SunTrust Banks Inc. said Tuesday its first-quarter earnings rose 11% to $150.4 million on the strength of a one-time securities gain and strong trust revenues. Earnings per share of $1.33 beat consensus estimates by 1 cent.

The results masked the drag of heavy deposit expenses and investment spending. Costs associated with a high-yielding money market account depressed both net interest income, down 3% from yearend, and the net interest margin, which fell 12 basis points during the quarter.

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