Huntington National Bank 2007 Annual Report Download - page 102

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17. INCOME TAXES
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state, city, and foreign
jurisdictions. Federal income tax audits have been resolved through 2003. Various state and other jurisdictions remain open to
examination for tax years 2000 and forward.
As of December 31, 2007, there were no unrecognized tax benefits. Huntington does not anticipate the total amount of
unrecognized tax benefits to significantly change within the next 12 months.
The Company recognizes interest and penalties on income tax assessments or income tax refunds in the financial statements as a
component of its provision for income taxes. There were no amounts recognized for interest and penalties for the years ended
December 31, 2007, 2006, and 2005 and no amounts accrued at December 31, 2007 and 2006.
The following is a summary of the provision for income taxes (benefit):
(in thousands) 2007 2006 2005
At December 31,
Current tax (benefit) provision
Federal $ 135,196 $ 340,665 $163,383
State 288 222 210
Total current tax provision 135,484 340,887 163,593
Deferred tax (benefit) provision
Federal (188,518) (288,475) (32,681)
State 508 428 571
Total deferred tax benefit (188,010) (288,047) (32,110)
(Benefit) provision for income taxes $ (52,526) $ 52,840 $131,483
Tax benefit associated with securities transactions included in the above amounts were $10.4 million in 2007, $25.6 million in
2006, and $2.8 million in 2005.
The following is a reconcilement of provision for income taxes:
(in thousands) Amount Amount Amount
2007 2006 2005
Provision for income taxes computed at the statutory rate $ 7,925 $179,921 $190,251
Increases (decreases):
Tax-exempt interest income (13,161) (10,449) (8,741)
Tax-exempt bank owned life insurance income (17,449) (15,321) (14,257)
Asset securitization activities (18,627) (10,157) (6,651)
Federal tax loss carryback —(33,086) (28,705)
General business credits (8,884) (7,130) (6,878)
Repatriation of foreign earnings —— 5,741
Resolution of federal income tax audit —(52,604) —
Other, net (2,330) 1,666 723
(Benefit) provision for income taxes $(52,526) $ 52,840 $131,483
100
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED