- First-quarter net income to common shareholders of $340 million, or 63 cents a share.
- Earnings beat the consensus EPS estimate of 61 cents.
- Provision for credit losses down to $212 million from $328 million in Q4.
- Mortgage production revenue declines to $159 million from $241 million in Q4.
- Expenses see broad decline of 10% quarter over quarter and 12% year over year.
The first-quarter provision for loan losses was $212 million, declining from $328 million in the fourth quarter and $317 million in the first quarter of 2012. SunTrust's asset quality continued to improve, with a ratio of nonperforming loans to total loans of 1.21% as of March 31, compared to 1.27% in December and 2.16% in March 2012. The annualized ratio of net charge-offs to average loans was 0.76%, improving from 1.30% the previous quarter and 1.38% a year earlier.
First-quarter non-interest income totaled $863 million, declining from $1.015 billion in the fourth quarter, and $876 million a year earlier. Mortgage production revenue in the first quarter was $159 million, declining from $241 million the previous quarter, but increasing from $63 million a year earlier. The sequential decline in mortgage income was expected, with refinance volumes declining and lower gains on the sale of new loans in the secondary market.