Huntington National Bank 2011 Annual Report Download - page 189
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The following is a summary of the provision (benefit) for income taxes:
Year Ended December 31,
2011 2010 2009
(dollar amounts in thousands)
Current tax provision (benefit)
Federal ........................................... $ 10,468 $ 40,675 $(326,659)
State ............................................. (5,040) 29,539 9,860
Total current tax provision (benefit) .................... 5,428 70,214 (316,799)
Deferred tax provision (benefit)
Federal ........................................... 158,709 (30,243) (267,872)
State ............................................. 484 (7) 667
Total deferred tax provision (benefit) ................... 159,193 (30,250) (267,205)
Provision (benefit) for income taxes .................... $164,621 $ 39,964 $(584,004)
Tax benefits associated with securities transactions included in the above amounts were $1.3 million in
2011, $0.1 million in 2010, and $3.6 million in 2009.
The following is a reconcilement of provision (benefit) for income taxes:
Year Ended December 31,
2011 2010 2009
(dollar amounts in thousands)
Provision (benefit) for income taxes computed at the
statutory rate ..................................... $247,532 $123,310 $(1,287,364)
Increases (decreases):
Tax-exempt interest income ......................... (9,695) (6,680) (5,561)
Tax-exempt bank owned life insurance income ......... (21,169) (20,595) (19,205)
Dividends ....................................... (17,744) ——
Asset securitization activities ........................ —46,160 (3,179)
Federal tax loss carryforward /carryback ............... —— (12,847)
General business credits ............................ (31,269) (23,360) (17,602)
Reversals of valuation allowance .................... —(899) —
Capital loss ...................................... (7,000) (62,681) —
Loan acquisitions ................................. —(43,650) (159,895)
Goodwill impairment .............................. —— 908,263
State income taxes, net ............................. (2,962) 19,196 6,842
Other, net ....................................... 6,928 9,163 6,544
Provision (benefit) for income taxes ................... $164,621 $ 39,964 $ (584,004)
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