Shareholders' Equity

3 Months Ended

Mar. 31, 2013

Shareholders' Equity

Shareholders' Equity

Note 9. Shareholders’ Equity

On November 13, 2012, the Corporation issued 7,000,000 depositary shares, each representing a 1/40th interest in a share of 5.50% Series C non-cumulative perpetual preferred stock with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share). Net proceeds, after issuance cost, were approximately $169.9 million. Dividends on the preferred stock are payable quarterly, in arrears, if declared by the Corporation’s Board of Directors. The preferred stock has no maturity date and may be redeemed in whole or in part at the option of the Corporation on any dividend payment date after five years from the date of issuance.

The components of AOCI at March 31, 2013 and December 31, 2012 are as follows:

	March 31,		December 31,
(in thousands)	2013		2012
Net unrealized gain on securities available-for-sale	$	74,201	$	86,526
Net unrealized gain on cash flow hedges	21		56
Total accumulated other comprehensive income	$	74,222	$	86,582

The following table presents the tax effects allocated to each component of other comprehensive income for the three month periods ended March 31, 2013 and 2012:

	For the three months ended March 31, 2013									For the three months ended March 31, 2012
(in thousands)	Pre-tax			Tax expense (benefit)			Net-of-tax			Pre-tax			Tax expense (benefit)			Net-of-tax
Securities available-for-sale:
Net unrealized (losses) gains arising during the period	$	(19,810	)	$	(8,287	)	$	(11,523	)	$	16,452		$	6,882		$	9,570
Reclassification adjustment for net gains included in net income (1)	(887		)	(371		)	(516		)	(394		)	(165		)	(229		)
Non-credit related impairment loss (2)	(492		)	(206		)	(286		)	(2,432		)	(1,018		)	(1,414		)
Total securities available-for-sale	(21,189		)	(8,864		)	(12,325		)	13,626			5,699			7,927
Net change on cash flow hedges	(35		)	—			(35		)	(42		)	—			(42		)
Pension liability adjustment (3)	—			—			—			1,085			—			1,085
Total other comprehensive (loss) income	$	(21,224	)	$	(8,864	)	$	(12,360	)	$	14,669		$	5,699		$	8,970

(1) Recognized in Gain on sale of securities in the consolidated statements of income.

(2) Recognized in Impairment loss on securities in the consolidated statements of income.

(3) Recognized in Salaries and employee benefits in the consolidated statements of income. See Note 14 for additional information.

The following table summarizes the Company’s share repurchases for the three months ended March 31, 2013. 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 three months ended March 31, 2013.

Period	Total Number of Shares (or Units) Purchased	Average Price Paid per Share (or Unit)
January 1, 2013 to January 31, 2013	400	$	52.78
February 1, 2013 to February 28, 2013	31,125	55.63
March 1, 2013 to March 31, 2013	22,139	56.30
Total share repurchases	53,664	55.89