SunTrust 2008 Annual Report Download - page 120
Download and view the complete annual report
Please find page 120 of the 2008 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.-
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
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
 |
 |
SUNTRUST BANKS, INC.
Notes to Consolidated Financial Statements (Continued)
See Note 11, “Certain Transfers of Financial Assets, Mortgage Servicing Rights and Variable Interest Entities,” to the
Consolidated Financial Statements for discussion of the impairment reserve recorded with respect to MSRs during 2008.
The estimated amortization expense for intangible assets, excluding amortization of MSRs, is as follows:
(Dollars in thousands)
Core Deposit
Intangible Other Total
2009 $41,081 $15,372 $56,453
2010 33,059 11,400 44,459
2011 26,533 8,493 35,026
2012 20,016 8,074 28,090
2013 13,617 6,917 20,534
Thereafter 11,005 29,386 40,390
Total $145,311 $79,642 $224,953
Note 10 - Other Short-Term Borrowings and Contractual Commitments
Other short-term borrowings as of December 31 include:
2008 2007
(Dollars in thousands) Balance Rates Balance Rates
Term Auction Facility $2,500,000 .49 % $- - %
Dealer collateral 1,055,606 various 445,836 various
Master notes 1,034,555 .25 1,683,387 3.45
Short-term promissory notes 70,000 1.50 678,000 various
U.S. Treasury demand notes 39,200 - 123,000 3.55
Other 466,999 various 91,135 various
Total other short-term borrowings $5,166,360 $3,021,358
The average balances of other short-term borrowings for the years ended December 31, 2008, 2007, and 2006 were $3.1
billion, $2.5 billion, and $1.5 billion, respectively, while the maximum amounts outstanding at any month-end during the
years ended December 31, 2008, 2007, and 2006 were $5.2 billion, $3.8 billion, and $2.4 billion, respectively. As of
December 31, 2008, the Company had collateral pledged to the Federal Reserve discount window to support $10.7 billion of
available borrowing capacity.
In the normal course of business, the Company enters into certain contractual obligations. Such obligations include
obligations to make future payments on debt and lease arrangements, contractual commitments for capital expenditures, and
service contracts. As of December 31, 2008, the Company had the following in unconditional obligations:
As of December 31, 2008
(Dollars in millions) 1 year or less 1-3 years 3-5 years After 5 years Total
Operating lease obligations $208 $375 $313 $728 $1,624
Capital lease obligations 113 2 10 16
Purchase obligations 2104 282 226 640 1,252
Total $313 $660 $541 $1,378 $2,892
1Amounts do not include accrued interest.
2Includes contracts with a minimum annual payment of $5 million.
108