Expense focus pays off at SunTrust

On an apples-to-apples basis, EPS for all 2013 of $2.74 was 25% higher than 2012. Q4 EPS of $0.77 compares to $0.66 a year ago.

Net interest income of $1.247B up 1% from Q3 with NIM gaining 1 basis point to 3.2%.

Noninterest income of $814M fell 20% from a year ago thanks to the evaporation of mortgage business - $31M in Q4 vs. $241M a year ago. The flip side of higher rates for mortgages - servicing income of $38M grew from $11M in Q3 as higher rates slowed loan prepayments (those who hit the sell button on specialty servicers when rates tick up, take note).

Expense management pays off with noninterest expense of $1.38B off 8.8% from a year ago.

Tier 1 common equity ratio of 9.8% compares to 10.04% a year ago.

Nonperforming loans of $971M fell 37% Y/Y. Net charge-offs of $128M in Q4 compare to $398M a year ago.

CC at 8 ET

STI unch premarket

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