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70 SunTrust Banks, Inc. Annual Report 2003
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
The changes in the carrying amounts of other intangible assets for the twelve months ended December 31, 2002 and 2003 are
as follows:
Mortgage
Core Deposit Servicing
(Dollars in thousands) Intangible Rights Other Total
Balance, January 1, 2002 $19,158 $ 351,200 $ 421 $ 370,779
Amortization (57,262) (244,625) (1,636) (303,523)
Servicing rights originated — 277,343 — 277,343
Huntington-Florida acquisition 254,959 — 12,600 267,559
Balance, December 31, 2002 216,855 383,918 11,385 612,158
Amortization (61,227) (324,221) (3,289) (388,737)
Servicing rights originated —384,198 — 384,198
Asset acquisition ——402 402
Lighthouse acquisition 9,400 5,398 7,800 22,598
Sun America acquisition ——9,000 9,000
Balance, December 31, 2003 $165,028 $ 449,293 $25,298 $ 639,619
The estimated amortization expense for intangible assets, excluding amortization of mortgage servicing rights, for the subsequent
five years is as follows:
Core Deposit
(Dollars in thousands) Intangible Other Total
2004 $ 52,208 $ 4,848 $ 57,056
2005 41,515 4,755 46,270
2006 31,975 4,191 36,166
2007 22,664 4,180 26,844
2008 13,339 3,513 16,852
Thereafter 3,327 3,811 7,138
Total $165,028 $25,298 $190,326
NOTE 10
FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
Funds purchased and securities sold under agreements to repurchase at December 31 were as follows:
(Dollars in thousands) 2003 2002
Federal funds $4,468,779 $5,114,850
Repurchase agreements 5,036,467 5,287,686
Total funds purchased and securities sold
under agreements to repurchase $9,505,246 $10,402,536
NOTE 11
OTHER SHORT-TERM BORROWINGS
Other short-term borrowings at December 31 include:
2003 2002
(Dollars in thousands) Balance Rates Balance Rates
Commercial paper $3,216,678 1.06% – 1.14% $50,000 1.25%
Federal funds purchased maturing in over one day 31,500 0.88 – 0.97 41,000 1.12 – 1.72
Master notes 311,490 0.45 308,945 0.75
U.S. Treasury demand notes 498,979 0.73 849,346 0.99
Other 116,768 various 119,134 various
Total other short-term borrowings $4,175,415 $1,368,425