SunTrust Banks' STI CEO Bill Rogers on Q3 2014 Results<br><br>Thanks, Christine. Good morning, and welcome to our third quarter 2014 earnings conference call. Thanks for joining us. In addition to today's press release, we've also provided a presentation that covers the topics we plan to address during the call.<br><br>With me today, among other members of our executive management team, are Bill Rogers, our Chairman and Chief Executive Officer; and Aleem Gillani, our Chief Financial Officer.<br><br>Before we get started, I need to remind you that our comments today may include forward looking statements. These statements are subject to risks and uncertainty and actual results could differ materially. We list the factors that might cause actual results to differ materially in our SEC filings, which are available on our website.<br><br>During the call, we will discuss non GAAP financial measures when talking about the company's performance.<br><br>Finally, SunTrust is not responsible for and does not edit nor guarantee the accuracy of our earnings teleconference transcripts provided by third parties.<br><br>With that, I'll turn the call over to Bill.<br><br>Thanks, Ankur. As usual, I'll begin this morning with a brief overview of the quarter, and then I'm going to turn it over to Aleem for details on the results. So, following Aleem's comments, I'll wrap up our prepared remarks by reviewing our performance at the business segment level.<br><br>Earnings per share for the quarter were $1.06 on net income to common of $563 million. However, as previously disclosed, we recognized $130 million discrete tax benefit, which we returned to shareholders through a one time share buyback. Excluding this gain, earnings per share were $0.81 on net income to common of $433 million.<br><br>Our adjusted results were in line with the previous quarter and up 23% from last year, reflecting solid loan and deposit growth, further efficiency improvements, and continued strong asset quality performance, all of which helped mitigate the impact of the persistent low rate environment.<br><br>Our adjusted revenue was up 3% year over year, but declined 3% from last quarter. The sequential decline was primarily a result of our investment banking business rolling off record results in the second quarter and the loss of some investment management income due to the sale of RidgeWorth.<br><br>Net interest income was generally stable relative to both periods as solid loan growth mitigated spread compression. With regard to non interest income, as we said before, several of our fee oriented businesses are subject to some seasonality. With that in mind, I believe our year to date fee income performance tells a more accurate story of how we've been able to leverage our investment to these businesses to drive more consistent execution and deepen client relationships.<br><br>Our non interest income, excluding the impact from RidgeWorth and mortgage related revenues, was up 7% year to date with meaningful improvement in investment banking, retail investment services and traditional private wealth. These positive trends combined with higher mortgage service and income helped offset the 60% year to date decline in core mortgage production related fees.<br><br>Expenses declined relative to both periods, previous quarter and the prior year, and notably, our adjusted tangible efficiency ratio was 61.9% for the quarter. That brings our year to date ratio to 63.5% and keeps us on clear track to deliver on our 2014 sub 64% efficiency ratio commitment.<br><br>Our performance this quarter demonstrates our continued focus on efficiency improvement, and importantly, our steady progress towards our long term target is evidence of our methodical transformation to a more efficiency conscious culture across the company.<br><br>So, looking at the balance sheet,moncler outlet italia 100 EUR, period end loan balances increased 2% sequentially led by growth in C traditional CRE, and our consumer direct portfolio. However, average performing loans were flat as a result of the $2 billion guaranteed residential mortgage loan sale this quarter.<br><br>Average client deposits grew 1% relative to last quarter with favorable mix shift continuing. We've built positive and broad based momentum across our lending platforms and are focused on ensuring our deposit growth keeps pace.<br><br>Our credit quality performance continues to be strong,moncler outlet What Is a Reas, and in the quarter we were able to further improve the overall asset quality of the balance sheet through targeted non performing asset reductions. As a result, NPLs declined 15% sequentially and net charge offs ticked up slightly to 39 basis points.<br><br>Finally, our capital position continues to be strong and was relatively unchanged from last quarter with Tier 1 Common estimated to be 9.7% on a Basel III basis.<br><br>So with that as a quick overview, I'll turn it over to Aleem to provide some more detail on the results.<br><br>Thanks,woolrich sito ufficiale Six A, Bill. Good morning, everybody. We're glad you are able to join us at our slightly later start time this morning, and we are pleased to be able to accommodate those of you who needed to watch Thursday Night Football last night. Excluding the impact of this benefit, adjusted earnings per share were $0.81, which was in line with the previous quarter and 23% higher than the third quarter of last year.<br><br>The year over year increase was driven by 3% adjusted revenue growth as a result of higher mortgage servicing income, a gain on sale of mortgage loans, which I will discuss later, and slightly higher net interest income. A 3% reduction in adjusted expenses also contributed to the year over year improvement as we continued to execute on our efficiency initiatives and benefited from lower cyclical costs. These positive trends more than offset the $45 million year over year decline in trust and investment management income resulting from the sale of RidgeWorth.<br><br>Sequentially, earnings per share were flat as the decline in non interest income and modestly higher provision expense were offset by a 5% reduction in adjusted expenses. Lastly, adjusted year to date earnings are up 19% compared to the previous year. A solid balance sheet and fee income growth, lower expenses, and improved asset quality have more than offset the $205 million reduction in core mortgage production income and 14 basis point net interest margin compression during that same time frame.<br><br>We'll now review the underlying trends in more detail starting on slide 5. Net interest income was generally stable relative to the prior quarter and prior year as loan growth negated loan yield compression. Net interest margin declined 8 basis points sequentially primarily due to a 7 basis point decline in loan yields. The decline in loan yields was most notable in our C book though we also felt this to a lesser degree in our commercial real estate and indirect auto portfolios.<br><br>The drivers of our loan yield compression are mix shift as wholesale is growing at a faster rate than the rest of the portfolio, and continued competition in our markets and businesses. While loan yields in the wholesale segment are typically lower, C business often brings with it additional non interest income and deposit revenue. Our intent is to meet the full suite of our clients' needs and maintain a disciplined focus on entire relationship returns.<br><br>Securities yields declined 9 basis points sequentially, primarily due to higher prepayments as MBS cash flows increased into our investment portfolio. On a year over year basis, net interest income was relatively flat as solid 6% earning asset growth neutralized the 16 basis points of margin compression.<br><br>Overall, the net interest margin has declined in 2014 more than we had anticipated at the beginning of the year. As commercial loan growth has been stronger than expected and yields continue to compress. Looking forward, we expect fourth quarter net interest margins to decline approximately 3 to 6 basis points from the current level primarily driven by lower commercial loan swap income.<br><br>We have been and will continue to carefully manage our overall balance sheet duration and utilization in light of the continued low interest rate environment while also being cognizant of controlling interest rate risk in advance of what we expect will eventually be higher interest rate.<br><br>Moving on to slide 6, adjusted non interest income declined $72 million from the prior quarter driven primarily by lower investment banking income and the loss of investment management income from RidgeWorth.<p>parajumpers outlet<br/>parajumpers femme<br/>pjs pas cher<br/>hogan sito ufficiale<br/>giuseppe zanotti chaussures<br/>piumini moncler spaccio<br/>giuseppe zanotti<br/>moncler outlet milano<br/>giubbotti moncler outlet<br/>hogan outlet<br/>moncler outlet online<br/>doudoune moncler site officiel<br/>air max 90 pas cher<br/>peuterey sito ufficiale<br/>parajumpers pas cher homme<br/></p>
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woolrich SunTrust Banks' STI CEO Bill Rogers on Q3 2014 Resu
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