TCF Bank 2011 Annual Report Download - page 99
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A reconciliation of the change in the gross amount,
before related tax effects, of unrecognized tax benefits
from January 1, 2011 to December 31, 2011 is as follows.
(In thousands)
Balance at January 1, 2011 $2,464
Increases for tax positions
related to the current year 273
Increases for tax positions
related to prior years 605
Decreases for tax positions
related to prior years (261)
Settlements with taxing authorities (84)
Decreases related to lapses of applicable
statutes of limitation (620)
Balance at December 31, 2011 $2,377
The total amount of unrecognized tax benefits that,
if recognized, would affect the tax provision and the
effective income tax rate is $1 million, net of related tax
benefit effects. The gross amount of accrued interest on
unrecognized tax benefits was $240 thousand at December
31, 2011. TCF recorded an increase in accrued interest of
$22 thousand for 2011 and a reduction in accrued interest
of $154 thousand during 2010.
TCF’s federal income tax returns are open and subject
to examination for the 2008 and later tax return years.
TCF’s various state income tax returns are generally open
for the 2007 and later tax return years based on individual
state statutes of limitation. Changes in the amount of
unrecognized tax benefits within the next twelve months
from normal expirations of statutes of limitation are not
expected to be material.
The significant components of the Company’s deferred
tax assets and deferred tax liabilities are as follows.
At December 31,
(In thousands) 2011 2010
Deferred tax assets:
Allowance for loan and lease losses $ 92,031 $ 93,159
Stock compensation and deferred
compensation plans 23,464 18,910
Securities available for sale – 9,442
Net operating losses 16,316 8,988
Valuation allowance (5,094) (4,159)
Accrued expense 3,469 3,200
Other 6,462 8,655
Total deferred tax assets 136,648 138,195
Deferred tax liabilities:
Lease financing 304,996 252,951
Securities available for sale 32,568 –
Loan fees and discounts 21,938 23,124
Premises and equipment 20,505 16,434
Prepaid expenses 9,092 9,431
Goodwill and other intangibles 5,532 2,780
Investments in FHLB stock 2,509 3,183
Other 6,385 4,471
Total deferred tax liabilities 403,525 312,374
Net deferred tax liabilities $266,877 $174,179
The net operating losses at December 31, 2011 consist
of federal net operating losses of $3.4 million that expire in
years 2027 through 2031 and state net operating losses of
$12.9 million that expire in years 2012 through 2031.
812011 Form 10-K