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Acquisitions
6 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
Acquisitions

2. Acquisitions

In connection with the acquisition of Hudson City Bancorp, Inc. (“Hudson City”) on November 1, 2015 the Company incurred merger-related expenses related to systems conversions and other costs of integrating and conforming acquired operations with and into the Company. Those expenses consisted largely of professional services and other temporary help fees associated with systems conversions and/or integration of operations; costs related to termination of existing contractual arrangements for various services; initial marketing and promotion expenses designed to introduce the Company to its new customers; severance (for former Hudson City employees); travel costs; and other costs of completing the transaction and commencing operations in new markets and offices.

A summary of merger-related expenses included in the consolidated statement of income for the three-month and six-month periods ended June 30, 2016 follows:

 

 

 

Three Months Ended

June 30, 2016

 

 

Six Months Ended

June 30, 2016

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

60

 

 

$

5,334

 

Equipment and net occupancy

 

 

339

 

 

 

1,278

 

Outside data processing and software

 

 

352

 

 

 

1,067

 

Advertising and marketing

 

 

6,327

 

 

 

10,522

 

Printing, postage and supplies

 

 

545

 

 

 

1,482

 

Other cost of operations

 

 

4,970

 

 

 

16,072

 

Total

 

$

12,593

 

 

$

35,755

 

 

There were no merger-related expenses during the three-month or six-month periods ended June 30, 2017.