The Suntrust Bank building in downtown Chattanooga.SunTrust Banks, Inc. said today it earned $387 million, or 72 cents per share. in the second quarter.
Results for the Atlanta-based banking company were hurt by one-time expenses from a mortgage settlement announced this spring that cut 9 cents per share from the second quarter earnings. Excluding one-time items, SunTrust earnings were up from a year ago and 5 cents per share above analysts’ expectations.
From ongoing operations, SunTrust earned 81 cents per share, up from 68 cents per share in the same period a year earlier. In pre-market trading, SunTrust shares are trading higher today.
SunTrust is Chattanooga’s’ second biggest bank, behind only First Tennessee Bank.
During the second quarter SunTrust Mortgage took a $204 million charge from the settlement regarding its administration of the federal Home Affordable Modification Program and recorded a $105 million pre-tax gain from the sale of its asset management subsidiary, RidgeWorth Capital Management, Inc.