SunTrust 2003 Annual Report Download - page 67

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Annual Report 2003 SunTrust Banks, Inc. 65
NOTE 3
FUNDS SOLD AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
Funds sold and securities purchased under agreements to resell at December 31 were as follows:
(Dollars in thousands) 2003 2002
Federal funds $427,875 $300,217
Repurchase agreements 945,517 792,064
Total funds sold and securities purchased
under agreements to resell $1,373,392 $1,092,281
NOTE 4
TRADING ASSETS AND LIABILITIES
The fair values of the components of trading account assets and liabilities at December 31 were as follows:
(Dollars in thousands) 2003 2002
Trading Assets
U.S. government and agency securities $280,076 $ 480,584
Corporate and other debt securities 177,000 82,844
Equity securities 398 563
Mortgage-backed securities 69,151 38,391
Derivative contracts 1,161,676 1,062,815
Other 164,836 52,577
Total trading assets $1,853,137 $1,717,774
Trading Liabilities
Derivative contracts $1,041,579 $929,380
Other 6,964 1,265
Total trading liabilities $1,048,543 $ 930,645
Securities purchased under agreements to resell are col-
lateralized by U.S. government or agency securities and are
carried at the amounts at which securities will be subse-
quently resold. The Company takes possession of all securities
purchased under agreements to resell and performs the appro-
priate margin evaluation on the acquisition date based on
market volatility, as necessary. The Company requires collat-
eral between 100% to 105% of the underlying securities. The
total market value of the collateral held was $970.5 and
$812.1 million at December 31, 2003 and 2002, of which
$832.6 and $687.1 million was repledged, respectively.