Huntington National Bank 2014 Annual Report Download - page 164
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The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits:
(
dollar amounts in thousands
)
2014 2013
Unrecognized tax benefits at beginning of year $ 704 $ 6,246
Gross increases for tax positions taken during prior years 468 ---
Gross decreases for tax positions taken during prior years --- (5,048)
Settlements with taxing authorities --- (494)
Unreco
g
nized tax benefits at end of
y
ea
r
$ 1
,
172 $ 704
Any interest and penalties on income tax assessments or income tax refunds are recognized in the Consolidated Statements of
Income as a component of provision for income taxes. Huntington recognized, $0.1 million of interest expense, $0.2 million of interest
benefit, and $0.1 million of interest benefit for the years ended December 31, 2014, 2013 and 2012, respectively. Total interest
accrued was $0.2 million and $0.1 million at December 31, 2014 and 2013, respectively. All of the gross unrecognized tax benefits
would impact the Company’s effective tax rate if recognized.
The following is a summary of the provision (benefit) for income taxes:
Year Ended December 31,
(dollar amounts in thousands) 2014 2013 2012
Current tax provision (benefit)
Federal $ 186,436 $ 117,174 $ 35,387
State (1,017) 4,278 6,966
Total current tax provision (benefit) 185,419 121,452 42,353
Deferred tax provision (benefit)
Federal 41,167 112,681 193,211
State (5,993) (6,659) (33,273)
Total deferred tax provision (benefit) 35,174 106,022 159,938
Provision for income taxes $220,593 $ 227,474 $ 202,291
The following is a reconcilement of provision for income taxes:
Year Ended December 31,
(dollar amounts in thousands) 2014 2013 2012
Provision for income taxes computed at the statutory rate $ 298,545 $ 304,065 $ 291,753
Increases (decreases):
Tax-exempt income (17,971) (34,378) (15,752)
Tax-exempt bank owned life insurance income (19,967) (19,747) (19,151)
General business credits (46,047) (39,868) (49,654)
State deferred tax asset valuation allowance adjustment, net (7,430) (6,020) (21,251)
Capital loss (26,948) (961) (18,659)
Affordable housing investment amortization, net of tax benefits 33,752 16,851 28,855
State income taxes, net 2,873 4,472 4,152
Other 3,786 3,060 1,998
Provision for income taxes $ 220,593 $ 227,474 $ 202,291