SunTrust 2004 Annual Report Download - page 82

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80 SUNTRUST 2004 ANNUAL REPORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
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) 2004 2003
Federal funds $ 332,725 $ 427,875
Resell agreements 1,263,544 945,517
Total funds sold and securities purchased
under agreements to resell $1,596,269 $1,373,392
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) 2004 2003
Trading Assets
U.S. government and agency securities $ 265,339 $ 58,013
Corporate and other debt securities 565,795 255,905
Equity securities 105 399
Mortgage-backed securities 136,494 69,151
Derivative contracts 915,422 1,110,438
Municipal securities 219,783 121,896
Commercial paper 80,707 94,665
Total trading assets $2,183,645 $1,710,467
Trading Liabilities
U.S. government and agency securities $ 445,251 $114,003
Derivative contracts 638,943 903,830
Other 14,369 2,309
Total trading liabilities $1,098,563 $1,020,142
Securities purchased under agreements to resell are collateralized
by U.S. government or agency securities and are carried at the
amounts at which securities will be subsequently resold. The
Company takes possession of all securities under agreements to
resell and performs the appropriate margin evaluation on the
acquisition date based on market volatility, as necessary. The
Company requires collateral between 100% and 105% of the
underlying securities.The total market value of the collateral held
was $1,279.8 million and $970.5 million at December 31, 2004
and 2003, of which $856.8 million and $832.6 million was re-
pledged, respectively.