Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The acquisition-date estimated fair values of the assets acquired and liabilities assumed in the acquisition of United Financial are summarized as follows:

(in millions)
Assets:
Cash and cash equivalents	$	594.9
Securities	381.3
Loans	5,535.5
Goodwill	204.3
Core deposit intangible	41.5
Premises and equipment	61.8
BOLI	196.5
Lease ROU assets	56.3
Mortgage servicing rights	10.6
REO	1.2
Other assets	136.2
Total assets	$	7,220.1
Liabilities:
Deposits	$	5,687.2
Borrowings	622.4
Lease liabilities	61.4
Other liabilities	128.5
Total liabilities	$	6,499.5
Total purchase price	$	720.6

The acquisition-date estimated fair values of the assets acquired and liabilities assumed in the acquisition of BSB Bancorp are summarized as follows:

(in millions)
Assets:
Cash and cash equivalents	$	108.7
Securities	175.8
Loans	2,642.9
Goodwill	144.9
Core deposit intangible	39.5
Premises and equipment	8.3
BOLI	36.8
Other assets	29.8
Total assets	$	3,186.7
Liabilities:
Deposits	$	2,118.7
Borrowings	696.6
Other liabilities	46.9
Total liabilities	$	2,862.2
Total purchase price	$	324.5

Summary of Pro Forma Financial Information Reflecting Acquisition

The following table presents selected unaudited pro forma financial information of the Company, reflecting the acquisitions of United Financial and BSB Bancorp, assuming the acquisitions were completed as of the beginning of the respective periods:

Years ended December 31 (in millions, except per common share data)	2019		2018
Selected Financial Results:
Net interest income	$	1,582.5	$	1,488.6
Provision for loan losses	28.3		30.0
Non-interest income	454.5		408.1
Non-interest expense	1,277.5		1,186.4
Net income	583.5		552.4
Net income available to common shareholders	569.4		538.3
EPS:
Basic	$	1.31	$	1.30
Diluted	1.30		1.29