SunTrust 2007 Annual Report Download - page 111

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SUNTRUST BANKS, INC.
Notes to Consolidated Financial Statements (Continued)
The changes in carrying amounts of other intangible assets for the twelve months ended December 31 are as follows:
(Dollars in thousands)
Core Deposit
Intangible
Mortgage
Servicing
Rights Other Total
Balance, January 1, 2006 $324,743 $657,604 $140,620 $1,122,967
Amortization (84,214) (195,627) (19,012) (298,853)
MSRs originated - 503,801 - 503,801
Community Bank of Florida branch acquisition 1,085 - - 1,085
Reclass investment to trading assets - - (1,050) (1,050)
Purchase of GenSpring (formerly AMA, LLC) minority shares - - 5,072 5,072
Sale/securitization of MSRs - (155,269) - (155,269)
Issuance of noncompete agreement - - 4,231 4,231
Balance, December 31, 2006 $241,614 $810,509 $129,861 $1,181,984
Amortization (68,959) (181,263) (27,721) (277,943)
MSRs originated - 639,158 - 639,158
Intangible assets obtained from sale upon merger of Lighthouse
Partners, net - - 24,142 24,142
Client relationship intangible obtained from acquisition of TBK
Investments, Inc. - - 6,520 6,520
Purchase of GenSpring (formerly AMA, LLC) minority shares - - 2,205 2,205
Client relationship intangible obtained from acquisition of Inlign
Wealth Management - - 4,120 4,120
Intangible assets obtained from acquisition of minority interest in
Alpha Equity Management - - 1,788 1,788
Sale of MSRs - (218,979) - (218,979)
Balance, December 31, 2007 $172,655 $1,049,425 $140,915 $1,362,995
The estimated amortization expense for intangible assets, excluding amortization of MSRs, is as follows:
(Dollars in thousands)
Core Deposit
Intangible Other Total
2008 $53,616 $24,804 $78,420
2009 36,529 18,466 54,995
2010 28,781 14,494 43,275
2011 22,552 11,587 34,139
2012 16,384 10,993 27,377
Thereafter 14,793 60,571 75,364
Total $172,655 $140,915 $313,570
Note 10 – Other Short-Term Borrowings and Contractual Commitments
Other short-term borrowings as of December 31 include:
2007 2006
(Dollars in thousands) Balance Rates Balance Rates
Federal funds purchased maturing in over one day $- -% $1,006,000 5.27%
Master notes 1,683,387 3.45 744,524 4.58
U.S. Treasury demand notes 123,000 3.55 205,278 4.92
Short-term promissory notes 678,000 various --
Dealer collateral 445,836 various 86,834 various
Other 91,135 various 20,000 various
Total other short-term borrowings $3,021,358 $2,062,636
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