SunTrust 2003 Annual Report Download - page 71

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Annual Report 2003 SunTrust Banks, Inc. 69
Corporate and Private
Investment Client Corporate/
(Dollars in thousands) Retail Commercial Banking Mortgage Services Other Total
Balance, January 1, 2002 $299,984 $ 20,781 $93,442 $ 1,859 $24,431 $ — $ 440,497
Huntington-Florida acquisition 395,412 68,730 — 14,650 44,902 — 523,694
Reallocation 744 — — (744) — — —
Contingent consideration — 7,115 — — — — 7,115
Purchase price adjustment (8,955) — 1,410 — — — (7,545)
Balance, December 31, 2002 687,185 96,626 94,852 15,765 69,333 — 963,761
Purchase price adjustment 7,499 2,203 — 2,236 — — 11,938
Lighthouse acquisition 41,830 24,447 — 24,804 — — 91,081
Sun America acquisition — — — 10,168 — — 10,168
Other acquisitions — — — 690 — — 690
Balance, December 31, 2003 $736,514 $123,276 $94,852 $53,663 $69,333 $ — $1,077,638
The Company adopted SFAS No. 142, in its entirety, effective January 1, 2002. The following presents the net income that would
have been reported had SFAS No. 142 been implemented January 1, 2001.
(Dollars in thousands, except per share data) 2003 2002 2001
Reported net income $1,332,297 $1,331,809 $1,375,537
Goodwill amortization, net of taxes ——36,115
Adjusted net income $1,332,297 $1,331,809 $1,411,652
Reported diluted earnings per share $4.73 $4.66 $ 4.72
Goodwill amortization, net of taxes ——0.12
Adjusted diluted earnings per share $4.73 $4.66 $ 4.84
Reported basic earnings per share $4.79 $4.71 $ 4.78
Goodwill amortization, net of taxes ——0.13
Adjusted basic earnings per share $4.79 $4.71 $ 4.91
NOTE 9
INTANGIBLE ASSETS
Under the provisions of SFAS No. 142, goodwill is tested
for impairment on an annual basis and as events or circum-
stances arise that would more likely than not reduce fair value
of a reporting unit below its carrying amount. The Company
completed its annual review as of December 31, 2003, and
determined there was no impairment of goodwill as of this date.
The changes in the carrying amount of goodwill by reportable
segment for the twelve months ended December 31, 2002 and
2003 are as follows: