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Acquisitions and Divestitures (Tables) | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following schedule details a preliminary 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.
(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 |  |  |  |  |  | 1,156 |
Total assets acquired |  |  |  |  |  | $ | 33,295 |
Liabilities: |  |  |  |  |  |
Deposits |  |  |  |  |  | $ | 28,232 |
Short-term borrowings |  |  |  |  |  | 209 |
Term borrowings |  |  |  |  |  | 1,200 |
Other liabilities |  |  |  |  |  | 618 |
Total liabilities assumed |  |  |  |  |  | $ | 30,259 |
Net assets acquired |  |  |  |  |  | $ | 3,036 |
Consideration paid: |  |  |  |  |  |
Consideration for outstanding common stock |  |  |  |  |  | $ | 2,243 |
Consideration for equity awards |  |  |  |  |  | 28 |
Consideration for preferred stock |  |  |  |  |  | 231 |
Total consideration paid |  |  |  |  |  | $ | 2,502 |
Preliminary purchase accounting gain |  |  |  |  |  | $ | (534) |
(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 three months ended March 31, 2021 and 2020 are presented in the table below:
|  | Three Months Ended March 31, |  |
(Dollars in millions) |  | 2021 |  | 2020 |  |  |  |
Personnel expense (a) |  | $ | 21 |  |  | $ | 1 |  |  |  |  |
Legal and professional fees (b) |  | 3 |  |  | 2 |  |  |  |  |
Net occupancy expense (c) |  | 3 |  |  | — |  |  |  |  |
Other expense (d) |  | 43 |  |  | 3 |  |  |  |  |
Total |  | $ | 70 |  |  | $ | 6 |  |  |  |  |
Certain previously reported amounts have been reclassified to agree with current presentation. (a) Primarily comprised of fees for severance and retention. (b) Primarily comprised of fees for legal, accounting, and merger consultants. (c) Primarily relates to expenses associated with lease exits. (d) Consists of fees for operations services, communications and delivery, equipment rentals, depreciation and maintenance, supplies, travel and entertainment, computer software, advertising and public relations, contract termination charges, internal technology development costs, costs of shareholder matters and asset impairments.

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