Shareholders' Equity

9 Months Ended

Sep. 30, 2015

Shareholders' Equity

Shareholders' Equity

Note 8. Shareholders’ Equity

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

(in thousands)	September 30, 2015			December 31, 2014
Net unrealized gain (loss) on securities available-for-sale	$	2,528		$	(7,070	)
Foreign currency translation adjustments	(28		)	(4		)
Total accumulated other comprehensive income (loss)	$	2,500		$	(7,074	)

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

	For the three months ended September 30, 2015									For the three months ended September 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 (losses) arising during the period	$	7,741		$	3,268		$	4,473		$	(16,386	)	$	(6,839	)	$	(9,547	)
Reclassification adjustment for net gains included in net income (1)	(12		)	(5		)	(7		)	(7		)	(3		)	(4		)
Non-credit related impairment loss	(325		)	(136		)	(189		)	(243		)	(102		)	(141		)
Total securities available-for-sale	7,404			3,127			4,277			(16,636		)	(6,944		)	(9,692		)
Foreign currency translation adjustments	(17		)	—			(17		)	—			—			—
Total other comprehensive income (loss)	$	7,387		$	3,127		$	4,260		$	(16,636	)	$	(6,944	)	$	(9,692	)

	For the nine months ended September 30, 2015									For the nine months ended September 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	$	20,617		$	8,676		$	11,941		$	21,646		$	9,060		$	12,586
Reclassification adjustment for net gains included in net income (1)	(3,703		)	(1,549		)	(2,154		)	(7,558		)	(3,162		)	(4,396		)
Non-credit related impairment loss	(325		)	(136		)	(189		)	(243		)	(102		)	(141		)
Total securities available-for-sale	16,589			6,991			9,598			13,845			5,796			8,049
Foreign currency translation adjustments	(24		)	—			(24		)	—			—			—
Total other comprehensive income	$	16,565		$	6,991		$	9,574		$	13,845		$	5,796		$	8,049

(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 September 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 September 30, 2015.

Period	Total Number of Shares Purchased	Average Price Paid per Share
July 1, 2015 to July 31, 2015	1,609	$	89.65
August 1, 2015 to August 31, 2015	—	—
September 1, 2015 to September 30, 2015	2,897	86.89
Total share repurchases	4,506	87.87