SunTrust 2011 Annual Report Download - page 146
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Notes to Consolidated Financial Statements (Continued)
130
Other Intangible Assets
Changes in the carrying amounts of other intangible assets for the year ended December 31 are as follows:
(Dollars in millions)
Balance, January 1, 2011
Amortization
MSRs originated
Changes in fair value:
Due to changes in inputs and assumptions 1
Other changes in fair value 2
Sale of MSRs
Other
Balance, December 31, 2011
Balance, January 1, 2010
Designated at fair value (transfers from amortized cost)
Amortization
MSRs originated
Changes in fair value:
Due to fair value election
Due to changes in inputs and assumptions 1
Other changes in fair value 2
Sale of MSRs
Other
Balance, December 31, 2010
Core Deposit
Intangibles
$67
(29)
—
—
—
—
—
$38
$104
—
(37)
—
—
—
—
—
—
$67
MSRs -
LOCOM
$—
—
—
—
—
—
—
$—
$604
(604)
—
—
—
—
—
—
—
$—
MSRs -
Fair Value
$1,439
—
224
(533)
(200)
(9)
—
$921
$936
604
—
289
145
(275)
(238)
(22)
—
$1,439
Other
$65
(14)
—
—
—
—
7
$58
$67
—
(13)
—
—
—
—
—
11
$65
Total
$1,571
(43)
224
(533)
(200)
(9)
7
$1,017
$1,711
—
(50)
289
145
(275)
(238)
(22)
11
$1,571
1 Primarily reflects changes in discount rates and prepayment speed assumptions, due to changes in interest rates.
2 Represents changes due to the collection of expected cash flows, net of accretion, due to the passage of time.
The estimated future amortization expense for intangible assets is as follows:
(Dollars in millions)
2012
2013
2014
2015
2016
Thereafter
Total
Core Deposit
Intangibles
$21
13
4
—
—
—
$38
Other
$13
11
9
8
5
12
$58
Total
$34
24
13
8
5
12
$96
Mortgage Servicing Rights
The Company retains MSRs from certain of its sales or securitizations of residential mortgage loans. MSRs on residential mortgage
loans are the only servicing assets capitalized by the Company and are classified within intangible assets on the Company’s
Consolidated Balance Sheets.
Income earned by the Company on its MSRs is derived primarily from contractually specified mortgage servicing fees and late
fees, net of curtailment costs. Such income earned for the year ended December 31, 2011, 2010, and 2009 was $364 million, $399
million, and $354 million, respectively. These amounts are reported in mortgage servicing related income in the Consolidated
Statements of Income/(Loss).