Shareholders' Equity

6 Months Ended

Jun. 30, 2015

Shareholders' Equity

Shareholders' Equity

Note 8. Shareholders’ Equity

The components of AOCI at June 30, 2015 and December 31, 2014 are as follows:

(in thousands)	June 30, 2015			December 31, 2014
Net unrealized loss on securities available-for-sale	$	(1,749	)	$	(7,070	)
Foreign currency translation adjustments	(11		)	(4		)
Total accumulated other comprehensive loss	$	(1,760	)	$	(7,074	)

The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014:

	For the three months ended June 30, 2015									For the three months ended June 30, 2014
(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	$	(11,011	)	$	(4,605	)	$	(6,406	)	$	16,820		$	7,056		$	9,764
Reclassification adjustment for net gains included in net income (1)	(306		)	(128		)	(178		)	(5,359		)	(2,242		)	(3,117		)
Non-credit related impairment loss	(363		)	(152		)	(211		)	(317		)	(133		)	(184		)
Total securities available-for-sale	(11,680		)	(4,885		)	(6,795		)	11,144			4,681			6,463
Foreign currency translation adjustments	4			—			4			—			—			—
Total other comprehensive (loss) income	$	(11,676	)	$	(4,885	)	$	(6,791	)	$	11,144		$	4,681		$	6,463

	For the six months ended June 30, 2015									For the six months ended June 30, 2014
(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	$	13,238		$	5,559		$	7,679		$	38,348		$	16,031		$	22,317
Reclassification adjustment for net gains included in net income (1)	(3,691		)	(1,544		)	(2,147		)	(7,551		)	(3,159		)	(4,392		)
Non-credit related impairment loss	(363		)	(152		)	(211		)	(317		)	(133		)	(184		)
Total securities available-for-sale	9,184			3,863			5,321			30,480			12,739			17,741
Foreign currency translation adjustments	(7		)	—			(7		)	—			—			—
Total other comprehensive income	$	9,177		$	3,863		$	5,314		$	30,480		$	12,739		$	17,741

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

The following table summarizes the Company’s share repurchases for the three months ended June 30, 2015. 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 June 30, 2015.

Period	Total Number of Shares Purchased	Average Price Paid per Share
April 1, 2015 to April 30, 2015	—	$	—
May 1, 2015 to May 31, 2015	—	—
June 1, 2015 to June 30, 2015	628	92.62
Total share repurchases	628	92.62