggering accounting recognition of the unrealized loss in current period earnings. There were also an additional $239 million in trading losses in the first quarter of 2008 versus a $74.3 million gain in the first quarter of 2007. These mark-downs reflect the lack of liquidity in the market for these securities and deterioration in the credit quality of some of the underlying assets.

Total noninterest expense decreased $19.1 million compared to the first quarter of 2007. The decrease in expenses was mainly due to a $39.1 million reversal of a portion of the accrued liability associated with the Visa litigation. This decrease was partially offset by the recognition of $11.7 million of net cost related to the early retirement of debt and an increase of $9.8 million in advertising cost related to the “My Cause” advertisement campaign.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of SunTrust’s earnings and financial condition in conjunction with the detailed financial tables and information which SunTrust has also published today and SunTrust’s forthcoming quarterly report on Form 10-Q. Detailed financial tables and other information are also available on the Company’s Web site at www.suntrust.com in the Investor

Relations section located under “About SunTrust”. This information is also included in a current report on Form 8-K filed with the SEC today.

This news release contains certain non-US GAAP financial measures to describe the Company’s performance. The reconciliation of those measures to the most directly comparable US GAAP financial measures, and the reasons why SunTrust believes such financial measures may be useful to investors, can be found in the financial information contained in the appendices of this news release.

Conference Call

SunTrust management will host a conference call on April 22, 2008, at 8:00 a.m. (Eastern Time) to discuss the earnings results and business trends. Individuals are encouraged to call in beginning at 7:45 a.m. (Eastern Time) by dialing 1-888-972-7805 (Passcode: 1Q08). Individuals calling from outside the United States should dial 1-517-308-9091 (Passcode: 1Q08). A replay of the call will be available beginning April 22, 2008, and ending May 6, 2008, by dialing 1-800-333-1859 (domestic) or 1-402-220-0205 (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” or may be accessed directly from the SunTrust home page by clicking on the earnings-related link, “1st Quarter Earnings Release.” Beginning the afternoon of April 22, 2008, listeners may access an archived version of the webcast in the “Webcasts and Presentations” subsection found under “Investor Relations.” This webcast will be archived and available for one year. A link to the Investor Relations page is also found in the footer of the SunTrust home page.

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company 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, equipment leasing and capital markets services. SunTrust’s Internet address is www.suntrust.com.

Forward-Looking Statements

This news release may contain forward-looking statements. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These statements often include the words “may,” “could,” “will,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “initiatives,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions. Such statements are based upon the current beliefs and expectations of SunTrust’s management, and on information currently available to management, and speak as of the date hereof. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause SunTrust’s results to differ materially from those described in the forward-looking statements can be found in the Company’s 2007 Annual Report on Form 10-K, in the Quarterly Reports on Form 10-Q and in the Current Reports filed on Form 8-K with the Securities and Exchange Commission and available at the Securities and Exchange Commission’s internet site (http://www.sec.gov). Those factors include: (1) adverse changes in general business or economic conditions could have a material adverse effect on our financial condition and results of operations; (2) changes in market interest rates or capital markets could adversely affect our revenues and expenses, the value of assets and obligations, costs of capital, or liquidity; (3) the fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our earnings; (4) changes in securities markets or markets for commercial or residential real estate could harm our revenues and profitability; (5) customers could pursue alternatives to bank deposits, causing us to lose a relatively inexpensive source of funding; (6) customers may decide not to use banks to complete their financial transactions, which could affect net income; (7) we have businesses other than banking, which subjects us

to a variety of risks; (8) hurricanes and other natural disasters may adversely affect loan portfolios and operations and increase the cost of doing business; (9) negative public opinion could damage our reputation and adversely impact our business; (10) we rely on other companies for key components of our business infrastructure; (11) we rely on our systems, employees and certain counterparties, and certain failures could materially adversely affect our operations; (12) we depend on the accuracy and completeness of information about clients and counterparties; (13) regulation by federal and state agencies could adversely affect our business, revenues, and profit margins; (14) competition in the financial services industry is intense and could result in losing business or reducing profit margins; (15) future legislation could harm our competitive position; (16) maintaining or increasing market share depends on market acceptance and regulatory approval of new products and services; (17) our ability to receive dividends from our subsidiaries accounts for most of our revenues and could affect our liquidity and ability to pay dividends; (18) significant legal actions could subject us to substantial uninsured liabilities; (19) we have in the past and may in the future pursue acquisitions, which could affect costs and from which we may not be able to realize anticipated benefits; (20) we depend on the expertise of key personnel without whom our operations may suffer; (21) we may be unable to hire or retain additional qualified personnel and recruiting and compensation costs may increase as a result of turnover, both of which may increase costs and reduce profitability and may adversely impact our ability to implement our business strategy; (22) our accounting policies and methods are key to how we report financial condition and results of operations, and may require management to make estimates about matters that are uncertain; (23) changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition; (24) our stock price can be volatile; (25) our disclosure controls and procedures may fail to prevent or detect all errors or acts of fraud; (26) our trading assets and financial instruments carried at fair value expose the Company to certain market risks; (27) weakness in residential property values and mortgage loan markets could adversely affect us; (28) we may be required to repurchase mortgage loans or indemnify mortgage loan purchasers as a result of breaches of representations and warranties, borrower fraud, or certain borrower defaults, which could harm our liquidity, results of operations and financial condition; and (29) we may enter into transactions with off-balance sheet entities affiliated with SunTrust or its subsidiaries which may cause us to recognize current or future losses.

The forward-looking statements in this news release speak only as of this date, and SunTrust does not assume any obligation to update such statements or to update the reasons why actual results could differ from those contained in such statements.

###

SunTrust Banks, Inc. and Subsidiaries

FINANCIAL HIGHLIGHTS

(Dollars in millions, except per share data) (Unaudited)


	Three Months Ended March 31				% Change
	2008		2007		% Change
EARNINGS & DIVIDENDS
Net income	$290.6		$521.2		(44.2	)%
Net income available to common shareholders	283.6		513.9		(44.8	)
Total revenue - FTE ²	2,225.3		2,067.2		7.6
Net income per average common share
Diluted	0.81		1.44		(43.8	)
Basic	0.82		1.45		(43.4	)
Dividends paid per average common share	0.77		0.73		5.5

CONDENSED BALANCE SHEETS
Selected Average Balances
Total assets	$176,917		$181,506		(2.5	)%
Earning assets	153,004		159,474		(4.1	)
Loans	123,263		121,515		1.4
Consumer and commercial deposits	101,168		97,792		3.5
Brokered and foreign deposits	15,469		26,714		(42.1	)
Total shareholders’ equity	18,062		17,720		1.9

As of
Total assets	178,987		186,385		(4.0	)
Earning assets	152,715		163,299		(6.5	)
Loans	123,713		116,913		5.8
Allowance for loan and lease losses	1,545		1,034		49.4
Consumer and commercial deposits	103,432		99,875		3.6
Brokered and foreign deposits	12,747		23,563		(45.9	)
Total shareholders’ equity	18,431		17,969		2.6

FINANCIAL RATIOS & OTHER DATA
Return on average total assets	0.66	%	1.16	%	(43.1	)%
Return on average assets less net unrealized securities gains ¹	0.72		1.15		(37.4	)
Return on average common shareholders’ equity	6.49		12.10		(46.4	)
Return on average realized common shareholders’ equity ¹	7.69		12.54		(38.7	)
Net interest margin ²	3.07		3.02		1.7
Efficiency ratio ²	56.40		59.79		(5.7	)
Tangible efficiency ratio ¹	55.47		58.65		(5.4	)
Effective tax rate	23.98		30.59		(21.6	)
Tier 1 capital ratio	7.25	³	7.60		(4.6	)
Total capital ratio	11.00	³	10.94		0.5
Tier 1 leverage ratio	7.20	³	7.24		(0.6	)
Total average shareholders’ equity to total average assets	10.21		9.76		4.6
Tangible equity to tangible assets ¹	6.53		5.97		9.4

Full-time equivalent employees	31,745		33,397		(4.9	)
Number of ATMs	2,509		2,543		(1.3	)
Full service banking offices	1,678		1,691		(0.8	)
Traditional	1,343		1,338		0.4
In-store	335		353		(5.1	)

Book value per common share	$51.26		$49.00		4.6
Market price:
High	70.00		87.43		(19.9	)
Low	52.94		80.76		(34.4	)
Close	55.14		83.04		(33.6	)
Market capitalization	19,290		29,604		(34.8	)

Average common shares outstanding (000s)
Diluted	348,072		357,214		(2.6	)
Basic	346,581		353,448		(1.9	)

¹	See Appendix A and Appendix B for reconcilements of non-GAAP performance measures.

Total revenue, net interest margin, and efficiency ratios are presented on a fully taxable-equivalent (“FTE”) basis. The FTE basis adjusts for the tax-favored status of net interest income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources. Total revenue-FTE equals net interest income on a FTE basis plus noninterest income.

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

Page 1

SunTrust Banks, Inc. and Subsidiaries

FIVE QUARTER FINANCIAL HIGHLIGHTS

(Dollars in millions, except per share data) (Unaudited)


	Three Months Ended
	March 31 2008		December 31 2007		September 30 2007		June 30 2007		March 31 2007
EARNINGS & DIVIDENDS
Net income	$290.6		$11.1		$420.2		$681.4		$521.2
Net income available to common shareholders	283.6		3.3		412.6		673.9		513.9
Total revenue - FTE ²	2,225.3		1,770.8		2,038.3		2,374.6		2,067.2
Net income per average common share
Diluted	0.81		0.01		1.18		1.89		1.44
Basic	0.82		0.01		1.19		1.91		1.45
Dividends paid per average common share	0.77		0.73		0.73		0.73		0.73

CONDENSED BALANCE SHEETS
Selected Average Balances
Total assets	$176,917		$175,130		$174,653		$179,996		$181,506
Earning assets	153,004		151,541		152,328		157,594		159,474
Loans	123,263		121,094		119,559		118,165		121,515
Consumer and commercial deposits	101,168		99,649		96,708		97,927		97,792
Brokered and foreign deposits	15,469		15,717		21,140		23,983		26,714
Total shareholders’ equity	18,062		18,033		17,550		17,928		17,720

As of
Total assets	178,987		179,574		175,857		180,314		186,385
Earning assets	152,715		154,397		151,229		157,095		163,299
Loans	123,713		122,319		120,748		118,788		116,913
Allowance for loan and lease losses	1,545		1,283		1,094		1,050		1,034
Consumer and commercial deposits	103,432		101,870		98,834		97,822		99,875
Brokered and foreign deposits	12,747		15,973		17,026		25,069		23,563
Total shareholders’ equity	18,431		18,053		17,907		17,369		17,969

FINANCIAL RATIOS & OTHER DATA
Return on average total assets	0.66	%	0.03	%	0.95	%	1.52	%	1.16	%
Return on average assets less net unrealized securities gains ¹	0.72		(0.01	)	0.93		1.18		1.15
Return on average common shareholders’ equity	6.49		0.07		9.60		15.51		12.10
Return on average realized common shareholders’ equity ¹	7.69		(0.33	)	9.86		12.71		12.54
Net interest margin ²	3.07		3.13		3.18		3.10		3.02
Efficiency ratio ²	56.40		82.19		63.35		52.69		59.79
Tangible efficiency ratio ¹	55.47		80.86		62.13		51.64		58.65
Effective tax rate	23.98		(116.22	)	26.68		31.45		30.59
Tier 1 capital ratio	7.25	³	6.93		7.44		7.49		7.60
Total capital ratio	11.00	³	10.30		10.72		10.67		10.94
Tier 1 leverage ratio	7.20	³	6.90		7.28		7.11		7.24
Total average shareholders’ equity to total average assets	10.21		10.30		10.05		9.96		9.76
Tangible equity to tangible assets ¹	6.53		6.28		6.32		5.85		5.97

Full-time equivalent employees	31,745		32,323		32,903		33,241		33,397
Number of ATMs	2,509		2,507		2,518		2,533		2,543
Full service banking offices	1,678		1,682		1,683		1,685		1,691
Traditional	1,343		1,343		1,339		1,338		1,338
In-store	335		339		344		347		353

Book value per common share	$51.26		$50.38		$50.01		$48.33		$49.00
Market price:
High	70.00		78.76		90.47		94.18		87.43
Low	52.94		60.02		73.61		78.16		80.76
Close	55.14		62.49		75.67		85.74		83.04
Market capitalization	19,290		21,772		26,339		29,928		29,604

Average common shares outstanding (000s)
Diluted	348,072		348,072		349,592		356,008		357,214
Basic	346,581		345,917		346,150		351,987		353,448

¹	See Appendix A and Appendix B for reconcilements of non-GAAP performance measures.

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

Page 2

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data) (Unaudited)


	Three Months Ended
	March 31				Increase/(Decrease) ²
	2008		2007		Amount		%
Interest income	$2,258,332		$2,528,057		($269,725	)	(10.7	)%
Interest expense	1,118,465		1,363,498		(245,033	)	(18.0	)

NET INTEREST INCOME	1,139,867		1,164,559		(24,692	)	(2.1	)
Provision for loan losses	560,022		56,441		503,581		NM

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	579,845		1,108,118		(528,273	)	(47.7	)


NONINTEREST INCOME
Service charges on deposit accounts	211,839		189,035		22,804		12.1
Trust and investment management income	161,102		174,318		(13,216	)	(7.6	)
Retail investment services	72,300		63,543		8,757		13.8
Other charges and fees	127,231		118,137		9,094		7.7
Investment banking income	55,420		50,157		5,263		10.5
Trading account profits and commissions	28,218		90,201		(61,983	)	(68.7	)
Card fees	73,761		64,195		9,566		14.9
Mortgage production related income/(loss)	85,549		(8,655	)	94,204		NM
Mortgage servicing related income	29,098		35,403		(6,305	)	(17.8	)
Gain on Visa IPO	86,305		-		86,305		NM
Net gain on sale or merger of Lighthouse interests	89,390		32,340		57,050		NM
Net gain on sale/leaseback of premises	37,039		-		37,039		NM
Other noninterest income	60,836		70,212		(9,376	)	(13.4	)
Securities gains/(losses), net	(60,586	)	20		(60,606	)	NM

Total noninterest income	1,057,502		878,906		178,596		20.3


NONINTEREST EXPENSE
Employee compensation and benefits	715,083		699,000		16,083		2.3
Net occupancy expense	86,441		86,257		184		0.2
Outside processing and software	109,165		99,676		9,489		9.5
Equipment expense	52,395		49,409		2,986		6.0
Marketing and customer development	55,703		45,705		9,998		21.9
Amortization of intangible assets	20,715		23,542		(2,827	)	(12.0	)
Net loss on extinguishment of debt	11,723		-		11,723		NM
Visa litigation	(39,124	)	-		(39,124	)	NM
Other noninterest expense	243,043		232,408		10,635		4.6

Total noninterest expense	1,255,144		1,235,997		19,147		1.5


INCOME BEFORE PROVISION FOR INCOME TAXES	382,203		751,027		(368,824	)	(49.1	)
Provision for income taxes	91,648		229,731		(138,083	)	(60.1	)

Net income	290,555		521,296		(230,741	)	(44.3	)
Preferred dividends	6,977		7,363		(386	)	(5.2	)

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$283,578		$513,933		($230,355	)	(44.8	)


Net interest income - FTE ¹	$1,167,842		$1,188,272		($20,430	)	(1.7	)

Net income per average common share
Diluted	0.81		1.44		(0.63	)	(43.8	)
Basic	0.82		1.45		(0.63	)	(43.4	)

Cash dividends paid per common share	0.77		0.73		0.04		5.5
Average common shares outstanding (000s)
Diluted	348,072		357,214		(9,142	)	(2.6	)
Basic	346,581		353,448		(6,867	)	(1.9	)

¹	Net interest income includes the effects of FTE 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	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 3

SunTrust Banks, Inc. and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data) (Unaudited)


	Three Months Ended
	March 31 2008		December 31 2007		September 30 2007		June 30 2007	March 31 2007
Interest income	$2,258,332		$2,448,701		$2,515,292		$2,543,870	$2,528,057
Interest expense	1,118,465		1,281,188		1,323,104		1,348,586	1,363,498

NET INTEREST INCOME	1,139,867		1,167,513		1,192,188		1,195,284	1,164,559
Provision for loan losses	560,022		356,781		147,020		104,680	56,441

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	579,845		810,732		1,045,168		1,090,604	1,108,118


NONINTEREST INCOME
Service charges on deposit accounts	211,839		222,213		213,939		196,844	189,035
Trust and investment management income	161,102		170,854		175,242		164,620	174,318
Retail investment services	72,300		71,650		71,064		71,785	63,543
Other charges and fees	127,231		121,849		120,730		118,358	118,137
Investment banking income	55,420		55,041		47,688		61,999	50,157
Trading account profits/(losses) and commissions	28,218		(437,162	)	(31,187	)	16,437	90,201
Card fees	73,761		77,481		70,450		68,580	64,195
Mortgage production related income	85,549		22,366		12,950		64,322	(8,655	)
Mortgage servicing related income	29,098		57,364		57,142		45,527	35,403
Gain on Visa IPO	86,305		-		-		-	-
Net gain on sale or merger of Lighthouse interests	89,390		-		-		-	32,340
Net gain on sale/leaseback of premises	37,039		118,840		-		-	-
Other noninterest income	60,836		89,827		80,130		109,738	70,212
Securities gains/(losses), net	(60,586	)	5,694		991		236,412	20

Total noninterest income	1,057,502		576,017		819,139		1,154,622	878,906


NONINTEREST EXPENSE
Employee compensation and benefits	715,083		682,810		677,765		710,613	699,000
Net occupancy expense	86,441		92,705		87,626		84,650	86,257
Outside processing and software	109,165		105,407		105,132		100,730	99,676
Equipment expense	52,395		51,734		51,532		53,823	49,409
Marketing and customer development	55,703		59,115		46,897		43,326	45,705
Amortization of intangible assets	20,715		23,414		24,820		24,904	23,542
Net loss on extinguishment of debt	11,723		-		9,800		-	-
Visa litigation	(39,124	)	76,930		-		-	-
Other noninterest expense	243,043		363,226		287,673		233,148	232,408

Total noninterest expense	1,255,144		1,455,341		1,291,245		1,251,194	1,235,997


INCOME/(LOSS) BEFORE PROVISION/(BENEFIT) FOR INCOME TAXES	382,203		(68,592	)	573,062		994,032	751,027
Provision/(benefit) for income taxes	91,648		(79,716	)	152,898		312,601	229,731

Net income	290,555		11,124		420,164		681,431	521,296
Preferred dividends	6,977		7,867		7,526		7,519	7,363

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$283,578		$3,257		$412,638		$673,912	$513,933


Net interest income - FTE ¹	$1,167,842		$1,194,757		$1,219,243		$1,219,952	$1,188,272

Net income per average common share
Diluted	0.81		0.01		1.18		1.89	1.44
Basic	0.82		0.01		1.19		1.91	1.45

Cash dividends paid per common share	0.77		0.73		0.73		0.73	0.73
Average common shares outstanding (000s)
Diluted	348,072		348,072		349,592		356,008	357,214
Basic	346,581		345,917		346,150		351,987	353,448

¹	Net interest income includes the effects of FTE 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

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands) (Unaudited)


	As of March 31				Increase/(Decrease) ³
	2008		2007		Amount		%
ASSETS
Cash and due from banks	$3,994,267		$3,867,957		$126,310		3.3	%
Interest-bearing deposits in other banks	21,283		21,974		(691	)	(3.1	)
Funds sold and securities purchased under agreements to resell	1,247,495		883,833		363,662		41.1
Trading assets	10,932,251		21,545,502		(10,613,251	)	(49.3	)
Securities available for sale ¹	15,882,088		13,163,036		2,719,052		20.7
Loans held for sale (loans at fair value: $5,097,410 and $ 4,033,083 as of March 31, 2008 and 2007, respectively)	6,977,289		14,067,788		(7,090,499	)	(50.4	)
Loans:
Commercial	37,306,872		33,484,170		3,822,702		11.4
Real estate:
Home equity lines	15,134,297		14,039,685		1,094,612		7.8
Construction	12,980,917		14,175,478		(1,194,561	)	(8.4	)
Residential mortgages (loans at fair value: $282,760 and $ 0 as of March 31, 2008 and 2007, respectively)	33,092,433		30,248,543		2,843,890		9.4
Commercial real estate	12,893,708		12,454,475		439,233		3.5
Consumer:
Direct	4,192,168		4,293,308		(101,140	)	(2.4	)
Indirect	7,305,213		7,840,962		(535,749	)	(6.8	)
Credit card	807,587		375,938		431,649		NM

Total loans	123,713,195		116,912,559		6,800,636		5.8
Allowance for loan and lease losses	(1,545,340	)	(1,033,939	)	511,401		49.5

Net loans	122,167,855		115,878,620		6,289,235		5.4
Goodwill	6,923,033		6,896,723		26,310		0.4
Other intangible assets	1,430,268		1,293,457		136,811		10.6
Other real estate owned	244,906		74,645		170,261		NM
Other assets	9,166,212		8,691,306		474,906		5.5

Total assets ²	$178,986,947		$186,384,841		($7,397,894	)	(4.0	)


LIABILITIES
Noninterest-bearing consumer and commercial deposits	$22,325,750		$22,765,045		($439,295	)	(1.9	)%
Interest-bearing consumer and commercial deposits:
NOW accounts	22,292,330		20,802,207		1,490,123		7.2
Money market accounts	25,843,396		22,070,587		3,772,809		17.1
Savings	3,990,007		5,102,312		(1,112,305	)	(21.8	)
Consumer time	16,876,836		17,044,783		(167,947	)	(1.0	)
Other time	12,104,125		12,089,882		14,243		0.1

Total consumer and commercial deposits	103,432,444		99,874,816		3,557,628		3.6
Brokered deposits (CDs at fair value: $317,578 and $ 229,884 as of March 31, 2008 and 2007, respectively)	11,034,332		18,203,295		(7,168,963	)	(39.4	)
Foreign deposits	1,712,504		5,360,164		(3,647,660	)	(68.1	)

Total deposits	116,179,280		123,438,275		(7,258,995	)	(5.9	)
Funds purchased	3,795,641		6,433,195		(2,637,554	)	(41.0	)
Securities sold under agreements to repurchase	5,446,204		6,851,863		(1,405,659	)	(20.5	)
Other short-term borrowings	3,061,003		1,958,438		1,102,565		56.3
Long-term debt (debt at fair value: $7,784,744 and $ 6,896,790 as of March 31, 2008 and 2007, respectively)	23,602,919		19,007,959		4,594,960		24.2
Trading liabilities	2,356,037		1,642,958		713,079		43.4
Other liabilities	6,114,415		9,083,615		(2,969,200	)	(32.7	)

Total liabilities	160,555,499		168,416,303		(7,860,804	)	(4.7	)


SHAREHOLDERS’ EQUITY
Preferred stock, no par value	500,000		500,000		-		-
Common stock, $1.00 par value	370,578		370,578		-		-
Additional paid in capital	6,682,828		6,688,660		(5,832	)	(0.1	)
Retained earnings	10,661,250		10,325,246		336,004		3.3
Treasury stock, at cost, and other	(1,692,117	)	(1,101,172	)	590,945		53.7
Accumulated other comprehensive income, net of tax	1,908,909		1,185,226		723,683		61.1

Total shareholders’ equity	18,431,448		17,968,538		462,910		2.6


Total liabilities and shareholders’ equity	$178,986,947		$186,384,841		($7,397,894	)	(4.0	)


Common shares outstanding	349,832,264		356,504,563		(6,672,299	)	(1.9	)
Common shares authorized	750,000,000		750,000,000		-		-
Preferred shares outstanding	5,000		5,000		-		-
Preferred shares authorized	50,000,000		50,000,000		-		-
Treasury shares of common stock	20,746,134		14,073,835		6,672,299		47.4


¹ Includes net unrealized gains of	$2,835,823		$2,333,896		$501,927		21.5	%
² Includes earning assets of	152,714,700		163,299,162		(10,584,462	)	(6.5	)

³	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 5

SunTrust Banks, Inc. and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEETS

(Dollars in thousands) (Unaudited)


	As of
	March 31 2008		December 31 2007		September 30 2007		June 30 2007		March 31 2007
ASSETS
Cash and due from banks	$3,994,267		$4,270,917		$4,162,456		$4,254,430		$3,867,957
Interest-bearing deposits in other banks	21,283		24,355		29,684		25,991		21,974
Funds sold and securities purchased under agreements to resell	1,247,495		1,347,329		968,553		1,143,995		883,833
Trading assets	10,932,251		10,518,379		9,566,806		13,044,972		21,545,502
Securities available for sale ¹	15,882,088		16,264,107		15,243,133		14,725,957		13,163,036
Loans held for sale	6,977,289		8,851,695		8,675,427		12,474,932		14,067,788
Loans:
Commercial	37,306,872		35,929,400		34,969,714		34,362,837		33,484,170
Real estate:
Home equity lines	15,134,297		14,911,598		14,598,774		14,303,659		14,039,685
Construction	12,980,917		13,776,651		14,358,990		14,417,949		14,175,478
Residential mortgages	33,092,433		32,779,744		31,603,884		30,759,216		30,248,543
Commercial real estate	12,893,708		12,609,543		12,487,309		12,416,329		12,454,475
Consumer:
Direct	4,192,168		3,963,869		4,419,290		4,391,739		4,293,308
Indirect	7,305,213		7,494,130		7,642,099		7,739,369		7,840,962
Credit card	807,587		854,059		668,353		396,624		375,938

Total loans	123,713,195		122,318,994		120,748,413		118,787,722		116,912,559
Allowance for loan and lease losses	(1,545,340	)	(1,282,504	)	(1,093,691	)	(1,050,362	)	(1,033,939	)

Net loans	122,167,855		121,036,490		119,654,722		117,737,360		115,878,620
Goodwill	6,923,033		6,921,493		6,912,110		6,897,050		6,896,723
Other intangible assets	1,430,268		1,362,995		1,327,060		1,290,460		1,293,457
Other real estate owned	244,906		183,753		156,106		100,973		74,645
Other assets	9,166,212		8,792,420		9,161,172		8,618,252		8,691,306

Total assets ²	$178,986,947		$179,573,933		$175,857,229		$180,314,372		$186,384,841


LIABILITIES
Noninterest-bearing consumer and commercial deposits	$22,325,750		$21,083,234		$20,857,240		$22,725,654		$22,765,045
Interest-bearing consumer and commercial deposits:
NOW accounts	22,292,330		22,558,374		20,319,435		20,255,930		20,802,207
Money market accounts	25,843,396		24,522,640		24,011,524		21,645,616		22,070,587
Savings	3,990,007		3,917,099		4,376,155		4,698,516		5,102,312
Consumer time	16,876,836		17,264,208		17,037,866		16,745,010		17,044,783
Other time	12,104,125		12,524,470		12,231,832		11,751,246		12,089,882

Total consumer and commercial deposits	103,432,444		101,870,025		98,834,052		97,821,972		99,874,816
Brokered deposits	11,034,332		11,715,024		14,188,886		16,659,978		18,203,295
Foreign deposits	1,712,504		4,257,601		2,836,775		8,408,752		5,360,164

Total deposits	116,179,280		117,842,650		115,859,713		122,890,702		123,438,275
Funds purchased	3,795,641		3,431,185		1,512,054		3,405,459		6,433,195
Securities sold under agreements to repurchase	5,446,204		5,748,277		5,548,486		6,081,096		6,851,863
Other short-term borrowings	3,061,003		3,021,358		2,971,761		2,083,518		1,958,438
Long-term debt	23,602,919		22,956,508		22,661,381		20,604,933		19,007,959
Trading liabilities	2,356,037		2,160,385		1,906,002		2,156,279		1,642,958
Other liabilities	6,114,415		6,361,052		7,490,585		5,723,532		9,083,615

Total liabilities	160,555,499		161,521,415		157,949,982		162,945,519		168,416,303


SHAREHOLDERS’ EQUITY
Preferred stock, no par value	500,000		500,000		500,000		500,000		500,000
Common stock, $1.00 par value	370,578		370,578		370,578		370,578		370,578
Additional paid in capital	6,682,828		6,707,293		6,709,002		6,589,387		6,688,660
Retained earnings	10,661,250		10,646,640		10,897,059		10,739,449		10,325,246
Treasury stock, at cost, and other	(1,692,117	)	(1,779,142	)	(1,821,360	)	(1,751,449	)	(1,101,172	)
Accumulated other comprehensive income, net of tax	1,908,909		1,607,149		1,251,968		920,888		1,185,226

Total shareholders’ equity	18,431,448		18,052,518		17,907,247		17,368,853		17,968,538


Total liabilities and shareholders’ equity	$178,986,947		$179,573,933		$175,857,229		$180,314,372		$186,384,841


Common shares outstanding	349,832,264		348,411,163		348,073,971		349,052,800		356,504,563
Common shares authorized	750,000,000		750,000,000		750,000,000		750,000,000		750,000,000
Preferred shares outstanding	5,000		5,000		5,000		5,000		5,000
Preferred shares authorized	50,000,000		50,000,000		50,000,000		50,000,000		50,000,000
Treasury shares of common stock	20,746,134		22,167,235		22,504,427		21,525,598		14,073,835

¹ Includes net unrealized gains of	$2,835,823		$2,724,643		$2,391,606		$2,035,623		$2,333,896
² Includes earning assets of	152,714,700		154,397,231		151,228,575		157,094,873		163,299,162

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) (Unaudited)


	Three Months Ended
	March 31, 2008					December 31, 2007
	Average Balances		Interest Income/ Expense	Yields/ Rates		Average Balances		Interest Income/ Expense	Yields/ Rates
ASSETS
Loans:
Real estate 1-4 family	$32,440.0		$521.3	6.43	%	$31,990.3		$517.4	6.47	%
Real estate construction	12,450.2		189.8	6.13		13,250.9		238.8	7.15
Real estate home equity lines	14,603.0		234.3	6.45		14,394.8		268.1	7.39
Real estate commercial	13,113.1		201.3	6.17		12,891.6		221.2	6.81
Commercial - FTE ¹	36,374.6		539.2	5.96		34,879.3		564.9	6.43
Credit card	774.4		2.9	1.52		690.1		2.1	1.23
Consumer - direct	4,063.4		62.5	6.19		3,949.3		70.7	7.10
Consumer - indirect	7,645.3		120.2	6.32		7,877.3		125.7	6.33
Nonaccrual and restructured	1,799.0		5.4	1.21		1,170.7		4.3	1.45

Total loans	123,263.0		1,876.9	6.12		121,094.3		2,013.2	6.60
Securities available for sale:
Taxable	12,087.1		186.8	6.18		11,814.6		182.9	6.19
Tax-exempt - FTE ¹	1,071.4		16.5	6.13		1,054.0		16.0	6.07

Total securities available for sale - FTE ¹	13,158.5		203.3	6.18		12,868.6		198.9	6.18
Funds sold and securities purchased under agreements to resell	1,326.9		8.9	2.67		1,066.1		11.6	4.25
Loans held for sale	6,865.7		99.0	5.77		8,777.6		139.2	6.34
Interest-bearing deposits	21.9		0.2	4.54		18.2		0.3	6.22
Interest earning trading assets	8,367.6		98.0	4.71		7,716.2		112.8	5.80

Total earning assets	153,003.6		2,286.3	6.01		151,541.0		2,476.0	6.48
Allowance for loan and lease losses	(1,393.1	)				(1,114.9	)
Cash and due from banks	3,166.5					3,462.6
Other assets	17,076.4					17,172.3
Noninterest earning trading assets	2,609.5					1,660.9
Unrealized gains on securities available for sale, net	2,454.0					2,408.6

Total assets	$176,916.9					$175,130.5


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
NOW accounts	$21,981.1		$101.9	1.87	%	$20,737.2		$121.0	2.32	%
Money market accounts	25,342.7		154.7	2.46		24,261.5		177.7	2.91
Savings	3,917.0		5.7	0.59		4,177.7		11.1	1.05
Consumer time	17,030.8		187.8	4.43		17,170.7		197.2	4.56
Other time	12,280.5		141.1	4.62		12,353.3		151.5	4.87

Total interest-bearing consumer and commercial deposits	80,552.1		591.2	2.95		78,700.4		658.5	3.32
Brokered deposits	11,216.4		123.0	4.34		12,771.1		168.2	5.15
Foreign deposits	4,252.2		33.6	3.13		2,945.9		32.6	4.33

Total interest-bearing deposits	96,020.7		747.8	3.13		94,417.4		859.3	3.61
Funds purchased	2,885.7		21.9	3.00		2,151.4		24.1	4.38
Securities sold under agreements to repurchase	5,889.4		35.1	2.36		5,706.7		55.2	3.78
Interest-bearing trading liabilities	713.0		6.0	3.41		504.2		3.5	2.75
Other short-term borrowings	2,887.6		22.8	3.17		3,202.8		37.4	4.63
Long-term debt	22,808.3		284.9	5.02		22,808.1		301.7	5.25

Total interest-bearing liabilities	131,204.7		1,118.5	3.43		128,790.6		1,281.2	3.95
Noninterest-bearing deposits	20,616.3					20,948.1
Other liabilities	5,347.4					5,812.5
Noninterest-bearing trading liabilities	1,686.8					1,546.5
Shareholders’ equity	18,061.7					18,032.8

Total liabilities and shareholders’ equity	$176,916.9					$175,130.5


Interest Rate Spread				2.58	%				2.53	%

Net Interest Income - FTE ¹			$1,167.8					$1,194.8


Net Interest Margin ²				3.07	%				3.13	%

The fully taxable-equivalent (“FTE”) basis adjusts for the tax-favored status of net interest income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources.

²	The net interest margin is calculated by dividing annualized net interest income - FTE by average total earning assets.

Page 7

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED DAILY AVERAGE BALANCES,

AVERAGE YIELDS EARNED AND RATES PAID

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


	Three Months Ended
	September 30, 2007					June 30, 2007					March 31, 2007
	Average Balances		Interest Income/ Expense	Yields/ Rates		Average Balances		Interest Income/ Expense	Yields/ Rates		Average Balances		Interest Income/ Expense	Yields/ Rates
ASSETS
Loans:
Real estate 1-4 family	$31,003.5		$498.5	6.43	%	$30,754.4		$493.2	6.42	%	$34,089.1		$527.3	6.19	%
Real estate construction	13,686.6		260.0	7.54		13,710.1		259.4	7.59		13,430.3		252.7	7.63
Real estate home equity lines	14,133.1		279.5	7.85		13,849.7		272.4	7.89		13,738.1		268.3	7.92
Real estate commercial	12,759.3		225.3	7.01		12,731.8		220.8	6.95		12,830.6		220.2	6.96
Commercial-FTE ¹	34,247.9		562.6	6.52		33,607.7		539.6	6.44		34,032.8		535.6	6.38
Credit card	516.3		4.2	3.29		403.7		5.9	5.80		369.5		5.5	5.94
Consumer-direct	4,368.0		80.0	7.26		4,347.5		78.2	7.21		4,220.5		76.0	7.30
Consumer-indirect	7,966.4		124.6	6.21		8,063.6		123.1	6.12		8,166.5		122.0	6.06
Nonaccrual and restructured	877.5		3.8	1.72		696.1		4.8	2.76		637.5		4.5	2.85

Total loans	119,558.6		2,038.5	6.76		118,164.6		1,997.4	6.78		121,514.9		2,012.1	6.72
Securities available for sale:
Taxable	11,546.2		179.7	6.23		11,014.3		167.7	6.09		6,650.6		108.7	6.54
Tax-exempt-FTE ¹	1,040.9		15.8	6.05		1,041.2		15.2	5.85		1,038.8		15.2	5.86

Total securities available for sale-FTE ¹	12,587.1		195.5	6.21		12,055.5		182.9	6.07		7,689.4		123.9	6.44
Funds sold and securities purchased under agreements to resell	872.5		11.1	4.99		1,038.1		13.2	5.04		1,006.3		12.9	5.12
Loans held for sale	9,748.0		155.6	6.39		13,454.3		200.4	5.96		11,205.2		173.7	6.20
Interest-bearing deposits	24.9		0.3	4.28		24.1		0.3	5.74		28.9		0.4	5.69
Interest earning trading assets	9,536.5		141.2	5.88		12,857.6		174.3	5.44		18,028.9		228.8	5.15

Total earning assets	152,327.6		2,542.2	6.62		157,594.2		2,568.5	6.54		159,473.6		2,551.8	6.49
Allowance for loan and lease losses	(1,059.1	)				(1,037.6	)				(1,050.5	)
Cash and due from banks	3,417.2					3,427.7					3,520.0
Other assets	16,719.9					16,626.9					16,272.9
Noninterest earning trading assets	1,155.9					986.6					985.1
Unrealized gains on securities available for sale, net	2,091.9					2,398.7					2,305.3

Total assets	$174,653.4					$179,996.5					$181,506.4


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits:
NOW accounts	$19,543.4		$117.9	2.39	%	$20,065.8		$119.0	2.38	%	$19,820.1		$115.9	2.37	%
Money market accounts	22,560.3		160.0	2.81		21,773.3		142.0	2.62		22,089.1		142.9	2.62
Savings	4,456.5		13.3	1.19		4,786.7		14.8	1.24		5,024.8		16.3	1.32
Consumer time	16,839.9		193.4	4.56		16,942.3		190.5	4.51		16,809.4		183.1	4.42
Other time	11,862.4		146.3	4.89		11,962.4		144.5	4.85		12,115.8		144.0	4.82

Total interest-bearing consumer and commercial deposits	75,262.5		630.9	3.33		75,530.5		610.8	3.24		75,859.2		602.2	3.22
Brokered deposits	15,806.3		214.6	5.31		16,972.2		227.5	5.30		18,888.5		250.8	5.31
Foreign deposits	5,333.6		68.8	5.05		7,011.2		92.9	5.24		7,825.6		102.9	5.26

Total interest-bearing deposits	96,402.4		914.3	3.76		99,513.9		931.2	3.75		102,573.3		955.9	3.78
Funds purchased	2,291.3		28.9	4.94		3,967.7		52.2	5.21		4,693.1		61.2	5.22
Securities sold under agreements to repurchase	5,732.3		64.7	4.42		6,339.0		74.4	4.64		6,768.0		79.5	4.70
Interest-bearing trading liabilities	354.1		3.4	3.85		453.1		4.4	3.87		409.4		4.3	4.25
Other short-term borrowings	2,730.1		33.6	4.89		2,262.3		28.3	5.02		1,758.4		21.7	5.01
Long-term debt	21,143.5		278.1	5.22		19,772.4		258.0	5.24		19,000.8		240.9	5.14

Total interest-bearing liabilities	128,653.6		1,323.0	4.08		132,308.4		1,348.5	4.09		135,203.0		1,363.5	4.09
Noninterest-bearing deposits	21,445.1					22,395.8					21,933.1
Other liabilities	5,633.7					6,185.4					5,499.1
Noninterest-bearing trading liabilities	1,370.8					1,178.8					1,150.8
Shareholders’ equity	17,550.2					17,928.1					17,720.4

Total liabilities and shareholders’ equity	$174,653.4					$179,996.5					$181,506.4


Interest Rate Spread				2.54	%				2.45	%				2.40	%

Net Interest Income-FTE ¹			$1,219.2					$1,220.0					$1,188.3


Net Interest Margin ²				3.18	%				3.10	%				3.02	%

²	The net interest margin is calculated by dividing annualized net interest income-FTE by average total earning assets.

Page 8

SunTrust Banks, Inc. and Subsidiaries

OTHER FINANCIAL DATA

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31				Increase/(Decrease)
	2008		2007		Amount		%¹
CREDIT DATA
Allowance for loan and lease losses-beginning	$1,282,504		$1,044,521		$237,983		22.8	%
Provision for loan losses	560,022		56,441		503,581		NM
Allowance associated with loans at fair value²	-		(4,100	)	(4,100	)	(100.0	)
Charge-offs
Commercial	(38,289	)	(22,280	)	16,009		71.9
Real estate:
Home equity lines	(98,602	)	(15,872	)	82,730		NM
Construction	(23,182	)	(598	)	22,584		NM
Residential mortgages	(109,186	)	(14,293	)	94,893		NM
Commercial real estate	(233	)	(287	)	(54	)	(18.8	)
Consumer:
Direct	(10,315	)	(5,856	)	4,459		76.1
Indirect	(42,889	)	(25,761	)	17,128		66.5

Total charge-offs	(322,696	)	(84,947	)	237,749		NM

Recoveries
Commercial	5,736		5,771		(35	)	(0.6	)
Real estate:
Home equity lines	2,368		1,183		1,185		NM
Construction	78		119		(41	)	(34.5	)
Residential mortgages	1,223		1,413		(190	)	(13.4	)
Commercial real estate	162		41		121		NM
Consumer:
Direct	2,381		2,453		(72	)	(2.9	)
Indirect	13,562		11,044		2,518		22.8

Total recoveries	25,510		22,024		3,486		15.8

Net charge-offs	(297,186	)	(62,923	)	234,263		NM

Allowance for loan and lease losses-ending	$1,545,340		$1,033,939		$511,401		49.5

Net charge-offs to average loans (annualized)
Commercial	0.35	%	0.19	%	0.16	%	82.5	%
Real estate:
Home equity lines	2.64		0.43		2.21		NM
Construction	0.74		0.01		0.73		NM
Residential mortgages	1.29		0.15		1.14		NM
Commercial real estate	-		0.01		(0.01	)	(100.0	)
Consumer:
Direct	0.78		0.33		0.46		NM
Indirect	1.52		0.73		0.80		NM
Total net charge-offs to total average loans	0.97		0.21		0.76		NM

Period Ended
Nonaccrual loans
Commercial	$97,930		$118,737		($20,807	)	(17.5	)%
Real estate:
Construction	520,704		54,885		465,819		NM
Residential mortgages ³	1,308,224		392,093		916,131		NM
Commercial real estate	64,251		47,463		16,788		35.4
Consumer loans	46,851		24,143		22,708		94.1

Total nonaccrual loans	2,037,960		637,321		1,400,639		NM
Restructured loans	30,787		27,772		3,015		10.9

Total nonperforming loans	2,068,747		665,093		1,403,654		NM
Other real estate owned (OREO)	244,906		74,645		170,261		NM
Other repossessed assets	6,340		6,202		138		2.2

Total nonperforming assets	$2,319,993		$745,940		$1,574,053		NM

Total accruing loans past due 90 days or more	$743,969		$369,940		$374,029		NM	%

Total nonperforming loans to total loans	1.67	%	0.57	%	1.10	%	NM	%
Total nonperforming assets to total loans plus OREO and other repossessed assets	1.87		0.64		1.23		NM
Allowance to period-end loans	1.25		0.88		0.37		42.0
Allowance to nonperforming loans	74.7		155.5		(80.8	)	(51.9	)
Allowance to annualized net charge-offs	1.29	x	4.05	x	(2.76	) x	(68.1	)

¹	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

²	Amount removed from the allowance for loan losses related to the Company’s election to record $4.1 billion of residential mortgages at fair value.

³	Includes home equity lines on nonaccrual status.

Page 9

SunTrust Banks, Inc. and Subsidiaries

FIVE QUARTER OTHER FINANCIAL DATA

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		December 31 2007		Increase/(Decrease)				September 30 2007		June 30 2007		March 31 2007
	March 31 2008		December 31 2007		Amount		%¹		September 30 2007		June 30 2007		March 31 2007
CREDIT DATA
Allowance for loan and lease losses-beginning	$1,282,504		$1,093,691		$188,813		17.3	%	$1,050,362		$1,033,939		$1,044,521
Provision for loan losses	560,022		356,781		203,241		57.0		147,020		104,680		56,441
Allowance associated with loans at fair value ²	-		-		-		-		-		-		(4,100	)
Charge-offs
Commercial	(38,289	)	(38,239	)	50		0.1		(39,487	)	(40,853	)	(22,280	)
Real estate:
Home equity lines	(98,602	)	(46,842	)	51,760		NM		(29,075	)	(24,429	)	(15,872	)
Construction	(23,182	)	(7,616	)	15,566		NM		(2,477	)	(1,468	)	(598	)
Residential mortgages	(109,186	)	(59,319	)	49,867		84.1		(19,853	)	(19,615	)	(14,293	)
Commercial real estate	(233	)	(299	)	(66	)	(22.1	)	(789	)	(694	)	(287	)
Consumer:
Direct	(10,315	)	(6,630	)	3,685		55.6		(5,661	)	(5,362	)	(5,856	)
Indirect	(42,889	)	(32,448	)	10,441		32.2		(28,944	)	(19,301	)	(25,761	)

Total charge-offs	(322,696	)	(191,393	)	131,303		68.6		(126,286	)	(111,722	)	(84,947	)


Recoveries
Commercial	5,736		6,613		(877	)	(13.3	)	6,322		5,536		5,771
Real estate:
Home equity lines	2,368		2,182		186		8.5		2,101		2,323		1,183
Construction	78		705		(627	)	(88.9	)	82		244		119
Residential mortgages	1,223		1,328		(105	)	(7.9	)	1,107		1,614		1,413
Commercial real estate	162		846		(684	)	(80.9	)	861		162		41
Consumer:
Direct	2,381		2,484		(103	)	(4.1	)	2,108		2,568		2,453
Indirect	13,562		9,267		4,295		46.3		10,014		11,018		11,044

Total recoveries	25,510		23,425		2,085		8.9		22,595		23,465		22,024

Net charge-offs	(297,186	)	(167,968	)	129,218		76.9		(103,691	)	(88,257	)	(62,923	)

Allowance for loan and lease losses-ending	$1,545,340		$1,282,504		$262,836		20.5		$1,093,691		$1,050,362		$1,033,939

Net charge-offs to average loans (annualized)
Commercial	0.35	%	0.35	%	-	%	-	%	0.38	%	0.42	%	0.19	%
Real estate:
Home equity lines	2.64		1.23		1.41		NM		0.76		0.64		0.43
Construction	0.74		0.20		0.54		NM		0.07		0.04		0.01
Residential mortgages	1.29		0.70		0.59		84.4		0.24		0.23		0.15
Commercial real estate	-		(0.02	)	(0.02	)	(100.0	)	-		0.02		0.01
Consumer:
Direct	0.78		0.42		0.36		86.5		0.32		0.26		0.33
Indirect	1.52		1.16		0.36		31.4		0.94		0.41		0.73
Total net charge-offs to total average loans	0.97		0.55		0.42		76.4		0.34		0.30		0.21

Period Ended
Nonaccrual loans
Commercial	$97,930		$74,463		$23,467		31.5	%	$74,246		$91,895		$118,737
Real estate:
Construction	520,704		295,335		225,369		76.3		158,194		77,936		54,885
Residential mortgages ³	1,308,224		977,076		331,148		33.9		676,822		500,400		392,093
Commercial real estate	64,251		44,502		19,749		44.4		40,649		44,168		47,463
Consumer loans	46,851		39,031		7,820		20.0		24,880		22,401		24,143

Total nonaccrual loans	2,037,960		1,430,407		607,553		42.5		974,791		736,799		637,321
Restructured loans	30,787		29,851		936		3.1		29,057		27,816		27,772

Total nonperforming loans	2,068,747		1,460,258		608,489		41.7		1,003,848		764,615		665,093
Other real estate owned (OREO)	244,906		183,753		61,153		33.3		156,106		100,973		74,645
Other repossessed assets	6,340		11,536		(5,196	)	(45.0	)	9,974		7,250		6,202

Total nonperforming assets	$2,319,993		$1,655,547		$664,446		40.1		$1,169,928		$872,838		$745,940

Total accruing loans past due 90 days or more	$743,969		$611,003		$132,966		21.8	%	$495,384		$449,038		$369,940

Total nonperforming loans to total loans	1.67	%	1.19	%	0.48	%	40.3	%	0.83	%	0.64	%	0.57	%
Total nonperforming assets to total loans plus OREO and other repossessed assets	1.87		1.35		0.52		38.5		0.97		0.73		0.64
Allowance to period-end loans	1.25		1.05		0.20		19.0		0.91		0.88		0.88
Allowance to nonperforming loans	74.7		87.8		(13.1	)	(14.9	)	109.0		137.4		155.5
Allowance to annualized net charge-offs	1.29	x	1.92	x	(0.63	) x	(32.8	)	2.66	x	2.97	x	4.05	x

¹	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

²	Amount removed from the allowance for loan losses related to the Company’s election to record $4.1 billion of residential mortgages at fair value.

³	Includes home equity lines on nonaccrual status.

Page 10

SunTrust Banks, Inc. and Subsidiaries

OTHER FINANCIAL DATA (continued)

(Dollars and shares in thousands, except per share data) (Unaudited)


	Three Months Ended
	March 31
	Core Deposit Intangible		Mortgage Servicing Rights		Other		Total
OTHER INTANGIBLE ASSET ROLLFORWARD
Balance, beginning of period	$241,614		$810,509		$129,861		$1,181,984
Amortization	(18,785	)	(41,359	)	(4,758	)	(64,902	)
MSRs originated	-		152,105		-		152,105
Purchase of GenSpring (formerly AMA, LLC) minority shares	-		-		128		128
Intangible assets obtained from sale upon merger of Lighthouse Partners, net¹	-		-		24,142		24,142

Balance March 31, 2007	$222,829		$921,255		$149,373		$1,293,457


Balance, beginning of period	$172,655		$1,049,425		$140,915		$1,362,995
Amortization	(14,952	)	(56,442	)	(5,763	)	(77,157	)
MSRs originated	-		152,303		-		152,303
Sale of interest in Lighthouse Investment Partners, LLC	-		-		(5,992	)	(5,992	)
MSRs impairment reserve	-		(1,881	)	-		(1,881	)

Balance March 31, 2008	$157,703		$1,143,405		$129,160		$1,430,268


	Three Months Ended
	March 31 2008		December 31 2007		September 30 2007		June 30 2007		March 31 2007
COMMON SHARE ROLLFORWARD
Beginning balance	348,411		348,074		349,053		356,505		354,903
Common shares issued/exchanged for employee benefit plans, stock option, performance and restricted stock activity	1,421		337		483		1,228		2,218
Acquisition of treasury stock	-		-		(1,462	)	(8,680	)	(616	)

Ending balance	349,832		348,411		348,074		349,053		356,505


COMMON STOCK REPURCHASE ACTIVITY
Number of common shares repurchased ²	17		12		1,472		8,715		653
Average price per share of repurchased common shares	$62.38		$69.31		$81.00		$87.02		$82.83
Total cost to acquire treasury shares	$-		$-		$-		$853,386		$-
Maximum number of common shares that may yet be purchased under plans or programs ³	30,000		30,000		30,000		2,471		11,151

During the first quarter of 2007 SunTrust merged its wholly-owned subsidiary, Lighthouse Partners, into Lighthouse Investment Partners, LLC in exchange for a minority interest in Lighthouse Investment Partners, LLC and a revenue-sharing agreement. This transaction resulted in a $7.9 million decrease in existing intangible assets and a new intangible asset of $32.0 million.

²	This figure includes shares repurchased pursuant to SunTrust’s employee stock option plans, pursuant to which participants may pay the exercise price upon exercise of SunTrust stock options by surrendering shares of SunTrust common stock which the participant already owns.

In August 2006, the Board authorized the Company to repurchase up to an additional $1 billion or 13,333,334 shares of the Company’s Common Stock, under which authority the Company repurchased 9,926,589 shares during 2006 under an Accelerated Share Repurchase Agreement (“ASR”). The 3,406,745 shares remaining under the August 2006 authorization, combined with 8,360,000 shares remaining under Board authorization from April 2006, left the Company with authorization to repurchase up to 11,766,745 shares as of January 1, 2007. The Company completed the aforementioned ASR with the repurchase of 615,514 shares during the first quarter of 2007. During 2007, the Company entered into a second ASR, as announced in the Company’s 8-K filing on June 7, 2007, by repurchasing 8,022,254 shares during the second quarter of 2007. This ASR was completed in the third quarter of 2007 when the Company received, without additional payment, an additional 1,462,091 shares. On August 14, 2007, the Board of Directors authorized the Company to repurchase up to 30 million shares of common stock and specified that such authorization replaced (terminated) existing unused authorizations.

Page 11

SunTrust Banks, Inc. and Subsidiaries

RECONCILEMENT OF NON-GAAP MEASURES

APPENDIX A TO THE EARNINGS RELEASE

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		December 31 2007		September 30 2007		June 30 2007		March 31 2007
NON-GAAP MEASURES PRESENTED IN THE EARNINGS RELEASE
Net income	$290,555		$11,124		$420,164		$681,431		$521,296
Securities (gains)/losses, net of tax	37,563		(3,530	)	(614	)	(146,575	)	(12	)

Net income excluding net securities gains and losses, net of tax	328,118		7,594		419,550		534,856		521,284
The Coca-Cola Company dividend, net of tax	(14,738	)	(13,206	)	(13,210	)	(13,218	)	(14,580	)

Net income/(loss) excluding net securities (gains)/losses and The Coca-Cola Company dividend	313,380		(5,612	)	406,340		521,638		506,704
Preferred dividends	6,977		7,867		7,526		7,519		7,363

Net income/(loss) available to common shareholders excluding net securities (gains)/losses and The Coca-Cola Company dividend	$306,403		($13,479	)	$398,814		$514,119		$499,341


Total average assets	$176,916,901		$175,130,464		$174,653,377		$179,996,457		$181,506,369
Average net unrealized securities gains	(2,453,981	)	(2,408,596	)	(2,091,892	)	(2,398,651	)	(2,305,306	)

Average assets less net unrealized securities gains	$174,462,920		$172,721,868		$172,561,485		$177,597,806		$179,201,063

Total average common shareholders’ equity	$17,561,709		$17,532,786		$17,050,182		$17,428,101		$17,220,384
Average accumulated other comprehensive income	(1,533,427	)	(1,292,785	)	(998,561	)	(1,206,487	)	(1,074,497	)

Total average realized common shareholders’ equity	$16,028,282		$16,240,001		$16,051,621		$16,221,614		$16,145,887

Return on average total assets	0.66	%	0.03	%	0.95	%	1.52	%	1.16	%
Impact of excluding net realized and unrealized securities (gains)/losses and The Coca-Cola Company dividend	0.06		(0.04	)	(0.02	)	(0.34	)	(0.01	)

Return on average total assets less net unrealized securities gains ¹	0.72	%	(0.01	)%	0.93	%	1.18	%	1.15	%


Return on average common shareholders’ equity	6.49	%	0.07	%	9.60	%	15.51	%	12.10	%
Impact of excluding net realized and unrealized securities (gains)/ losses and The Coca-Cola Company dividend	1.20		(0.40	)	0.26		(2.80	)	0.44

Return on average realized common shareholders’ equity ²	7.69	%	(0.33	)%	9.86	%	12.71	%	12.54	%


Efficiency ratio ³	56.40	%	82.19	%	63.35	%	52.69	%	59.79	%
Impact of excluding amortization of intangible assets other than mortgage servicing rights (“MSRs”)	(0.93	)	(1.33	)	(1.22	)	(1.05	)	(1.14	)

Tangible efficiency ratio ⁴	55.47	%	80.86	%	62.13	%	51.64	%	58.65	%


Total shareholders’ equity	$18,431,448		$18,052,518		$17,907,247		$17,368,853		$17,968,538
Goodwill	(6,923,033	)	(6,921,493	)	(6,912,110	)	(6,897,050	)	(6,896,723	)
Other intangible assets including MSRs	(1,430,268	)	(1,362,995	)	(1,327,060	)	(1,290,460	)	(1,293,457	)
MSRs	1,143,405		1,049,426		995,984		942,012		921,255

Tangible equity	$11,221,552		$10,817,456		$10,664,061		$10,123,355		$10,699,613


Total assets	$178,986,947		$179,573,933		$175,857,229		$180,314,372		$186,384,841
Goodwill	(6,923,033	)	(6,921,493	)	(6,912,110	)	(6,897,050	)	(6,896,723	)
Other intangible assets including MSRs	(1,430,268	)	(1,362,995	)	(1,327,060	)	(1,290,460	)	(1,293,457	)
MSRs	1,143,405		1,049,426		995,984		942,012		921,255

Tangible assets	$171,777,051		$172,338,871		$168,614,043		$173,068,874		$179,115,916


Tangible equity to tangible assets ⁵	6.53	%	6.28	%	6.32	%	5.85	%	5.97	%

Net interest income	$1,139,867		$1,167,513		$1,192,188		$1,195,284		$1,164,559
Taxable-equivalent adjustment	27,975		27,244		27,055		24,668		23,713

Net interest income-FTE	1,167,842		1,194,757		1,219,243		1,219,952		1,188,272
Noninterest income	1,057,502		576,017		819,139		1,154,622		878,906

Total revenue-FTE	$2,225,344		$1,770,774		$2,038,382		$2,374,574		$2,067,178

SunTrust presents a return on average assets less net unrealized gains on securities. The foregoing numbers primarily reflect adjustments to remove the effects of the Company’s securities portfolio which includes the ownership by the Company of 43.6 million shares of The Coca-Cola Company as of March 31, 2008. The Company uses this information internally to gauge its actual performance in the industry. The Company believes that the return on average assets less the net unrealized securities gains is more indicative of the Company’s return on assets because it more accurately reflects the return on the assets that are related to the Company’s core businesses which are primarily customer relationship and customer transaction driven. The return on average assets less net unrealized gains on securities is computed by dividing annualized net income, excluding securities gains/losses and The Coca-Cola Company dividend, net of tax, by average assets less net unrealized securities gains.

The Company believes that the return on average realized common shareholders’ equity is more indicative of the Company’s return on equity because the excluded equity relates primarily to the holding of a specific security. The return on average realized common shareholders’ equity is computed by dividing annualized net income available to common shareholders, excluding securities gains/losses and The Coca-Cola Company dividend, net of tax, by average realized common shareholders’ equity.

Computed by dividing noninterest expense by total revenue-FTE. The efficiency ratios are presented on an FTE basis. The FTE basis adjusts for the tax-favored status of net interest income from certain loans and investments. The Company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources.

⁴

SunTrust presents a tangible efficiency ratio which excludes the amortization of intangible assets other than MSRs. The Company believes this measure is useful to investors because, by removing the effect of these intangible asset costs (the level of which may vary from company to company), it allows investors to more easily compare the Company’s efficiency to other companies in the industry. This measure is utilized by management to assess the efficiency of the Company and its lines of business.

⁵

SunTrust presents a tangible equity to tangible assets ratio that excludes the impact of purchase accounting intangible assets. The Company believes this measure is useful to investors because, by removing the effect of intangible assets that result from merger and acquisition activity (the level of which may vary from company to company), it allows investors to more easily compare the Company’s capital adequacy to other companies in the industry. This measure is used by management to analyze capital adequacy.

Page 12

SunTrust Banks, Inc. and Subsidiaries

QUARTER-TO-QUARTER COMPARISON - ACTUAL

APPENDIX B TO THE EARNINGS RELEASE

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		December 31 2007		Increase/(Decrease)				Sequential Annualized ¹ %		March 31 2008		March 31 2007		Increase/(Decrease)
	March 31 2008		December 31 2007		Amount		%		Sequential Annualized ¹ %		March 31 2008		March 31 2007		Amount		%
STATEMENTS OF INCOME

NET INTEREST INCOME	$1,139,867		$1,167,513		($27,646	)	(2.4	)%	(9.5	)%	$1,139,867		$1,164,559		($24,692	)	(2.1	)%
Provision for loan losses	560,022		356,781		203,241		57.0		NM		560,022		56,441		503,581		NM

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	579,845		810,732		(230,887	)	(28.5	)	NM		579,845		1,108,118		(528,273	)	(47.7	)


NONINTEREST INCOME
Service charges on deposit accounts	211,839		222,213		(10,374	)	(4.7	)	(18.7	)	211,839		189,035		22,804		12.1
Trust and investment management income	161,102		170,854		(9,752	)	(5.7	)	(22.8	)	161,102		174,318		(13,216	)	(7.6	)
Retail investment services	72,300		71,650		650		0.9		3.6		72,300		63,543		8,757		13.8
Other charges and fees	127,231		121,849		5,382		4.4		17.7		127,231		118,137		9,094		7.7
Investment banking income	55,420		55,041		379		0.7		2.8		55,420		50,157		5,263		10.5
Trading account profits/(losses) and commissions	28,218		(437,162	)	465,380		NM		NM		28,218		90,201		(61,983	)	(68.7	)
Card fees	73,761		77,481		(3,720	)	(4.8	)	(19.2	)	73,761		64,195		9,566		14.9
Mortgage production related income	85,549		22,366		63,183		NM		NM		85,549		(8,655	)	94,204		NM
Mortgage servicing related income	29,098		57,364		(28,266	)	(49.3	)	NM		29,098		35,403		(6,305	)	(17.8	)
Net gain on sale/leaseback of premises	37,039		118,840		(81,801	)	(68.8	)	NM		37,039		-		37,039		NM
Net gain on sale or merger of Lighthouse interests	89,390		-		89,390		NM		NM		89,390		32,340		57,050		NM
Gain on Visa IPO	86,305		-		86,305		NM		NM		86,305		-		86,305		NM
Other noninterest income	60,836		89,827		(28,991	)	(32.3	)	NM		60,836		70,212		(9,376	)	(13.4	)
Net securities gains/(losses)	(60,586	)	5,694		(66,280	)	NM		NM		(60,586	)	20		(60,606	)	NM

Total noninterest income	1,057,502		576,017		481,485		83.6		NM		1,057,502		878,906		178,596		20.3


NONINTEREST EXPENSE
Employee compensation and benefits	715,083		682,810		32,273		4.7		18.9		715,083		699,000		16,083		2.3
Net occupancy expense	86,441		92,705		(6,264	)	(6.8	)	(27.0	)	86,441		86,257		184		0.2
Outside processing and software	109,165		105,407		3,758		3.6		14.3		109,165		99,676		9,489		9.5
Equipment expense	52,395		51,734		661		1.3		5.1		52,395		49,409		2,986		6.0
Marketing and customer development	55,703		59,115		(3,412	)	(5.8	)	(23.1	)	55,703		45,705		9,998		21.9
Amortization of intangible assets	20,715		23,414		(2,699	)	(11.5	)	(46.1	)	20,715		23,542		(2,827	)	(12.0	)
Loss on extinguishment of debt	11,723		-		11,723		NM		NM		11,723		-		11,723		NM
Visa litigation	(39,124	)	76,930		(116,054	)	NM		NM		(39,124	)	-		(39,124	)	NM
Other noninterest expense	243,043		363,226		(120,183	)	(33.1	)	NM		243,043		232,408		10,635		4.6

Total noninterest expense	1,255,144		1,455,341		(200,197	)	(13.8	)	(55.0	)	1,255,144		1,235,997		19,147		1.5


INCOME/(LOSS) BEFORE INCOME TAXES	382,203		(68,592	)	450,795		NM		NM		382,203		751,027		(368,824	)	(49.1	)
Provision/(benefit) for income taxes	91,648		(79,716	)	171,364		NM		NM		91,648		229,731		(138,083	)	(60.1	)

NET INCOME	290,555		11,124		279,431		NM		NM		290,555		521,296		(230,741	)	(44.3	)
Preferred dividends	6,977		7,867		(890	)	(11.3	)	(45.3	)	6,977		7,363		(386	)	(5.2	)

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$283,578		$3,257		$280,321		NM		NM		$283,578		$513,933		($230,355	)	(44.8	)


REVENUE
Net interest income	$1,139,867		$1,167,513		($27,646	)	(2.4	)%	(9.5	)%	$1,139,867		$1,164,559		($24,692	)	(2.1	)%

Taxable-equivalent adjustment	27,975		27,244		731		2.7		10.7		27,975		23,713		4,262		18.0

Net interest income - FTE	1,167,842		1,194,757		(26,915	)	(2.3	)	(9.0	)	1,167,842		1,188,272		(20,430	)	(1.7	)
Noninterest income	1,057,502		576,017		481,485		83.6		NM		1,057,502		878,906		178,596		20.3

Total revenue - FTE	2,225,344		1,770,774		454,570		25.7		NM		2,225,344		2,067,178		158,166		7.7


SELECTED AVERAGE BALANCES (Dollars in millions)

Average loans
Commercial-FTE	$36,375		$34,879		$1,496		4.3	%	17.2	%	$36,375		$34,033		$2,342		6.9	%
Real estate home equity lines	14,603		14,395		208		1.4		5.8		14,603		13,738		865		6.3
Real estate construction	12,450		13,251		(801	)	(6.0	)	(24.2	)	12,450		13,430		(980	)	(7.3	)
Real estate 1-4 family	32,440		31,990		450		1.4		5.6		32,440		34,089		(1,649	)	(4.8	)
Real estate commercial	13,113		12,892		221		1.7		6.9		13,113		12,831		282		2.2
Credit card	774		690		84		12.2		48.8		774		370		404		NM
Consumer - direct	4,063		3,949		114		2.9		11.6		4,063		4,220		(157	)	(3.7	)
Consumer - indirect	7,646		7,877		(231	)	(2.9	)	(11.7	)	7,646		8,166		(520	)	(6.4	)
Nonaccrual and restructured	1,799		1,171		628		53.7		NM		1,799		638		1,161		NM

Total loans	$123,263		$121,094		$2,169		1.8	%	7.2	%	$123,263		$121,515		$1,748		1.4	%


Average deposits
Noninterest bearing deposits	$20,616		$20,948		($332	)	(1.6	)%	(6.3	)%	$20,616		$21,933		($1,317	)	(6.0	)%
NOW accounts	21,981		20,737		1,244		6.0		24.0		21,981		19,820		2,161		10.9
Money market accounts	25,343		24,262		1,081		4.5		17.8		25,343		22,089		3,254		14.7
Savings	3,917		4,178		(261	)	(6.2	)	(25.0	)	3,917		5,025		(1,108	)	(22.0	)
Consumer and other time	29,311		29,524		(213	)	(0.7	)	(2.9	)	29,311		28,925		386		1.3

Total consumer and commercial deposits	101,168		99,649		1,519		1.5		6.1		101,168		97,792		3,376		3.5
Brokered and foreign deposits	15,469		15,717		(248	)	(1.6	)	(6.3	)	15,469		26,714		(11,245	)	(42.1	)

Total deposits	$116,637		$115,366		$1,271		1.1	%	4.4	%	$116,637		$124,506		($7,869	)	(6.3	)%


SELECTED CREDIT DATA (Dollars in thousands)

Nonaccrual loans	$2,037,960		$1,430,407		$607,553		42.5	%	NM	%	$2,037,960		$637,321		$1,400,639		NM	%
Restructured loans	30,787		29,851		936		3.1		12.5		30,787		27,772		3,015		10.9

Total nonperforming loans	2,068,747		1,460,258		608,489		41.7		NM		2,068,747		665,093		1,403,654		NM
Other real estate owned (OREO)	244,906		183,753		61,153		33.3		NM		244,906		74,645		170,261		NM
Other repossessed assets	6,340		11,536		(5,196	)	(45.0	)	NM		6,340		6,202		138		2.2

Total nonperforming assets	$2,319,993		$1,655,547		$664,446		40.1	%	NM	%	$2,319,993		$745,940		$1,574,052		NM	%

Allowance for loan and lease losses	$1,545,340		$1,282,504		$262,836		20.5	%	82.0	%	$1,545,340		$1,033,939		$511,401		49.5	%

¹	Multiply percentage change by 4 to calculate sequential annualized change. Any sequential annualized change over 100 percent is labeled as “NM” because those changes over 100 percent were not considered to be meaningful.

Page 13

SunTrust Banks, Inc. and Subsidiaries

RETAIL AND COMMERCIAL LINE OF BUSINESS

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		March 31 2007		% Change ³
Statements of Income

Net interest income¹	$620,773		$701,070		(11.5	)%
FTE adjustment	8,732		9,449		(7.6	)

Net interest income - FTE	629,505		710,519		(11.4	)
Provision for loan losses²	176,515		47,387		NM

Net interest income after provision for loan losses - FTE	452,990		663,132		(31.7	)


Noninterest income before securities gains/(losses)	318,323		292,597		8.8
Securities gains/(losses), net	-		3		(100.0	)

Total noninterest income	318,323		292,600		8.8


Noninterest expense before amortization of intangible assets	607,367		616,695		(1.5	)
Amortization of intangible assets	14,941		18,773		(20.4	)

Total noninterest expense	622,308		635,468		(2.1	)


Income before provision for income taxes	149,005		320,264		(53.5	)
Provision for income taxes	43,571		106,848		(59.2	)
FTE adjustment	8,732		9,449		(7.6	)

Net income	$96,702		$203,967		(52.6	)


Total revenue - FTE	$947,828		$1,003,119		(5.5	)

Average Balance Sheets

Total loans	$49,894,256		$50,859,629		(1.9	)%
Goodwill	6,144,556		6,133,789		0.2
Other intangible assets excluding MSRs	165,700		230,492		(28.1	)
Total assets	57,747,123		58,669,733		(1.6	)
Total deposits	80,782,944		81,084,211		(0.4	)

Performance Ratios

Efficiency ratio	65.66	%	63.35	%
Impact of excluding amortization of intangible assets	(6.03	)	(5.79	)

Tangible efficiency ratio	59.63	%	57.56	%

¹	Net interest income does not include the funding benefit that would result from holding shareholders’ equity at the line of business level due to the fact that shareholders’ equity is not allocated to the lines of business at this time.

²	Provision for loan losses represents net charge-offs for the lines of business.

³	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 14

SunTrust Banks, Inc. and Subsidiaries

WHOLESALE BANKING LINE OF BUSINESS

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		March 31 2007		% Change ³
Statements of Income

Net interest income¹	$123,805		$133,566		(7.3	)%
FTE adjustment	14,091		10,064		40.0

Net interest income - FTE	137,896		143,630		(4.0	)
Provision for loan losses²	12,276		2,808		NM

Net interest income after provision for loan losses - FTE	125,620		140,822		(10.8	)


Noninterest income before securities gains/(losses)	173,486		168,682		2.8
Securities gains/(losses), net	-		-		-

Total noninterest income	173,486		168,682		2.8


Noninterest expense before amortization of intangible assets	199,640		190,728		4.7
Amortization of intangible assets	122		122		-

Total noninterest expense	199,762		190,850		4.7


Income before provision/(benefit) for income taxes	99,344		118,654		(16.3	)
Provision/(benefit) for income taxes	(991	)	16,049		NM
FTE adjustment	14,091		10,064		40.0

Net income	$86,244		$92,541		(6.8	)


Total revenue - FTE	$311,382		$312,312		(0.3	)

Average Balance Sheets

Total loans	$32,617,953		$29,506,266		10.5	%
Goodwill	168,134		168,149		-
Other intangible assets excluding MSRs	801		1,285		(37.7	)
Total assets	43,527,780		38,189,909		14.0
Total deposits	8,473,592		4,729,069		79.2

Performance Ratios

Efficiency ratio	64.15	%	61.11	%
Impact of excluding amortization of intangible assets	(0.42	)	(0.39	)

Tangible efficiency ratio	63.73	%	60.72	%

¹	Net interest income does not include the funding benefit that would result from holding shareholders’ equity at the line of business level due to the fact that shareholders’ equity is not allocated to the lines of business at this time.

²	Provision for loan losses represents net charge-offs for the lines of business.

³	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 15

SunTrust Banks, Inc. and Subsidiaries

MORTGAGE LINE OF BUSINESS

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		March 31 2007		% Change³
Statements of Income
Net interest income¹	$130,449		$129,591		0.7	%
FTE adjustment	-		-		-

Net interest income-FTE	130,449		129,591		0.7
Provision for loan losses²	98,255		10,209		NM

Net interest income after provision for loan losses-FTE	32,194		119,382		(73.0	)


Noninterest income before securities gains/(losses)	137,130		38,483		NM
Securities gains/(losses), net	(5,010	)	-		NM

Total noninterest income	132,120		38,483		NM


Noninterest expense before amortization of intangible assets	219,482		151,562		44.8
Amortization of intangible assets	763		763		-

Total noninterest expense	220,245		152,325		44.6


(Loss)/income before provision/(benefit) for income taxes	(55,931	)	5,540		NM
Benefit for income taxes	(24,576	)	(1,355	)	NM
FTE adjustment	-		-		-

Net income/(loss)	($31,355	)	$6,895		NM


Total revenue-FTE	$262,569		$168,074		56.2

Average Balance Sheets

Total loans	$31,996,829		$32,380,987		(1.2	)%
Goodwill	276,583		275,982		0.2
Other intangible assets excluding MSRs	1,274		4,304		(70.4	)
Total assets	43,889,138		44,266,813		(0.9	)
Total deposits	2,070,297		1,792,004		15.5

Performance Ratios

Efficiency ratio	83.88	%	90.63	%
Impact of excluding amortization of intangible assets	(1.27	)	(2.04	)

Tangible efficiency ratio	82.61	%	88.59	%


Other Information

Production Data
Channel mix
Retail	$5,357,407		$5,919,652		(9.5	)%
Wholesale	4,204,623		5,572,112		(24.5	)
Correspondent	2,169,602		3,334,590		(34.9	)

Total production	$11,731,632		$14,826,354		(20.9	)

Channel mix-percent
Retail	46	%	40	%
Wholesale	36		38
Correspondent	18		22

Total production	100	%	100	%

Purchase and refinance mix
Refinance	$6,715,286		$7,566,542		(11.3	)
Purchase	5,016,346		7,259,812		(30.9	)

Total production	$11,731,632		$14,826,354		(20.9	)

Purchase and refinance mix-percent
Refinance	57	%	51	%
Purchase	43		49

Total production	100	%	100	%

Applications	$21,209,440		$24,498,985		(13.4	)

Mortgage Servicing Data (End of Period)

Total loans serviced	$155,450,933		$138,620,903		12.1	%
Total loans serviced for others	121,147,815		101,017,554		19.9
Net carrying value of MSRs	1,143,405		921,255		24.1
Ratio of net carrying value of MSRs to total loans serviced for others	0.944	%	0.912	%

¹	Net interest income does not include the funding benefit that would result from holding shareholders’ equity at the line of business level due to the fact that shareholders’ equity is not allocated to the lines of business at this time.

²	Provision for loan losses represents net charge-offs for the lines of business.

³	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 16

SunTrust Banks, Inc. and Subsidiaries

WEALTH AND INVESTMENT MANAGEMENT LINE OF BUSINESS

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		March 31 2007		% Change³
Statements of Income

Net interest income ¹	$79,885		$90,042		(11.3	)%
FTE adjustment	10		16		(37.5	)

Net interest income - FTE	79,895		90,058		(11.3	)
Provision for loan losses²	5,116		1,059		NM


Net interest income after provision for loan losses - FTE	74,779		88,999		(16.0	)

Noninterest income before securities gains/(losses)	331,343		285,734		16.0
Securities gains/(losses), net	4		(56	)	NM

Total noninterest income	331,347		285,678		16.0


Noninterest expense before amortization of intangible assets	237,491		264,001		(10.0	)
Amortization of intangible assets	4,786		3,663		30.7

Total noninterest expense	242,277		267,664		(9.5	)


Income before provision for income taxes	163,849		107,013		53.1
Provision for income taxes	59,603		38,932		53.1
FTE adjustment	10		16		(37.5	)

Net income	$104,236		$68,065		53.1


Total revenue - FTE	$411,242		$375,736		9.4

Average Balance Sheets

Total loans	$7,890,128		$8,196,226		(3.7	)%
Goodwill	332,890		324,577		2.6
Other intangible assets excluding MSRs	126,269		117,377		7.6
Total assets	8,805,524		9,062,013		(2.8	)
Total deposits	9,794,424		9,784,131		0.1

Performance Ratios

Efficiency ratio	58.91	%	71.24	%
Impact of excluding amortization of intangible assets	(1.87	)	(1.85	)

Tangible efficiency ratio	57.04	%	69.39	%


Other Information (End of Period)

Assets under administration
Managed (discretionary) assets	$140,439,761		$137,163,001		2.4	%
Non-managed assets	63,875,844		58,587,002		9.0

Total assets under administration	204,315,605		195,750,003		4.4


Brokerage assets	39,279,523		40,568,938		(3.2	)
Corporate trust assets	4,699,047		8,053,617		(41.7	)

Total assets under advisement	$248,294,175		$244,372,558		1.6

¹	Net interest income does not include the funding benefit that would result from holding shareholders’ equity at the line of business level due to the fact that shareholders’ equity is not allocated to the lines of business at this time.

²	Provision for loan losses represents net charge-offs for the lines of business.

³	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 17

SunTrust Banks, Inc. and Subsidiaries

CORPORATE OTHER AND TREASURY

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		March 31 2007		% Change²
Statements of Income

Net interest income	$184,955		$110,290		67.7	%
FTE adjustment	5,142		4,184		22.9

Net interest income - FTE	190,097		114,474		66.1
Provision for loan losses¹	267,860		(5,022	)	NM

Net interest income after provision for loan losses - FTE	(77,763	)	119,496		NM


Noninterest income before securities gains/(losses)	157,806		93,390		69.0
Securities gains/(losses), net	(55,580	)	73		NM

Total noninterest income	102,226		93,463		9.4


Noninterest expense before amortization of intangible assets	(29,551	)	(10,531	)	NM
Amortization of intangible assets	103		221		(53.4	)

Total noninterest expense	(29,448	)	(10,310	)	NM


Income before provision for income taxes	53,911		223,269		(75.9	)
Provision for income taxes	14,041		69,257		(79.7	)
FTE adjustment	5,142		4,184		22.9

Net income	$34,728		$149,828		(76.8	)


Total revenue - FTE	292,323		207,937		40.6

Average Balance Sheets

Total loans	$863,869		$571,787		51.1	%
Securities available for sale	15,349,910		22,736,695		(32.5	)
Goodwill	714		8,253		(91.3	)
Other intangible assets excluding MSRs	4,484		5,190		(13.6	)
Total assets	22,947,336		31,317,901		(26.7	)

Total deposits (mainly brokered and foreign)	15,515,667		27,116,957		(42.8	)


	March 31 2008		December 31 2007
Other Information

Duration of investment portfolio	4.3	%	3.8	%

Accounting net interest income interest rate sensitivity ³:
% Change in net interest income under:
Instantaneous 100 bp increase in rates over next 12 months	0.4	%	0.1	%
Instantaneous 100 bp decrease in rates over next 12 months	(1.0	) %	(0.8	) %

Economic net interest income interest rate sensitivity ³:
% Change in net interest income under:
Instantaneous 100 bp increase in rates over next 12 months	(0.8	) %	(1.0	) %
Instantaneous 100 bp decrease in rates over next 12 months	0.2	%	0.3	%

¹	Provision for loan losses represents difference between net charge-offs for the lines of business and consolidated provision for loan losses.

²	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

The recognition of interest rate sensitivity from an accounting perspective is different from the economic perspective due to the election of fair value accounting for the related interest rate swaps. The net interest income sensitivity profile from an economic perspective assumes the net interest payments from the related swaps were included in margin.

Page 18

SunTrust Banks, Inc. and Subsidiaries

CONSOLIDATED - SEGMENT TOTALS

(Dollars in thousands) (Unaudited)


	Three Months Ended
	March 31 2008		March 31 2007		% Change¹
Statements of Income

Net interest income	$1,139,867		$1,164,559		(2.1	)%
FTE adjustment	27,975		23,713		18.0

Net interest income - FTE	1,167,842		1,188,272		(1.7	)
Provision for loan losses	560,022		56,441		NM

Net interest income after provision for loan losses - FTE	607,820		1,131,831		(46.3	)


Noninterest income before securities gains/(losses)	1,118,088		878,886		27.2
Securities gains/(losses), net	(60,586	)	20		NM

Total noninterest income	1,057,502		878,906		20.3


Noninterest expense before amortization of intangible assets	1,234,429		1,212,455		1.8
Amortization of intangible assets	20,715		23,542		(12.0	)

Total noninterest expense	1,255,144		1,235,997		1.5


Income before provision for income taxes	410,178		774,740		(47.1	)
Provision for income taxes	91,648		229,731		(60.1	)
FTE adjustment	27,975		23,713		18.0

Net income	$290,555		$521,296		(44.3	)


Total revenue - FTE	$2,225,344		$2,067,178		7.7

Average Balance Sheets

Total loans	$123,263,035		$121,514,895		1.4	%
Goodwill	6,922,877		6,910,750		0.2
Other intangible assets excluding MSRs	298,528		358,648		(16.8	)
Total assets	176,916,901		181,506,369		(2.5	)
Total deposits	116,636,924		124,506,372		(6.3	)

Performance Ratios

Efficiency ratio	56.40	%	59.79	%
Impact of excluding amortization of intangible assets	(0.93	)	(1.14	)

Tangible efficiency ratio	55.47	%	58.65	%

¹	“NM” - Not meaningful. Those changes over 100 percent were not considered to be meaningful.

Page 19

SunTrust Banks, Inc.

1Q 2008 Earnings Presentation

April 22, 2008

The following should be read in conjunction with the financial statements, notes and other information contained in the Company’s 2007 Annual Report on Form

10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

This

presentation

includes

non-GAAP

financial

measures

describe

SunTrust’s

performance.

The

reconciliation

those

measures

GAAP

measures

are

provided within this presentation.

In this presentation, net interest income and net interest margin are presented on a fully taxable-equivalent (“FTE”) basis, and ratios

are

presented

annualized

basis.

The

FTE

basis

adjusts

for

the

tax-favored

status

income

from

certain

loans

and

investments.

The

Company

believes

this

measure

the

preferred

industry

measurement

net

interest

income

and

provides

relevant

comparison

between

taxable

and

non-taxable

amounts.

The information in this presentation may contain forward-looking statements.

Statements that do not describe historical or current facts, including statements

about

beliefs

and

expectations,

and

particular

the

outlook

statements

provided

slide

26-27,

are

forward-looking

statements.

These

statements

often

include

the

words “may,”

“could,”

“will,”

“should,”

“believes,”

“expects,”

“anticipates,”

“estimates,”

“intends,”

“plans,”

“targets,”

“initiatives,”

“potentially,”

“probably,”

“projects,”

“outlook”

or similar expressions.

Such statements are based upon the current beliefs and expectations of SunTrust's management and on information currently

available to management.

The forward looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933 and

Section 21E of the Securities Exchange Act of 1934.

Such statements speak as of the date hereof, and SunTrust does not intend to update the statements made

herein or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events.

Forward looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual

results may differ materially from those set forth in the forward-looking statements. Factors that could cause SunTrust’s results to differ materially from those

described in the forward-looking statements can be found in the Company's 2007 Annual Report on Form 10-K, in the Company’s Quarterly Reports on Form 10-Q,

and in the Current Reports on Form 8-K filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's internet site

(http://www.sec.gov).

Those

factors

include:

(1)

adverse

changes

general

business

economic

conditions

could

have

material

adverse

effect

our

financial

condition

and

results

operations;

(2)

changes

market

interest

rates

capital

markets

could

adversely

affect

our

revenues

and

expenses,

the

value

assets

and

obligations, costs of capital, or liquidity; (3) the fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our

earnings; (4) changes in securities markets or markets for commercial or residential real estate could harm our revenues and profitability; (5) customers could pursue

alternatives to bank deposits, causing us to lose a relatively inexpensive source of funding; (6) customers may decide not to use banks to complete their financial

transactions,

which

could

affect

net

income;

(7)

have

businesses

other

than

banking,

which

subjects

variety

risks;

(8)

hurricanes

and

other natural

disasters may adversely affect loan portfolios and operations and increase the cost of doing business; (9) negative public opinion could damage our reputation and

adversely impact our business; (10) we rely on other companies for key components of our business infrastructure; (11) we rely on our systems, employees and

certain counterparties, and certain failures could materially adversely affect our operations; (12) we depend on the accuracy and completeness of information about

clients

and

counterparties;

(13)

regulation

federal

and

state

agencies

could

adversely

affect

our

business,

revenues,

and

profit

margins;

(14)

competition

the

financial services industry is intense and could result in losing business or reducing profit margins; (15) future legislation could harm our competitive position; (16)

maintaining or increasing market share depends on market acceptance and regulatory approval of new products and services; (17) our ability to receive dividends from

our

subsidiaries

accounts

for

most

our

revenues

and

could

affect

our

liquidity

and

ability

pay

dividends;

(18)

significant

legal

actions

could

subject

us to

substantial uninsured liabilities; (19) we have in the past and may in the future pursue acquisitions, which could affect costs and from which we may not be able to

realize anticipated benefits; (20) we depend on the expertise of

key personnel without whom our operations may suffer; (21) we may be unable to hire or retain

additional qualified personnel and recruiting and compensation costs may increase as a result of turnover, both of which may increase costs and reduce profitability

and

may

adversely

impact

our

ability

implement

our

business

strategy;

(22)

our

accounting

policies

and

methods

are

key

how

report

financial

condition and

results of operations, and may require management to make estimates about matters that are uncertain; (23) changes in our accounting policies or in accounting

standards could materially affect how we report our financial results and condition; (24) our stock price can be volatile; (25) our disclosure controls and procedures

may fail to prevent or detect all errors or acts of fraud; (26) our trading assets and financial instruments carried at fair value expose the Company to certain market

risks;

(27)

weakness

residential

property

values

and

mortgage

loan

markets

could

adversely

affect

us;

(28)

may

required

repurchase

mortgage

loans or

indemnify mortgage loan purchasers as a result of breaches of representations and warranties, borrower fraud, or certain borrower defaults, which could harm our

liquidity, results of operations and financial condition; and (29) we may enter into transactions with off-balance sheet entities affiliated with SunTrust or its subsidiaries

which may cause us to recognize current or future losses.

Financial Performance: Income Statement Summary

($ in millions, except per share data)

1Q 2008

4Q 2007 1Q 2007

% Change

Net Interest Income (FTE)

$1,167.8

-2%

Provision for Loan Losses

560.0

57% 892%

Noninterest Income

1,057.5

84%

20%

Total Revenue (FTE)

2,225.3

26% 8%

Total

Noninterest

Expense

1,255.1

-14%

Provision for Income Taxes

91.6

-215%

-60%

Net Income Available to Common Shareholders 283.6

NM -45%

Net Income Per Average Common Diluted Share $ 0.81

-44%

EPS of $0.81 Impacted by Increased Provision Expense and

Net Positive Non Core-Items

Capital & Liquidity

Solid Capital Foundation and Enhanced Liquidity Position

Tier 1 Capital Ratio

7.25%

Total Capital Ratio

11.00%

Tangible Equity to Tangible Assets

6.53%

Tier 1 target remains 7.5%

Issued $685 million enhanced trust preferred securities in February

Planned transactions regarding stock holdings in The Coca-Cola Company

expected to be resolved during 2Q 2008

Anticipated Tier 1 increase of $1 billion or more from The Coca-Cola Company

transactions would add roughly 65bps to Tier 1 ratio on a pro forma basis

Strong liquidity position; Brokered and Foreign deposits down 42%

Estimated

E²

Efficiency and Productivity Program: Goals

$325¹

$350

$530¹

Total

Initial Goals

First Revision

of Goals

Second Revision

of Goals

2007 Actual/Goal

2008 Goal

2009 Goal

$215

(Actual)

$205

$135

2007 expense

savings of

$215

million was 119% of

goal

Increased goals

for

the second time

since program

inception

2009 gross expense

savings represent

11% of 2006

expense base

Expect $500 Million in 2008 Benefits, Up $150 Million; 2009

Program Goal Increased to $600 Million

Gross cost savings goals include approximately $50 million of interest expense savings related to reduced financing costs from disposition

corporate

real

estate,

which

will

fully

realized

beginning

2008

($ in millions)

$600¹

Total

$500

$215

(Actual)

E Efficiency and Productivity Program: Results

($ in millions)

Gross Savings in 1Q 2008 of $113 Million

Over 50% increase from 4Q

2007 run rate of $75 million

Annualized1Q 2008 savings

level of over $450 million

One-third of increase in run rate

driven by organizational review

Key contributors to achieving

remaining goals include supplier

management, outsourcing, and

process reengineering

$500 2008 Goal

$113 1Q Savings¹

1. 1Q 2008 gross savings includes $10 million in interest expense savings related to disposition of corporate real estate

500

400

300

200

100

Risk Review: Market Update

Volatility in the credit

markets has been

unprecedented

Prices of these indices

declined during the

quarter

Corporate and

mortgage credit markets

have taken the brunt of

the volatility

Source: Bloomberg

Source: Markit, SunTrust

ABX

06-2

AAA:

Synthetic

Index

AAA-rated

benchmark

subprime

RMBS

from

the

latter

half

2006

CMBX 06-2 AAA: Synthetic Index of AAA-rated benchmark CMBS from the latter half of 2006

LCDX: Synthetic Index of syndicated secured loans from the latter half of 2007

CDX:

Synthetic

Index

referenced

125

investment

grade

entities

domiciled

North

America

Structured Credit Index Prices - Q1 2008

100

CMBX 06-2 AAA

LCDX 9 5YR

ABX 06-2 AAA

5-yr CDX -

Q1 2008

100

110

120

130

140

150

160

170

180

190

200

Risk Review: Acquired Securities Portfolio

Aggressively Managing Trading Assets; 59% Reduction in Exposure

to Acquired Securities

We expect to sell additional securities

on an opportunistic basis; current

market environment continues to

remain challenging

Aggregate portfolio reduction will

continue, albeit at a slower rate. At a

minimum, we expect portfolio

exposure to be reduced below $1.4

billion by end of Q2

Mark-to-Market accounting

1. Grand Horn is a AAA-rated security arising from the securitization of a commercial leveraged loan warehouse

Carrying Acquisition

Value

3/31/08

Q4 2007

SIV

$ 685

$1,478

RMBS

242 1,042

CDO

287

429

Other ABS

148

CLO

—

Subtotal

1,299

3,144

Grand Horn

CLO

323

359

Total

$1,622

$3,503

($ in millions)

Risk Review: Available for Sale Portfolio

SunTrust Maintains a High Quality AFS Investment Portfolio

Portfolio Quality

•

High quality with 91% rated

AAA

•

Short duration of 4.3 years

•

Unrealized gain of $171 million

3.9%

1. Excludes equity securities with a market value of $3.4 billion

2. Excludes unrealized gains of $171 million on debt securities

AAA, 91%

AA, 4%

A & Below, 3%

NR, 2%

$12.3 Billion AFS Debt Securities

As of March 31, 2008

1,2

Credit Perspective: Asset Quality Metrics

Annualized Charge-Offs of 97bps, ALLL Increased to 1.25%, NPL

ratio up to 1.67%, but Early Stage Delinquency Rate Stable

$ in Millions

03/31/2008

12/31/2007

Variance

Total Loans

$123,713.2

$122,319.0

$1,394.2

Allowance for Loans & Lease Losses

1,545.3

1,282.5

262.8

Net Charge-offs

297.2

168.0

129.2

Provision Expense

560.0

356.8

203.2

NPAs

2,320.0

1,655.5

664.5

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

NPLs

to Total Loans

1.67%

1.19%

0.48%

NPAs

to Total Loans + OREO/OA

1.87%

1.35%

0.52%

ALLL to NPLs

74.70%

87.83%

-13.12%

ALLL to Loans

1.25%

1.05%

0.20%

NCOs (annualized to Average Loans)

0.97%

0.55%

0.42%

30-

Days

Past

Due

1.52%

1.53%

-0.01%

Credit Perspective: Loan Portfolio as of 1Q 2008

Product Category

Nonaccrual

$MM's

Charge-Off

Rate

Residential Mortgages /

1.29%

Home Equity Lines

2.64%

Construction

520.7

0.74%

Commercial

97.9

0.35%

Commercial Real Estate

64.3

0.00%

Consumer

46.9

1.26%

$2,038.0

0.97%

$1,308.2

Growth

Nonaccrual

Loans

driven

Residential

Mortgage

and

Construction

Loans

Residential Mortgage & Home Equity combined represented 39% of total loans but they

comprised

64%

total

Nonaccrual

Loans

Loan Portfolio -

$123,713 million

Nonaccrual Loans -

$2,038 million

Commercial, $37,307

Commercial Real Estate,

$12,894

Retail Consumer & Credit

Card, $12,305

Construction, $12,981

Home Equity, $15,134

Residential Mg, $33,092

Consumer -

Direct $4,192

Consumer -

Indirect $7,305

Credit Card $ 808

Performance in the Residential Mortgage Portfolio is Stabilizing

1. Does not include nonaccruals

2.00%

6.50

8.30

3.30

1.60

0.80

1.40%

12/31/07

60 + DLQ

1.77%

8.92

8.28

3.71

1.35

0.50

1.28%

03/31/08

60 + DLQ

$1,073.4

60.5

241.8

121.7

77.7

41.7

$ 530.0

Total

$NPLs

Credit Quality Metrics

79%

100%

$ 33,092

Total

1.4

470

Alt-A 2

3.3

1,085

Alt-A 1

4.8

1,575

Lot Loans

12.3

4,080

Prime 2

Insured

10.9

3,625

Home Equity Loans

77%

67.3%

$ 22,257

Core Portfolio

Orig

WACLTV

03/31/08

Balance

Loan Type

Portfolio Profile

Credit Perspective: Residential Mortgages

Residential Mortgages $33,092 million

(As of 03/31/08, $ in millions)

Credit Perspective: Residential Mortgages

(As of 03/31/08, $ in millions)

We Have Already Recognized Expected Losses on 60% of the

Residential Mortgage NPL Balance

1. Most NPL’s

in this category are claims in process. A small number of losses were recognized due to denied claims.

2. Includes Home Equity NPL’s

of $41.7 million not shown in above table

NPL’s

with Write-downs

Loan Type

Balance

before

write-

down

Amount

of write-

down

NPL

Balance

NPLs

not

yet written

down

Total

NPL’s

% Loss

Severity

Core Portfolio

$ 362.6

$ (31.7)

$ 330.8

$ 199.2

$ 530.0

8.8%

Prime 2

Insured

53.6

(10.8)

42.8

35.0

77.7

Lot Loans

108.7

(29.9)

78.8

42.9

121.7

27.5

Alt-A 1

187.5

(20.9)

167.0

74.8

241.8

11.1

Alt-A 2

150.1

(121.5)

28.6

31.9

60.5

80.9

Total

$ 862.8

$ (214.8)

$ 648.0

$ 383.7

$ 1,073.4

Credit Perspective: Home Equity Lines

Home Equity Lines $15,134 million

(As of 03/31/08, $ in millions)

1. Excludes 3rd

party originated

2. Excludes 3rd party originated and CLTV 90+%

3. Excludes 3rd party originated, CLTV 90+% and Florida (81-90%)

4. Annualized first quarter rate

Performance Issues Largely Confined to 3

Party Originated,

CLTV’s

of >80% for Florida, and >90% for States Other Than

Florida

$15,134

9,409.5

1,162.2

2,705.2

$1,857.1

03/31/08

Balance

2.48%

1.55%

2.64%

723

74%

100.0%

Total

0.87

2.56

1.76

4.10%

NPL

0.94

4.24

3.34

9.11%

C/O

Credit Quality Metrics

1.46

722

62.2

All Other

3.43

717

7.7

Florida

(81-90%

LTV)

2.87

736

17.9

CLTV > 90%

5.71%

715

86%

12.2%

Party

Originated

30 +

DLQ

Current

WAFICO

Orig

WACLTV

Portfolio

Type

Portfolio Profile

Credit Perspective: Construction

1. Annualized first quarter charge-off ratio

(As of 03/31/08, $ in millions)

Charge-offs increased during Q1 primarily in Construction-to-

Perm loans. Increase in NPLs

driven by Construction-to-Perm and

Residential

Construction $12,981 million

4.0

117.8

0.42

666

2,135

Residential A&D

Commercial

0.2

8.5

0.00

1, 503

3,381

Construction

0.7

9.6

0.00

788

589

Commercial A&D

37%

50%

NPL

$ 12,981

1,256

2,543

$ 3,077

03/31/08

Balance

4.5%

$520.6

0.74%

28%

100%

Total

32.9

189.0

$162.8

NPL

0.00

1.23

1.66%

C/O¹

Credit Quality Metrics

3.7

795

Raw Land

3.2

400

Construction

Residential

11.6%

477

31%

24%

Construction Perm

30 +

DLQ

Avg.

Size

$000’s

Portfolio

Type

Portfolio Profile

Credit Perspective: Loss Mitigation Actions Taken or Planned

Residential builder portfolio

Reviews of exposure $

$1MM

Client prioritization discipline

Reduced exposure $1.4B in 2007

New Special Assets group dedicated to Real Estate

Three geographic units

Significant increase in workout officers

Handles homebuilders, large conventional

mortgages and construction to perm mortgages

Wholesale portfolio reviews

Proactive reviews of Wholesale segments of

portfolios

Monthly central credit review of relationships $

$100MM

Targeted reviews on industries with signs of

deterioration

Introduced new policy on:

Direct exposure

Indirect exposure

Exception approval

Weekly conference calls on market conditions

Repeated and on-going Home Equity policy changes:

Curbed Wholesale/broker channel originations

Eliminated CLTVs

> 89.9% in broker channel

Additional LTV restrictions for

“Declining Markets”,

homes

and condos

DTI and Credit score restrictions

Mortgage / Home Equity

Wholesale

Centralized construction to perm administration

Tightened underwriting standards for C/P and lot loans

(restricting LTV, DTI and property type, size and channel)

Tightened underwriting standards on Agency production

Enhancements to automated dialer calling strategies

Standardized more rigorous charge-off procedures

Significantly expanded workout/collections staff

Implemented aggressive loss mitigation program to keep

borrowers in their homes and avoid foreclosure

Financial Performance: Loans & Deposits

($ in millions, average balances)

1Q 2008

4Q 2007

1Q 2007

% Change

Annualized

Commercial

$ 36,375

17%

Real Estate Home Equity Lines

14,603

6 6

Real Estate Construction

12,450

-6 -24 -7

Real Estate 1-4 Family

32,440

1 6 -5

Real Estate Commercial

13,113

2 7 2

Consumer –

Direct

4,063

3 12

-4

Consumer –

Indirect

7,646 -3 -12 -6

Credit Card

774

109

Total Loans

121,464

1 5 0

Noninterest-Bearing Deposits

20,616

-2 -6 -6

NOW Accounts

21,981

6 24 11

Money Market Accounts

25,343 5 18 15

Savings

3,917

-6 -25 -22

Consumer Time

17,031

-1 -3 1

Other Time

12,280

-1

-2

Total Consumer and Commercial Deposits

101,168 2

6 3

Brokered & Foreign Deposits

15,469

-2

-6

-42

Total Deposits

$116,637

4% -6%

Financial Performance: Net Interest Margin

3.02%

3.10%

3.18%

3.07%

3.13%

1Q 2007

2Q 2007

3Q 2007

4Q 2007

1Q 2008

Margin of 3.07%, Up 5 bps from 1Q 2007, but Down 6 bps from

4Q 2007

Margin pressure from deposit pricing and

growing NPAs

continues

Seeing early signs of stabilizing DDA

Further expected Fed rate reductions,

pricing pressure, and growing NPAs

will

continue to create downward pressure on

net interest margin

As a result we expect some additional

compression in 2Q

Financial Performance: Provision

Provision

$560.0

$356.8 $147.0 $104.7

Net Charge-Offs

$297.2 $168.0 $103.7 $ 88.3

Net Charge-Off Ratio

0.97%

0.55% 0.34% 0.30%

Net ALLL Increase

$262.8 $188.8 $ 43.3 $ 16.4

Allowance to Loan Ratio

1.25% 1.05% 0.91% 0.88%

1Q 2008

4Q 2007

3Q 2007

2Q 2007

($ in millions)

Provision Expense Drives 20 bps Increase in Allowance to

Loan Ratio

Financial Performance: Noninterest Income

($ in millions)

Noninterest Income up 20% over 1Q 2007 and 13% Excluding Net

Gains from Both Periods

1Q 2008

1Q 2007

Change

Noninterest

Income

$1,058

$879

20%

Net Adjustments¹

Adjusted Noninterest Income 987

$877

13%

Reported

noninterest

income

20%

versus

2007

driven

solid

performance

most

fee

income businesses

Adjusting both years’

results for net gains results in a 13% increase

1. Adjustment detail included in appendix includes securities gains and losses, Visa and Lighthouse gains, and impacts from adoption of FAS 157/159 and

SAB 109

Financial Performance: Noninterest Expense

Core Expenses in 1Q 2008 Down Versus 4Q 2007 and Flat

Compared to 1Q 2007

Year over year adjusted expense flat in spite of $36 million in increased credit costs

Sequential quarter adjusted expenses are down even after absorbing $35 million seasonal increase

in employee benefits expense

1. Adjustment detail included in appendix

2. Includes operating losses, credit and collections, and other real estate expense

Noninterest

Expense

$1,255 $1,455

$1,236

-14% 2%

Net Adjustments

-24

145

-45

Adjusted Noninterest

Expense $1,279

$1,310

$1,281

Change Change

1Q 2008

4Q 2007

1Q 2007

4Q 2007

1Q 2007

($ in millions)

-2% 0%

Summary

Increasing capital and improving liquidity

Raising E goals

Aggressively managing trading asset exposure

Minimizing new credit risk and mitigating existing risk

Growing deposits and prudently increasing loans

Manageable level of margin pressure

Solid noninterest income trends

Strong expense management results

Appendix

Items Impacting Financial Performance

Revenue

Visa IPO Gain

Other Income

$ 86

$ -

Market Valuation Write-downs

Trading Income

(47)

(477)

Market Valuation Write-downs

Mortgage Production Income

(53)

(78)

Lighthouse Sale Gain

Other Income

Corporate Real Estate Gain

Other Income

119

SAB 109

Mortgage Production Income

18 -

MSR Sale

Mortgage Servicing Income -

Other-Than-Temporarily Impaired: AFS

Securities Gains/(Losses)

(64) -

Expense

Seasonal Employee Benefits

Employee Comp

(35)

Net E

Nonrecurring

Miscellaneous

(5)

(10)

Debt Retirement

Other Expense (12) -

Visa Litigation

Other Expense

39 (77)

Affordable Housing Expense

Other Expense

(2)

(58)

Income Statement Category

1Q 2008

Estimated

Impact

4Q 2007

Estimated

Impact

($ in millions)

Noninterest Income Reconciliation

($ in millions)

% %

Change Change

1Q 2008

4Q 2007

1Q 2007

4Q 2007

1Q 2007

Total Noninterest Income

$1,058 $ 576

$879

84%

20%

Securities Gains/(Losses)

4 6

AFS ABS OTTI –

Securities Losses -64 -

VISA IPO

Market Valuation Write-downs -287

-561 -9

–

Trading

STI Debt Valuation Write-up 240 84

-6

–

Trading

Market Valuation Write-downs -53 -78

-27

–

Mortgage Production

Lighthouse Gain

89 -

Corporate Real Estate Gains 37

119 -

FAS 157/159 –

Trading -

FAS 157/159 –

Mortgage Production -

-42

FAS 91 –

Mortgage Production¹

-33

SAB 109 –

Mortgage Production 18

Net Adjustments

-430

Adjusted Noninterest Income $ 987 $1,006 $876 -2% 13%

1. FAS 91 deferral elimination adjustments is reflected as an increase to 1Q 2007 to make comparable to future quarters

Noninterest Expense Reconciliation

1. FAS 91 deferral elimination increased expenses beginning

in 2Q 2007. 1Q 2007 expenses adjusted upward to provide comparability to

subsequent quarters

Noninterest Expense

$1,255 $1,455

$1,236 -14% 2%

Net E Nonrecurring

10 2

FAS 91 Deferral

-37

Visa Litigation Accrual

-39 77

Debt Retirement

Affordable Housing Write-down

2 58 -

Tax Reserve Release

-4

-10

Net Adjustments

-24

145

-45

Adjusted

Noninterest

Expense

$1,279

$1,310

$1,281 -2% 0%

Change Change

1Q 2008 4Q 2007 1Q 2007

4Q 2007

1Q 2007

($ in millions)

Outlook

Economic Outlook

Expect a weak economy in the short-term with the possibility that weakness could extend into 2009

Expect home values to decline further

Risk

Looking at current NPL’s and delinquency queues, and recognizing that our foresight is constrained by economic uncertainty, we

expect

charge-offs

increase

the

2nd

quarter

15%-20%

from

the

$300

million

recorded

the

1st

quarter.

Deterioration

has

slowed and we believe ultimate losses will be manageable within our current capital, liquidity and earnings framework.

Looking at the portfolio trends and potential future scenarios, we believe we should experience lower charge-offs in the second half of

the year provided that the economy and home prices do not deteriorate too far or fast from here.

Expect that some additional reserve building will be required; however, after increasing the reserve ratio by a combined 34 basis points

the

last

two

quarters,

including

bps

the

quarter,

expect

that

future

quarterly

increases

will

much

slower

pace.

94%

the

residential

mortgage

portfolio

shows

decrease

60+

delinquencies

–

view

this

leading

indicator

potentially

lower future NPL’s

and subsequent charge-offs.

We expect the home equity line portfolio to continue to produce significant charge-offs at least for the next few quarters as 30+

delinquency has ticked up since December and as home values remain soft. There are some mitigating factors which suggest charge-

offs could stabilize: reductions in the prime rate are materially lowering payments, approximately two-thirds of the portfolio continues to

perform

well,

and

while

30+

delinquency

ticked

from

December,

the

rate

increase

has

slowed.

We expect the construction to permanent portfolio to rapidly decline over the next year. Charge-offs in the book should peak in the

next 3 to 6 months and decline after that as the portfolio runs-off.

Residential construction loans will continue to show increasing problems in our softer markets.

Aggressively managing trading assets, reducing exposure to acquired securities. Aggregate portfolio reduction will continue, albeit at a

slower rate; at a minimum, exposure is expected to be reduced below $1.4 billion by the end of the second quarter. We believe we are

carrying these securities at appropriate values; however, markets remain volatile and further valuation adjustments up or down are

possible.

Actual

results

could

differ

materially

from

those

contained

implied

such

statements

list

important

factors

that

could

affect

actual

results

are

listed on slide 1

Outlook

Balance Sheet

There are early indications of DDA stabilization

Early signs indicated a cyclical shift in commercial client balances out of sweep accounts and into DDAs

Long-term Tier 1 target remains 7.5%

Expect transactions involving The Coca-Cola Company equity holdings to be complete in the second quarter of 2008

Anticipate minimum Tier 1 capital increase of approximately $1 billion from The Coca-Cola Company equity holdings

transactions, which would add roughly 65 basis points to the Tier 1 ratio on a pro-forma basis

Anticipate reassessing the appropriateness of long-term Tier 1 target of 7.5% in a post transaction environment

Revenue & Expense

Realization of the full impact of the first quarter Fed rate reductions, continuing deposit pricing competition, growing NPA’s,

and the potential for additional Fed cuts all point to further margin compression in the second quarter

Anticipate

stabilization

and

possible

expansion

margin

the

second

half

2008

deposit

pricing

pressures

and

volumes improve, despite the continuing potential for rising NPA’s

Expect to achieve run-rate savings of $500 million in 2008

Increased overall E

program

goal to $600 million in run-rate savings during 2009

The

bulk

the

growth

savings

going

forward

will

generated

Supplier

Management,

Outsourcing,

and

Process

Reengineering

Actual

results

could

differ

materially

from

those

contained

implied

such

statements

list

important

factors

that

could

affect

actual

results

are

listed on slide 1