Huntington National Bank 2003 Annual Report Download - page 132
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
24. Income Taxes
The following is a summary of income tax expense (benefit):
(in thousands of dollars) 2003 2002 2001
Currently payable (receivable)
Federal $138,036 $102,256 $(130,917)
State —— —
Total current 138,036 102,256 (130,917)
Deferred tax expense
Federal 258 96,718 91,598
State —— —
Total deferred 258 96,718 91,598
Income Tax Expense (Benefit) $138,294 $198,974 $ (39,319)
Tax expense associated with securities transactions included in the above amounts was $1.8 million in 2003, $1.7 million in 2002, and
$0.3 million in 2001.
The following is a reconcilement of income tax expense to the amount computed at the statutory rate of 35%:
2003 2002 2001
(in thousands of dollars) Amount Rate Amount Rate Amount Rate
Income tax expense computed at the statutory
rate $183,396 35.0% $182,947 35.0% $ 33,416 35.0%
Increases (decreases):
Tax-exempt income (21,441) (4.1) (18,621) (3.6) (18,486) (19.4)
Asset securitization activities (2,738) (0.5) (8,244) (1.6) (21,527) (22.6)
Subsidiary capital activities — — — — (32,500) (34.0)
Nondeductible goodwill — — 52,500 10.0 5,729 6.0
General business credits (11,176) (2.1) (2,100) (0.4) (2,100) (2.2)
Other, net (9,747) (1.9) (7,508) (1.3) (3,851) (4.0)
Income Taxes $138,294 26.4% $198,974 38.1% $(39,319) (41.2)%
Income taxes include a benefit from bank owned life insurance, included in tax-exempt income in the previous table, of $15.1 million
in both 2003 and 2002, and $14.4 million for 2001. The significant components of deferred assets and liabilities at December 31, are as
follows:
(in thousands of dollars) 2003 2002
Deferred tax assets:
Allowance for loan losses $153,060 $ 76,980
Alternative minimum tax — 18,308
Net operating loss 8,715 —
Other 170,964 155,252
Total Deferred Tax Assets 332,739 250,540
Deferred tax liabilities:
Lease financing 857,842 717,643
Undistributed income of subsidiary — 28,123
Pension and other employee benefits 3,037 16,480
Mortgage servicing rights 15,770 12,308
Unrealized gains on securities available for sale 5,078 30,129
Other 105,547 125,516
Total Deferred Tax Liability 987,274 930,199
Net Deferred Tax Liability $654,535 $679,659
130 HUNTINGTON BANCSHARES INCORPORATED