Acquisition and divestiture (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Acquired Identifiable Assets and Liabilities Assumed

The consideration paid for Hudson City’s common equity and the amounts of identifiable assets acquired and liabilities assumed as of the acquisition date were as follows:

	(In thousands)
Identifiable assets:
Cash and due from banks	$	131,688
Interest-bearing deposits at banks		7,568,934
Investment securities		7,929,014
Loans		19,015,013
Goodwill		1,079,787
Core deposit intangible		131,665
Other assets		843,219
Total identifiable assets		36,699,320
Liabilities:
Deposits		17,879,589
Borrowings		13,211,598
Other liabilities		405,025
Total liabilities		31,496,212
Total consideration	$	5,203,108
Cash paid	$	2,064,284
Common stock issued (25,953,950 shares)		3,110,581
Common stock awards converted		28,243
Total consideration	$	5,203,108

Summary of Acquired Impaired Loans

The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition, as shown in the following table, reflected the impact of estimated credit losses and other factors, such as prepayments.

	November 1, 2015
	(In thousands)
Contractually required principal and interest at acquisition	$	1,304,366
Contractual cash flows not expected to be collected		(498,919	)
Expected cash flows at acquisition		805,447
Interest component of expected cash flows		(117,251	)
Estimated fair value	$	688,196

Pro Forma Information

Additionally, the Company expects to achieve further operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts that follow.

	Actual Since
	Acquisition
	Through			Pro Forma
	December 31,			Year Ended December 31
	2015			2015		2014
	(In thousands)
Total revenues(a)	$	111,168		$	5,132,662	$	5,406,291
Net income (loss)		(21,175	)		1,011,463		1,445,779

(a) Represents net interest income plus other income.

Summary of Merger-Related Expenses

A summary of merger-related expenses included in the consolidated statement of income for the years ended December 31, 2016 and 2015 follows:

	2016		2015
	(In thousands)
Salaries and employee benefits	$	5,334	$	51,287
Equipment and net occupancy		1,278		3
Outside data processing and software		1,067		785
Advertising and marketing		10,522		79
Printing, postage and supplies		1,482		504
Other cost of operations		16,072		23,318
Other expense		35,755		75,976
Provision for credit losses		—		21,000
Total	$	35,755	$	96,976