Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2011
Income Tax Disclosure [Abstract]  
Reconcilement of gross unrecognized tax benefits

The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits:

           
(dollar amounts in thousands)   2011   2010   2009
             
Unrecognized tax benefits at beginning of year $ 49,506 $ 17,214 $ ---
  Gross increases for tax positions taken during current year   ---   ---   6,464
  Gross increases for tax positions taken during prior years   ---   32,292   10,750
  Gross decreases for tax positions taken during prior years   (37,610)   ---   ---
Unrecognized tax benefits at end of year $ 11,896 $ 49,506 $ 17,214
Summary of provision (benefit) for income taxes

The following is a summary of the provision (benefit) for income taxes:

 

      Year Ended December 31,
(dollar amounts in thousands)   2011     2010     2009
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)
Reconcilement of provision (benefit) for income taxes

The following is a reconcilement of provision (benefit) for income taxes:

      Year Ended December 31,
(dollar amounts in thousands)   2011     2010     2009
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)
Significant components of deferred tax assets and liabilities
  The significant components of deferred tax assets and liabilities at December 31, were as follows:      
      At December 31,
(dollar amounts in thousands)   2011     2010
Deferred tax assets:          
  Allowances for credit losses $ 348,269   $ 457,692
  Loss and other carryforwards   217,877     262,504
  Fair value adjustments   92,569     106,855
  Accrued expense/prepaid   32,736     39,685
  Purchase accounting adjustments   10,556     11,773
  Pension and other employee benefits   ---     5,671
  Other   15,661     20,309
Total deferred tax assets   717,668     904,489
             
Deferred tax liabilities:          
  Lease financing   65,029     87,735
  Purchase accounting adjustments   51,754     65,787
  Loan origination costs   51,124     43,182
  Mortgage servicing rights   45,948     43,541
  Securities adjustments   40,273     66,090
  Operating assets   33,511     15,161
  Pension and other employee benefits   19,290     ---
  Partnership investments   6,761     8,429
  Other   15,558     4,441
Total deferred tax liabilities   329,248     334,366
Net deferred tax asset before valuation allowance   388,420     570,123
Valuation allowance   (23,594)     (31,817)
Net deferred tax asset $ 364,826   $ 538,306