Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
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)   2012   2011
         
Unrecognized tax benefits at beginning of year $ 11,896 $ 49,506
  Gross increases for tax positions taken during prior years   ---   ---
  Gross decreases for tax positions taken during prior years   (5,650)   (37,610)
Unrecognized tax benefits at end of year $ 6,246 $ 11,896
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)   2012     2011     2010
Current tax provision (benefit)                
  Federal $ 24,006   $ 10,468   $ 40,675
  State   6,966     (5,040)     29,539
Total current tax provision (benefit)   30,972     5,428     70,214
Deferred tax provision (benefit)                
  Federal   186,396     158,709     (30,243)
  State   (33,273)     484     (7)
Total deferred tax provision (benefit)   153,123     159,193     (30,250)
Provision for income taxes $ 184,095   $ 164,621   $ 39,964
Reconcilement of provision (benefit) for income taxes

The following is a reconcilement of provision for income taxes:

      Year Ended December 31,
(dollar amounts in thousands)   2012     2011     2010
Provision for income taxes computed at the statutory rate $ 288,791   $ 247,532   $ 123,310
Increases (decreases):                
  Tax-exempt interest income   (15,752)     (9,695)     (6,680)
  Tax-exempt bank owned life insurance income   (19,151)     (21,169)     (20,595)
  Dividends   ---     (17,744)     ---
  Asset securitization activities   ---     ---     46,160
  General business credits   (49,654)     (31,269)     (23,360)
  State deferred tax asset valuation allowance adjustment, net   (21,251)     ---     ---
  Capital loss   (18,659)     (7,000)     (62,681)
  Loan acquisitions   ---     ---     (43,650)
  Affordable housing investment amortization   13,621     5,983     4,344
  State income taxes, net   4,152     (2,962)     19,196
  Other   1,998     945     3,920
Provision for income taxes $ 184,095   $ 164,621   $ 39,964
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)   2012     2011
Deferred tax assets:          
  Allowances for credit losses $ 282,175   $ 348,269
  Loss and other carryforwards   215,232     217,877
  Fair value adjustments   84,740     92,569
  Accrued expense/prepaid   39,813     32,736
  Purchase accounting adjustments   8,383     10,556
  Partnership investments   7,148     ---
  Other   17,883     15,661
Total deferred tax assets   655,374     717,668
             
Deferred tax liabilities:          
  Lease financing   122,395     65,029
  Loan origination costs   61,189     51,124
  Purchase accounting adjustments   50,704     51,754
  Operating assets   35,655     33,511
  Pension and other employee benefits   33,898     19,290
  Securities adjustments   30,713     40,273
  Mortgage servicing rights   30,686     45,948
  Partnership investments   ---     6,761
  Other   21,447     15,558
Total deferred tax liabilities   386,687     329,248
Net deferred tax asset before valuation allowance   268,687     388,420
Valuation allowance   (64,812)     (23,594)
Net deferred tax asset $ 203,875   $ 364,826