Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 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.

Table 8.2.1

MERGER CONSIDERATION ALLOCATIONS

(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 years ended December 31, 2021 and 2020 are presented in the following table:

Table 8.2.2

MERGER & INTEGRATION EXPENSE

(Dollars in millions)	2021		2020
Personnel expense (a)	$	56	$	66
Impairment of long-lived assets	34		6
Legal and professional fees (b)	21		39
Contract employment and outsourcing	12		1
Advertising and public relations	10		—
Contribution expense (c)	—		20
Other expense (d)	54		23
Total	$	187	$	155

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

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

(c)    Comprised of contribution expense related to the establishment of the Louisiana First Horizon Foundation.

(d)     Consists of operation services, communications and delivery, equipment expense, supplies, travel and entertainment, computer software, occupancy expense (including costs associated with lease exits) and costs of shareholder matters.