SunTrust Banks Inc. posted earnings of $136 million for the first quarter, up 7% from a year earlier. But its net interest margin shrank, largely because of tough competition in deposit pricing and adjustable rate mortgages.

Results were exactly on target with Wall Street expectations of $1.18 per share, but the bank's margin dropped to 4.58% on March 31, from 4.6% a year before.

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