 |
 |
AmSouth
Bancorporation and Subsidiaries
Notes to Consolidated Financial Statements |
| The differences between the actual income tax expense and the amount
computed by applying the statutory federal income tax rate to income before
income taxes are as follows: |
|
 |
|
|
Years Ended December 31
|
| (In thousands) |
2000
|
1999
|
1998
|
|
| Tax at federal income tax rate |
|
$ 159,097 |
$ 189,480 |
$ 258,580 |
| State and local income taxes, net of federal
benefits |
5,182 |
6,222 |
11,772 |
| Acquisition cost |
1,290 |
19,505 |
6,301 |
| Goodwill amortization |
17,341 |
11,426 |
11,428 |
| Tax exempt interest |
(9,584) |
(10,289) |
(10,932) |
| Bank-owned life insurance |
(19,889) |
(13,166) |
(8,306) |
| Restructuring of leveraged lease portfolio |
(22,853) |
-0- |
-0- |
| Other |
(5,149) |
(2,275) |
(4,118) |
|
|
|
$ 125,435 |
$ 200,903 |
$ 264,725 |
|
 |
|
|
| The significant temporary differences that created deferred tax assets
and liabilities at December 31 are as follows: |
|
|
|
|
|
Years Ended December 31
|
| (In thousands) |
2000
|
1999
|
|
| Deferred tax assets: |
|
|
|
|
Loan loss reserves |
$ 148,754 |
$ 162,175 |
|
Employee benefits |
7,598 |
13,933 |
|
Acquisition cost |
-0- |
41,879 |
|
Accrued expenses |
8,307 |
8,274 |
|
Mortgage servicing rights |
8,208 |
1,700 |
|
Statement 115 equity adjustment |
(1,817) |
50,789 |
|
Federal tax credit carryforwards |
25,184 |
-0- |
|
State net operating loss carryforwards |
20,095 |
-0- |
|
Other |
23,604 |
10,160 |
|
|
|
|
|
239,933 |
288,910 |
|
|
|
| Deferred tax liabilities: |
|
|
|
Leasing activities |
(548,007) |
(370,237) |
|
Depreciation |
(12,720) |
(23,000) |
|
Purchase accounting |
(7,365) |
(17,680) |
|
Deferred loan fees |
650 |
(9,281) |
|
Other |
(16,881) |
(14,243) |
|
|
|
|
|
(584,323) |
(434,441) |
|
|
|
|
Net deferred tax liability |
$ (344,390) |
$ (145,531) |
|
|
|
|
|
|
|
|