SunTrust Banks, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income available to common shareholders of $356 million or $0.65 per average diluted common share compared to $74 million or $0.13 per average diluted common share for the same period a year ago. Total revenue was $2,291 million compared to $2,047 million a year ago. Return on average total assets was 0.81% compared to 0.17% for the same period a year ago. Return on average common shareholders' equity was 6.86% compared to 1.41% for the same period a year ago. Net interest income was $1,276 million compared to $1,324 million for the same period a year ago. Net interest income decreased $25 million from the prior quarter, primarily due to the previously announced loan sales, and the net interest margin declined 2 basis points. Net interest income decreased $48 million compared to the fourth quarter of last year due to lower earning asset yields. Total revenue was decrease of $1.6 billion compared to the prior quarter and a $244 million, or 12%, increase compared to the fourth quarter of last year. Excluding net securities gains, total revenue increased $388 million and $262 million compared to the prior quarter and fourth quarter of last year, respectively. The sequential quarter increase was primarily related to actions recognized in the prior quarter, which included a higher provision for mortgage repurchases and losses related to the transfer to held for sale of delinquent, government guaranteed student and mortgage loans. The increase over the fourth quarter of 2011 was primarily due to higher mortgage-related revenue and investment banking income.

For the year, the company reported net income available to common shareholders was $1,931 million or $0.65 per average diluted common share compared to $495 million or $0.13 per average diluted common share for the same period a year ago. Total revenue was $10,598 million compared to $8,600 million a year ago. Return on average total assets was 1.11% compared to 0.38% for the same period a year ago. Return on average common shareholders' equity was 9.56% compared to 2.56% for the same period a year ago. Net interest income was $5.2 billion, an increase of $46 million compared to 2011. The primary drivers of the increase in net interest income were growth in average loans, a favorable shift in the deposit mix, lower average long-term debt balances, and lower rates paid on deposits and wholesale borrowings, partially offset by lower earning asset yields. Total revenue was up $2.0 billion from 2011. Excluding securities gains and losses, full year revenue was $8.6 billion, up $141 million compared to 2011. The increase was primarily driven by net interest income, mortgage-related revenue, and investment banking income, partially offset by a decline in card fees related to debit card interchange regulations that became effective in the fourth quarter of 2011. As of December 31, 2012, both book value and tangible book value per common share increased modestly compared to September 30, 2012, and were $37.59 and $25.98, respectively.