Shareholders' Equity

9 Months Ended

Sep. 30, 2012

Shareholders' Equity

Shareholders' Equity

Note 9. Shareholders’ Equity

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

	September 30,		December 31,
(in thousands)	2012		2011
Net unrealized gain on securities available-for-sale	$	93,827	$	73,235
Net unrealized gain on cash flow hedges	97		222
Pension liability adjustment	—		(1,085		)
Total accumulated other comprehensive income	$	93,924	$	72,372

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

	For the three months ended September 30, 2012									For the three months ended September 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	$	20,701		$	8,659		$	12,042		$	52,472		$	21,949		$	30,523
Reclassification adjustment for net gains included in net income	(48		)	(20		)	(28		)	(3,060		)	(1,280		)	(1,780		)
Non-credit related impairment loss	(1,471		)	(615		)	(856		)	(4,356		)	(1,823		)	(2,533		)
Net change on cash flow hedges	(42		)	—			(42		)	32			—			32
Pension liability adjustment	—			—			—			(68		)	—			(68		)
Total other comprehensive income	$	19,140		$	8,024		$	11,116		$	45,020		$	18,846		$	26,174

	For the nine months ended September 30, 2012									For the nine months ended September 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	$	37,330		$	15,615		$	21,715		$	89,108		$	37,274		$	51,834
Reclassification adjustment for net gains included in net income	(459		)	(192		)	(267		)	(4,955		)	(2,073		)	(2,882		)
Non-credit related impairment loss	(1,471		)	(615		)	(856		)	(4,356		)	(1,823		)	(2,533		)
Net change on cash flow hedges	(125		)	—			(125		)	(903		)	—			(903		)
Pension liability adjustment	1,085			—			1,085			98			—			98
Total other comprehensive income	$	36,360		$	14,808		$	21,552		$	78,992		$	33,378		$	45,614

The following table summarizes the Company’s share repurchases for the three months ended September 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 nine months ended September 30, 2012.

Period	Total Number of Shares (or Units) Purchased	Average Price Paid per Share (or Unit)
July 1, 2012 to July 31, 2012	2,180	$	49.23
August 1, 2012 to August 31, 2012	12	51.35
September 1, 2012 to September 30, 2012	2,198	52.32
	4,390	50.78