Business Combinations and Asset Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the allocation of the purchase price to the net assets of Boston Private as of July 1, 2021:

(Dollars in millions)	July 1, 2021
Cash paid	$	174
Share-based consideration	1,050
Replacement equity awards	10
Total purchase consideration	$	1,234
Fair value of net assets acquired	1,033
Goodwill	$	201

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of assets acquired and liabilities assumed upon the finalization of the purchase:

(Dollars in millions)	July 1, 2021
Assets acquired:
Cash and cash equivalents	$	1,290
Investment securities	1,429
Net loans	7,217
Premises and equipment	39
Intangible assets	104
Right-of-use assets	107
Other assets	284
Total assets acquired	$	10,470
Liabilities assumed:
Deposits	$	8,983
Borrowings	132
Lease liabilities	103
Other liabilities	219
Total liabilities assumed	$	9,437
Fair value of net assets acquired	$	1,033

Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the fair value and estimated useful lives of the other intangible assets at the date of acquisition:

(Dollars in millions)	Estimated Fair Value		Weighted Average Estimated Useful Life - in Years
Other intangible assets:
Customer relationships	$	85	20
Other	19		6
Total other intangible assets	$	104

Schedule of Credit Deteriorated Loans Acquired As Part of Business Combination

Of the $7.2 billion net loans acquired, $1.4 billion exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition:

(Dollars in millions)	July 1, 2021
Par value of PCD loans	$	1,368
PCD ACL at acquisition	(22)
Non-credit premium on PCD loans	43
Purchase price of PCD loans	$	1,389