Company: HBAN
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000049196-25-000020
Chunk: 64

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 64
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 taxes. Year Ended December 31,(dollar amounts in millions)202420232022Provision for income taxes computed at the statutory rate$505 $501 $580 Increases (decreases):General business credits(271)(253)(164)Tax-exempt income(29)(28)(21)Capital loss— — (60)Affordable housing investment amortization, net of tax benefits193 148 129 State income taxes, net32 41 49 Other13 4 2 Provision for income taxes$443 $413 $515 The significant components of deferred tax assets and liabilities were as follows. At December 31, (dollar amounts in millions)20242023Deferred tax assets:Fair value adjustments$848 $791 Allowances for credit losses559 564 Tax credit carryforward452 240 Research and development expenses108 91 Net operating and other loss carryforward90 101 Lease liability88 89 Pension and other employee benefits73 70 Accrued expense/prepaid41 61 Purchase accounting and other intangibles5 82 Other assets4 4 Total deferred tax assets2,268 2,093 Deferred tax liabilities:Lease financing968 873 Loan origination costs162 155 Mortgage servicing rights116 124 Operating assets78 96 Right-of-use asset64 62 Securities adjustments48 40 Other liabilities3 3 Total deferred tax liabilities1,439 1,353 Net deferred tax asset before valuation allowance829 740 Valuation allowance(36)(30)Net deferred tax asset$793 $710 At December 31, 2024, Huntington’s net deferred tax asset related to loss and other carryforwards was $542 million. This was comprised of federal net operating loss carryforwards of $36 million, which will begin expiring in 2030, state net operating loss carryforwards of $41 million, which will begin expiring in 2025, a federal capital loss carryforward of $10 million, which will begin expiring in 2025, state capital loss carryforwards of $3 million, which will begin expiring in 2025, general business credits of $449 million, which will begin expiring in 2042, and a corporate alternative minimum tax carryover of $3 million, which may be carried forward indefinitely.The valuation allowance for