said errors were made in calculating its provision for loan losses in the first and second quarters of 2004, leading to restatements of both periods and the suspension of two senior executives.
SunTrust said the "errors in data input" will require upward profit restatements in both periods. Earnings in the first quarter were restated to $375.9 million from $358.5 million, while earnings in the second quarter were restated to $369.6 million from $364.8 million.
The company said further restatements might be necessary pending an audit committee review, and it postponed its third-quarter earnings release, which had originally been scheduled for Tuesday. Placed on paid administrative leave were Sandra W. Jansky, SunTrust's chief credit officer, and Jorge Arrieta, its controller.
SunTrust said the restatement results from errors in input data used to calculate the first- and second-quarter 2004 allowances for loan losses "related exclusively to the company's indirect auto loan portfolio." It found the mistakes while preparing its third-quarter financial results.