Huntington National Bank 2009 Annual Report Download - page 180

T
he followin
g
table provides a reconciliation of the be
g
innin
g
and endin
g
amounts of unreco
g
nized tax
benefits
.
2009
(
In thousands
)
Unreco
g
nized tax benefits at be
g
innin
g
of
y
ear . .
...............................
$
—
Gross
i
ncreases
f
or tax pos
i
t
i
ons ta
k
en
d
ur
i
n
g
pr
i
or
y
ear
s
.......................
10,
75
0
Gross
i
ncreases
f
or tax pos
i
t
i
ons ta
k
en
d
ur
i
n
g
t
h
e current
y
ea
r
....................
6,464
Unreco
g
n
i
ze
d
tax
b
ene
fi
ts at en
d
o
fy
ear
......................................
1
7
,214
Fe
d
era
lb
ene
fi
t
f
or state an
dl
oca
lp
os
i
t
i
on
s
....................................
(
3
,
763
)
Net
d
e
f
erre
d
tax asset (
li
a
bili
t
y)
............................................
$
13
,
451
T
he compan
y
reco
g
nizes interest and penalties on income tax assessments or income tax refunds if an
y
,
i
nt
h
e
fi
nanc
i
a
l
statements as a component o
fi
ts prov
i
s
i
on
f
or
i
ncome taxes. T
h
ere were no s
ig
n
ifi
can
t
amounts reco
g
n
i
ze
df
or
i
nterest an
d
pena
l
t
i
es
f
or t
h
e
y
ears en
d
e
d
Decem
b
er 31, 2009, 2008, an
d
2007 an
d
n
o
si
g
nificant amounts accrued at December 31, 2009 and 2008.
T
he followin
g
is a summar
y
of the provision for income taxes (benefit)
:
2009 2008 2007
Year Ended December
31,
(
In thousands
)
Current tax (benefit)
p
rovision
Federa
l
.......................................
$(326
,
659
)
$
(
30,164
)
$ 135,19
6
S
tate.
.
.......................................
9
,
86
0
(
102
)
28
8
Total current tax (benefit)
p
rovision
..................
(316
,
799
)
(
30,266
)
135,48
4
Deferred tax (benefit)
p
rovisio
n
F
ede
r
al
.......................................
(
267
,
872
)
(
1
5
2,306
)(
188,
5
18
)
S
tate.
.
.......................................
66
7
3
70
5
08
Total deferred tax
(
benefit
)p
rovision
.................
(
267
,
205
)
(
1
5
1,936
)(
188,010
)
(
Benefit
)p
rovision for income taxes
..................
$
(584
,
004
)
$(
182,202
)$(
52,526
)
Tax benefit associated with securities transactions included in the above amounts were
$
3.6 million i
n
2009
,$
69.1 million in 2008
,
and
$
10.4 million in 2007
.
The followin
g
is a reconcilement of (benefit) provision for income taxes
:
2009 2008 200
7
Year Ended December
31,
(
In thousands
)
(Bene
fi
t)
p
rov
i
s
i
on
f
or
i
ncome taxes com
p
ute
d
at t
h
e
statutor
y
rate
..................................
$(1
,
287
,
364) $
(
103,603
)
$ 7,92
5
Increases
(d
ecreases
):
Tax-exem
p
t
i
nterest
i
ncom
e
.......................
(
5
,
561
)
(
12,484
)(
13,1
6
1
)
Tax-exem
p
t bank owned life insurance income
.........
(19
,
205
)
(
19,172
)(
17,449
)
Asset securitization acti
v
itie
s
......................
(3
,
179
)
(
14,198
)(
18,627
)
Fe
d
era
l
tax
l
oss carr
yf
orwar
d
/carr
yb
ac
k
..............
(
12
,
847
)
(
12,46
5)
—
G
enera
lb
us
i
ness cre
di
t
s
..........................
(
17
,
602
)
(10
,
481) (8
,
884)
Reversal of valuation allowanc
e
....................
—
(
7,101
)
—
Loan ac
q
u
i
s
i
t
i
ons
...............................
(
159
,
895
)
——
Goo
d
w
ill i
m
p
a
i
rmen
t
............................
908,263
——
Other
,
net .
.
..................................
13,386
(
2,698
)(
2,330
)
B
e
n
e
fit f
o
rin
co
m
e
t
a
x
es
...........................
$ (584
,
004) $
(
182,202
)
$
(
52,526
)
172