Acquisition (Tables)

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Schedule of Assets Acquired and Liabilities

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

Pro Forma Information

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

	Pro forma Three months ended March 31, 2015
	(in thousands)
Total revenues(a)	$	1,253,445
Net income		285,237

(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 follows:

	Three months ended March 31, 2016
	(in thousands)
Salaries and employee benefits	$	5,274
Equipment and net occupancy		939
Printing, postage and supplies		937
Other cost of operations		16,012
Total	$	23,162