Shareholders' Equity

6 Months Ended

Jun. 30, 2012

Shareholders' Equity

Shareholders' Equity

Note 9. Shareholders’ Equity

The components of AOCI at June 30, 2012 and December 31, 2011 are as follows:

	June 30,		December 31,
(in thousands)	2012		2011
Net unrealized gain on securities available-for-sale	$	82,668	$	73,235
Net unrealized gain on cash flow hedges	139		222
Pension liability adjustment	—		(1,085		)
Total accumulated other comprehensive income	$	82,807	$	72,372

The following table presents the tax effects allocated to each component of other comprehensive income for the three and six month periods ended June 30, 2012 and 2011:

	For the three months ended June 30, 2012									For the three months ended June 30, 2011
(in thousands)	Pre-tax			Tax expense (benefit)			Net-of-tax			Pre-tax			Tax expense (benefit)			Net-of-tax
Securities available for sale:
Net unrealized gains arising during the period	$	6,559		$	2,744		$	3,815		$	57,168		$	23,914		$	33,254
Reclassification adjustment for net gains included in net income	(17		)	(7		)	(10		)	(1,807		)	(759		)	(1,048		)
Non-credit related impairment loss	(3,951		)	(1,652		)	(2,299		)	(3,838		)	(1,605		)	(2,233		)
Net change on cash flow hedges	(41		)	—			(41		)	(248		)	—			(248		)
Pension liability adjustment	—			—			—			33			—			33
Total other comprehensive income	$	2,550		$	1,085		$	1,465		$	51,308		$	21,550		$	29,758

	For the six months ended June 30, 2012									For the six months ended June 30, 2011
(in thousands)	Pre-tax			Tax expense (benefit)			Net-of-tax			Pre-tax			Tax expense (benefit)			Net-of-tax
Securities available for sale:
Net unrealized gains arising during the period	$	20,580		$	8,609		$	11,971		$	40,469		$	16,928		$	23,541
Reclassification adjustment for net gains included in net income	(411		)	(172		)	(239		)	(1,895		)	(796		)	(1,099		)
Non-credit related impairment loss	(3,951		)	(1,652		)	(2,299		)	(3,838		)	(1,605		)	(2,233		)
Net change on cash flow hedges	(83		)	—			(83		)	(834		)	—			(834		)
Pension liability adjustment	1,085			—			1,085			65			—			65
Total other comprehensive income	$	17,220		$	6,785		$	10,435		$	33,967		$	14,527		$	19,440

The following table summarizes the Company’s share repurchases for the three months ended June 30, 2012. All repurchases relate to shares withheld or previously owned shares used to pay taxes due upon vesting of restricted stock. There were no issuer repurchases of the Corporation’s common stock as part of its repurchase plan for the six months ended June 30, 2012.

Period	Total Number of Shares (or Units) Purchased	Average Price Paid per Share (or Unit)
April 1, 2012 to April 30, 2012	131	$	52.61
May 1, 2012 to May 31, 2012	42	53.52
June 1, 2012 to June 30, 2012	1,162	47.97
	1,335	48.60