Acquisition and divestiture (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Schedule of Acquired Assets and Liabilities

The consideration paid for Hudson City’s common equity and the amounts of acquired identifiable assets 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, reflects 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 December 31, 2015			Pro Forma Year Ended December 31
				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 year ended December 31, 2015 and 2013 follows:

	2015		2013
	(In thousands)
Salaries and employee benefits	$	51,287	$	836
Equipment and net occupancy		3		690
Printing, postage and supplies		504		1,825
Other cost of operations		24,182		9,013
Other expense		75,976		12,364
Provision for credit losses		21,000		—
Total	$	96,976	$	12,364