SunTrust Banks, Inc. today reported net income per average common share of$0.08for the first quarter of 2011, or$0.22excluding the$0.14non-cash charge related to the redemption of the TARP preferred shares issued to the U.S. Treasury under the Capital Purchase Program. Excluding this charge, earnings were essentially flat compared to the$0.23per share reported in the fourth quarter of 2010. This quarter's performance was driven by further improvement in credit quality, expansion of the net interest margin and a reduction in expenses. These results were achieved despite seasonal and cyclical factors adversely impacting first quarter results. Results compare favorably to a net loss of$0.46per average common share reported for the first quarter of 2010. Net income available to common shareholders was$38 millionfor the first quarter of 2011, or$112 millionexcluding the$74 millionnon-cash charge related to the redemption of the TARP preferred shares.

"Our emphasis on profitable growth and continued credit quality improvement resulted in solid performance that was in line with our expectations for the quarter," saidJames M. Wells III, chairman and chief executive officer of SunTrust Banks, Inc. Mr. Wells noted that the Company's patient and deliberate approach to TARP redemption had been completed with the best interests of shareholders in mind, and that SunTrust is now "singularly focused on client-centric strategies to take advantage of the growth opportunities in our markets and further improve profitability."