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84 SUNTRUST 2004 ANNUAL REPORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
Corporate and Private
Investment Client Corporate/
(Dollars in thousands) Retail Commercial Banking Mortgage Services NCF Other Total
Balance, January 1, 2003 $ 687,185 $ 96,626 $ 94,852 $ 15,765 $ 69,333 $ — $— $ 963,761
Purchase price adjustments 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
Purchase price adjustments 449 190 — 2,579 863 — — 4,081
Seix acquisition — — — — 83,990 — — 83,990
Reallocation (4,975) — — — 4,975 — — —
NCF acquisition — — — — — 5,635,121 — 5,635,121
Branch divestiture — — — — — (2,496) (2,496)
Other acquisitions — — — — 7,679 — — 7,679
Balance, December 31, 2004 $731,988 $123,466 $94,852 $56,242 $166,840 $5,632,625 $— $6,806,013
The changes in the carrying amounts of other intangible assets for the twelve months ended December 31, 2004 and 2003 are as follows:
Mortgage
Core Deposit Servicing
(Dollars in thousands) Intangible Rights Other Total
Balance, January 1, 2003 $ 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
Amortization (67,072) (168,127) (10,510) (245,709)
Servicing rights originated — 196,118 — 196,118
Seix acquisition — — 99,200 99,200
NCF acquisition 327,000 5,108 37,000 369,108
Branch divestiture (813) — — (813)
Other — — 3,928 3,928
Balance, December 31, 2004 $424,143 $ 482,392 $154,916 $1,061,451
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
2005 $ 99,400 $ 18,040 $117,440
2006 83,915 17,551 101,466
2007 68,657 17,425 86,082
2008 53,387 15,497 68,884
2009 36,372 12,276 48,648
Thereafter 82,412 74,127 156,539
Total $424,143 $154,916 $579,059
Note 10 / FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE
Funds purchased and securities sold under agreement to repurchase at December 31 were as follows:
(Dollars in thousands) 2004 2003
Federal funds $3,882,342 $4,468,779
Repurchase agreements 5,460,489 5,036,467
Total funds purchased and securities sold
under agreement to repurchase $9,342,831 $9,505,246