Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following schedule details the allocation of merger consideration to the valuations of the identifiable tangible and intangible assets acquired and liabilities assumed from IBKC as of July 1, 2020.

(Dollars in millions)	IBERIABANK Corporation
Assets:
Cash and due from banks	$	395
Interest-bearing deposits with banks	1,683
Securities available for sale at fair value	3,544
Loans held for sale	320
Loans and leases (a)	25,921
Allowance for loan and lease losses	(284)
Other intangible assets	240
Premises and equipment	311
OREO	9
Other assets	1,153
Total assets acquired	$	33,292
Liabilities:
Deposits	$	28,232
Short-term borrowings	209
Term borrowings	1,200
Other liabilities	618
Total liabilities assumed	$	30,259
Net assets acquired	$	3,033
Consideration paid:
Consideration for outstanding common stock	$	2,243
Consideration for equity awards	28
Consideration for preferred stock	231
Total consideration paid	$	2,502
Purchase accounting gain	$	(531)

(a)     Includes $1.3 billion of initial net investments in sales-type and direct financing leases.

Schedule of Merger and Integration Expense

Total merger and integration expense recognized for the three and six months ended June 30, 2021 and 2020 are presented in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2021		2020		2021		2020
Personnel expense (a)	$	16	$	5	$	37	$	6
Legal and professional fees (b)	4		5		7		7
Net occupancy expense (c)	—		(1)		3		(1)
Other expense (d)	12		5		55		8
Total	$	32	$	14	$	102	$	20

Certain previously reported amounts have been reclassified to agree with current presentation.

(a)    Primarily comprised of fees for severance and retention.

(b)    Primarily comprised of fees for legal, accounting, and merger consultants.    

(c)    Primarily relates to expenses associated with lease exits.

(d)    Consists of fees for operations services, communications and delivery, equipment rentals, depreciation and maintenance, supplies, travel and entertainment, computer software, advertising and public relations, contract termination charges, internal technology development costs, costs of shareholder matters and asset impairments.