SunTrust 2006 Annual Report Download - page 106

Download and view the complete annual report

Please find page 106 of the 2006 SunTrust annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 159

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159

SUNTRUST BANKS, INC.
Notes to Consolidated Financial Statements (Continued)
Note 7 - Allowance for Loan and Lease Losses
Activity in the allowance for loan and lease losses for the twelve months ended December 31 is
summarized in the table below:
(Dollars in thousands) 2006 2005 2004
Balance at beginning of year $1,028,128 $1,050,024 $941,922
Allowance from acquisitions, dispositions and other activity - net -- 173,844
Provision for loan losses 262,536 176,886 135,537
Loan charge-offs (356,569) (315,245) (316,081)
Loan recoveries 110,426 116,463 114,802
Balance at end of year $1,044,521 $1,028,128 $1,050,024
Note 8 - Premises and Equipment
Premises and equipment at December 31 were as follows:
(Dollars in thousands) Useful Life 2006 2005
Land Indefinite $482,386 $468,179
Buildings and improvements 2 - 40 years 1,481,222 1,484,335
Leasehold improvements 1 - 30 years 453,797 421,442
Furniture and equipment 1 - 20 years 1,278,801 1,160,456
Construction in progress 279,259 159,266
3,975,465 3,693,678
Less accumulated depreciation and amortization 1,998,053 1,839,151
Total premises and equipment $1,977,412 $1,854,527
The carrying amounts of premises and equipment subject to mortgage indebtedness (included in long-
term debt) were not significant at December 31, 2006 and 2005.
Various Company facilities are leased under both capital and noncancelable operating leases with initial
remaining terms in excess of one year. Minimum payments, by year and in aggregate, as of
December 31, 2006 were as follows:
(Dollars in thousands)
Operating
Leases
Capital
Leases
2007 $138,519 $2,337
2008 125,710 2,372
2009 111,454 2,384
2010 97,476 2,496
2011 75,566 2,544
Thereafter 375,040 30,359
Total minimum lease payments $923,765 42,492
Amounts representing interest 21,899
Present value of net minimum lease payments $20,593
93