Last $41.00 USD
Change Today -0.18 / -0.44%
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As of 8:04 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

suntrust banks inc (STI) Key Developments

SunTrust Bank Names Phillip Avant as President of Central Virginia Market

SunTrust Bank has named Phillip Avant president of its Central Virginia market, which includes the Richmond, Fredericksburg and Tri-Cities areas. Avant will continue to be SunTrust's commercial banking team leader for Central Virginia, reporting to John Stallings, president of SunTrust's Virginia Division. Avant is a member of the board of directors for the Greater Richmond Chamber of Commerce.

SunTrust Banks, Inc. Declares Quarterly Dividend on Common Shares and Perpetual Preferred Stock, Payable on March 16, 2015

The board of directors of SunTrust Banks, Inc. has declared a regular quarterly cash dividend of $0.20 per common share. The dividend is payable on March 16, 2015, to shareholders of record at the close of business on February 27, 2015. The board of directors also declared quarterly cash dividend of $1,000.00 per share on Perpetual Preferred Stock, Series A; quarterly cash dividend of $1,000.00 per share on Perpetual Preferred Stock, Series B; and quarterly cash dividend of $1,468.75 per share on Perpetual Preferred Stock, Series E. The dividends are payable in cash on March 16, 2015, to shareholders of record at the close of business on February 27, 2015.

SunTrust Banks, Inc. Presents at Credit Suisse 16th Annual Financial Services Forum, Feb-11-2015 08:00 AM

SunTrust Banks, Inc. Presents at Credit Suisse 16th Annual Financial Services Forum, Feb-11-2015 08:00 AM. Venue: Turnberry Isle Miami, Aventura, Florida, United States. Speakers: Aleem Gillani, Chief Financial Officer and Corporate Executive Vice President.

SunTrust Banks, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter of 2015

SunTrust Banks, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income available to common shareholders of $378 million or $0.72 per diluted share against $413 million or $0.77 per diluted share a year ago. Net income available to common shareholders, excluding the impact of Form 8-K and other legacy mortgage-related items was $466 million or $0.88 per diluted share against $413 million or $0.77 per diluted share a year ago. Total revenue – FTE was $2,043 million against $2,061 million a year ago. Total revenue – FTE, excluding the impact of Form 8-K and other legacy mortgage-related items was $2,043 million against $2,061 million a year ago. Return on average total assets was 0.83% against 0.97% a year ago. Return on average common shareholders' equity was 6.91% against 7.99% a year ago. Return on average tangible common shareholders' equity was 9.62% against 11.61% a year ago. Net interest income was essentially flat, as it has been in prior quarters, with solid loan and deposit growth offset by continued margin compression. Excluding the impact of this provision, adjusted earnings per share were $0.88, which were 9% higher than the prior quarter and 14% higher than the fourth quarter of last year. The sequential increase was driven by higher noninterest income, a lower provision for credit losses and a slightly lower effective tax rate. Net interest income was $1,248 million against $1,247 million a year ago. Net interest income declined $3 million compared to the prior quarter. The decrease was primarily due to a 7 basis point decline in net interest margin, substantially offset by higher average earning assets. Similarly, compared to the fourth quarter of 2013, a 24 basis point decline in net interest margin was offset by solid growth in average earning assets. For the full year, the company reported net income available to common shareholders of $1,722 million or $3.23 per diluted share against $1,297 million or $2.41 per diluted share a year ago. Net income available to common shareholders, excluding the impact of Form 8-K and other legacy mortgage-related items was $1,729 million or $3.24 per diluted share against $1,476 million or $2.74 per diluted share a year ago. Total revenue – FTE was $8,305 million against $8,194 million a year ago. Total revenue – FTE, excluding the impact of Form 8-K and other legacy mortgage-related items was $8,200 million against $8,194 million a year ago. Return on average total assets was 0.97% against 0.78% a year ago. Return on average common shareholders' equity was 8.06% against 6.34% a year ago. Return on average tangible common shareholders' equity was 11.33% against 9.25% a year ago. Book value per common share was $41.52 against $38.61 a year ago. Tangible book value per common share was $29.82 against $27.01 a year ago. For the full year, adjusted earnings per share increased 18% compared to 2013, as solid balance sheet growth, lower expenses and improved asset quality more than offset a reduction in mortgage production income and a 17-basis-point decline in the net interest margin. Net interest income was stable relative to the prior quarter, as solid loan growth offset the effect of margin compression. For both 2014 and 2013, net interest income was $5.0 billion. Looking forward, the company expects first quarter 2015 net interest margin to decline approximately 7 to 9 basis points from the current level, driven primarily by lower commercial loan swap income.

SunTrust Banks Appoints Allison Dukes as President of Atlanta Division

SunTrust Banks announced that Allison Dukes has been named president of Atlanta division. Dukes joined SunTrust in 1997 and began serving as co-head of SunTrust Private Wealth Management in 2013. As division president for Atlanta, Dukes will be responsible for providing SunTrust's commercial banking products and services and coordinating the delivery of the investment banking and capital markets capabilities offered by SunTrust Robinson Humphrey Inc. to business and commercial banking clients.

 

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