Huntington National Bank 2005 Annual Report Download - page 124

Download and view the complete annual report

Please find page 124 of the 2005 Huntington National Bank 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 142

  • 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

NOTES TOCONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
18. INCOME TAXES
The following is a summary of the provision for income taxes:
At December 31,
(in thousands of dollars) 2005 2004 2003
Current tax provision
Federal $ 163,383 $ 12,779 $138,036
State 210 ——
Total current tax provision 163,593 12,779 138,036
Deferred tax (benefit) provision
Federal (32,681) 140,962 258
State 571 ——
Total deferred tax (benefit) provision (32,110) 140,962 258
Provision for income taxes $ 131,483 $153,741 $138,294
The following is a reconcilement of provision for income taxes to the amount computed at the statutory rate of 35%:
2005 2004 2003
(in thousands of dollars) Amount Rate Amount Rate Amount Rate
Provision for income taxes computed at the statutory rate $190,251 35.0% $193,433 35.0% $183,396 35.0%
Increases (decreases):
Tax-exempt interest income (8,741) (1.6) (7,640) (1.4) (6,381) (1.2)
Tax-exempt bank owned life insurance income (14,257) (2.6) (14,804) (2.7) (15,060) (2.9)
Asset securitization activities (6,651) (1.2) (6,278) (1.1) (5,211) (1.0)
Federal tax loss carryback (28,705) (5.3) —— ——
General business credits (6,878) (1.3) (7,768) (1.4) (11,176) (2.1)
Repatriation of foreign earnings 5,741 1.1 —— ——
Other, net 723 0.1 (3,202) (0.6) (7,274) (1.4)
Provision for income taxes $131,483 24.2% $153,741 27.8% $138,294 26.4%
The significant components of deferred assets and liabilities at December 31, were as follows:
At December 31,
(in thousands of dollars) 2005 2004
Deferred tax assets:
Allowance for credit losses $ 123,934 $ 122,926
Net operating loss & other carryforwards 54,457 22,936
Fair value adjustments 14,082 6,791
Other 74,020 95,527
Total deferred tax assets before valuation allowance 266,493 248,180
Valuation allowance (40,955) —
Net deferred tax assets 225,538 248,180
Deferred tax liabilities:
Lease financing 830,303 861,273
Pension and other employee benefits 41,409 31,822
Mortgage servicing rights 26,375 32,947
Other 71,106 105,766
Total deferred tax liability 969,193 1,031,808
Net deferred tax liability $ 743,655 $ 783,628
122