Bank of the West 2014 Annual Report Download - page 57

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Estimated future benefit payments
The following table presents the expected benefit payments, for the periods indicated:
Pension Benefits Other Benefits
(dollars in thousands)
Qualified
Plans
Non-Qualified
Plans
2015 $ 23,608 $ 5,702 $ 3,121
2016 23,586 5,654 4,374
2017 24,385 5,852 2,743
2018 25,851 6,372 3,964
2019 26,068 6,146 2,795
2020-2024 155,801 29,643 18,184
19. Income Taxes
The expense provision for income taxes was comprised of the following:
For the years ended December 31,
(dollars in thousands) 2014 2013
Current:
Federal $218,444 $212,423
States 43,598 59,270
Total current 262,042 271,693
Deferred:
Federal 37,889 56,871
States (5,664) 11,259
Total deferred 32,225 68,130
Total expense for income taxes $294,267 $339,823
The components of the Bank’s net deferred income tax assets were as follows:
As of December 31,
(dollars in thousands) 2014 2013
Assets
Allowance for loan and lease losses and nonperforming assets $337,521 $363,889
Deferred compensation expenses 185,594 139,934
Securities available for sale 24,499 92,924
Depreciation expense 765 3,310
State income and franchise taxes 19,033 21,526
Accrued expenses 51,769 46,223
Other 19,063 20,049
Total deferred income tax assets $638,244 $687,855
Liabilities
Leases $148,863 $147,482
Intangible assets 29,701 30,057
Deferred loan origination costs 34,736 26,680
Total deferred income tax liabilities 213,300 204,219
Net deferred income tax assets $424,944 $483,636
Net deferred income tax assets are included within other assets in the consolidated balance sheets.
Deferred taxes related to net unrealized gains (losses) on securities available for sale, net unrealized gains (losses)
on derivatives and employee benefit plan adjustments are recorded in AOCI. See Note 17 for additional information. The
deferred tax benefit (expense) associated with these adjustments was $(32.6) million and $137.1 million for the years
ended December 31, 2014 and 2013, respectively.
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