Current report filing

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
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)         2013     2012
                 
Unrecognized tax benefits at beginning of year       $ 6,246   $ 11,896
  Gross decreases for tax positions taken during prior years         (5,048)     (5,650)
  Settlements with taxing authorities         (494)     ---
Unrecognized tax benefits at end of year       $ 704   $ 6,246
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)   2013     2012     2011
Current tax provision (benefit)                
  Federal $ 117,174   $ 35,387   $ 28,867
  State   4,278     6,966     (5,040)
Total current tax provision (benefit)   121,452     42,353     23,827
Deferred tax provision (benefit)                
  Federal   112,681     193,211     148,244
  State   (6,659)     (33,273)     484
Total deferred tax provision (benefit)   106,022     159,938     148,728
Provision for income taxes $ 227,474   $ 202,291   $ 172,555
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)   2013     2012     2011
Provision for income taxes computed at the statutory rate $ 304,065   $ 291,753   $ 251,625
Increases (decreases):                
  Tax-exempt income   (34,378)     (15,752)     (9,695)
  Tax-exempt bank owned life insurance income   (19,747)     (19,151)     (21,169)
  Dividends   ---     ---     (17,744)
  General business credits   (39,868)     (49,654)     (31,269)
  State deferred tax asset valuation allowance adjustment, net   (6,020)     (21,251)     ---
  Capital loss   (961)     (18,659)     (7,000)
  Affordable housing investment amortization, net of tax benefits   16,851     28,855     9,824
  State income taxes, net   4,472     4,152     (2,962)
  Other   3,060     1,998     945
Provision for income taxes $ 227,474   $ 202,291   $ 172,555
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)   2013     2012
Deferred tax assets:          
  Allowances for credit losses $ 244,684   $ 282,175
  Net operating and other loss carryforward   153,826     117,435
  Fair value adjustments   115,874     84,740
  Tax credit carryforward   50,137     97,797
  Accrued expense/prepaid   39,636     39,813
  Market discount   20,671     ---
  Partnership investments   13,552     8,731
  Purchase accounting adjustments   14,096     8,383
  Other   10,437     17,883
Total deferred tax assets   662,913     656,957
             
Deferred tax liabilities:          
  Lease financing   146,814     122,395
  Loan origination costs   82,345     61,189
  Mortgage servicing rights   48,007     30,686
  Operating assets   46,524     35,655
  Purchase accounting adjustments   39,578     50,704
  Securities adjustments   33,719     30,713
  Pension and other employee benefits   12,608     33,898
  Other   11,313     21,447
Total deferred tax liabilities   420,908     386,687
Net deferred tax asset before valuation allowance   242,005     270,270
Valuation allowance   (111,435)     (64,812)
Net deferred tax asset $ 130,570   $ 205,458