Shareholders' Equity

12 Months Ended

Dec. 31, 2012

Accumulated Other Comprehensive Income [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE N – SHAREHOLDERS’ EQUITY

Effective March 31, 2012, the Corporation adopted ASC Update 2011-05, "Presentation of Other Comprehensive Income." As a result, the Corporation has presented a consolidated statement of comprehensive income and details related to the change in accumulated other comprehensive income, as shown in the tables below.

Accumulated Other Comprehensive Income

The following table presents changes in other comprehensive income for the years ended December 31:

	Before-Tax Amount			Tax Effect			Net of Tax Amount
	(in thousands)
2012:
Unrealized gain (loss) on securities	$	2,414		$	(845	)	$	1,569
Reclassification adjustment for securities (gains) losses included in net income	(3,026		)	1,059			(1,967		)
Non-credit related unrealized gain (loss) on other-than-temporarily impaired debt securities	2,046			(716		)	1,330
Unrealized gain on derivative financial instruments	209			(73		)	136
Unrecognized pension and postretirement (cost) income	(6,470		)	2,263			(4,207		)
Amortization (accretion) of net unrecognized pension and postretirement income (cost)	1,321			(462		)	859
Total Other Comprehensive Income (Loss)	$	(3,506	)	$	1,226		$	(2,280	)
2011:
Unrealized gain (loss) on securities	$	13,489		$	(4,721	)	$	8,768
Reclassification adjustment for securities (gains) losses included in net income	(4,560		)	1,596			(2,964		)
Non-credit related unrealized gain (loss) on other-than-temporarily impaired debt securities	369			(129		)	240
Unrealized gain on derivative financial instruments	209			(73		)	136
Unrecognized pension and postretirement (cost) income	(16,418		)	5,746			(10,672		)
Amortization (accretion) of net unrecognized pension and postretirement income (cost)	(74		)	26			(48		)
Total Other Comprehensive Income (Loss)	$	(6,985	)	$	2,445		$	(4,540	)
2010:
Unrealized gain (loss) on securities	$	6,145		$	(2,151	)	$	3,994
Reclassification adjustment for securities (gains) losses included in net income	(700		)	245			(455		)
Non-credit related unrealized gain (loss) on other-than-temporarily impaired debt securities	(255		)	89			(166		)
Unrealized gain on derivative financial instruments	209			(73		)	136
Unrecognized pension and postretirement (cost) income	2,237			(783		)	1,454
Amortization (accretion) of net unrecognized pension and postretirement income (cost)	114			(40		)	74
Total Other Comprehensive Income (Loss)	$	7,750		$	(2,713	)	$	5,037

The following table presents changes in each component of accumulated other comprehensive income, net of tax, for the for the years ended December 31:

	Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired			Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities			Unrecognized Pension and Postretirement Plan Income (Cost)			Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps			Total
	(in thousands)
Balance at December 31, 2009	$	24,975		$	(8,349	)	$	(5,942	)	$	(3,226	)	$	7,458
Current-period other comprehensive income (loss)	(2,621		)	5,994			1,528			136			5,037
Balance at December 31, 2010	$	22,354		$	(2,355	)	$	(4,414	)	$	(3,090	)	$	12,495
Current-period other comprehensive income (loss)	4,700			1,344			(10,720		)	136			(4,540		)
Balance at December 31, 2011	$	27,054		$	(1,011	)	$	(15,134	)	$	(2,954	)	$	7,955
Current-period other comprehensive income (loss)	(692		)	1,624			(3,348		)	136			(2,280		)
Balance at December 31, 2012	$	26,362		$	613		$	(18,482	)	$	(2,818	)	$	5,675

Common Stock Repurchase Plans

In June 2012, the Corporation's board of directors approved a share repurchase program for the repurchase of up to five million shares of common stock. The program expired on December 31, 2012. Approximately 2.1 million shares were repurchased during the year ended December 31, 2012 under this program.

In January 2013, the Corporation's board of directors approved a share repurchase program for the repurchase of up to eight million shares, or approximately 4.0% of its outstanding common shares, through June 30, 2013. Repurchased shares will be added to treasury stock, at cost, and will be used for general corporate purposes. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time in the open market at prevailing prices. The program may be discontinued at any time.

Series A Preferred Stock, Common Stock Warrant and Common Stock Issuance

In connection with the Emergency Economic Stabilization Act of 2008 (EESA), the U.S. Treasury Department (UST) initiated a Capital Purchase Program (CPP) which allowed for qualifying financial institutions to issue preferred stock to the UST, subject to certain limitations and terms. The CPP was developed to attract broad participation by strong financial institutions, to stabilize the financial system and to increase lending to benefit the national economy and citizens of the U.S.

On December 23, 2008, the Corporation entered into a Securities Purchase Agreement with the UST pursuant to which the Corporation sold to the UST, for an aggregate purchase price of $376.5 million, 376,500 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (preferred stock), par value $1,000 per share, and a warrant to purchase up to 5.5 million shares of common stock, par value $2.50 per share. The preferred stock carried a dividend rate of 5.00%.

On May 5, 2010, the Corporation issued 21.8 million shares of its common stock, in an underwritten public offering, for net proceeds of $226.3 million, net of underwriting discounts and commissions. On July 14, 2010 the Corporation redeemed all 376,500 outstanding shares of its preferred stock with a total payment to the UST of $379.6 million, consisting of $376.5 million of principal and $3.1 million of dividends. The preferred stock had a carrying value of $371.0 million on the redemption date. Upon redemption, the remaining $5.5 million preferred stock discount was recorded as a reduction to net income available to common shareholders.

On September 8, 2010, the Corporation repurchased the outstanding common stock warrant for the purchase of 5.5 million shares of its common stock for $10.8 million, completing the Corporation’s participation in the UST’s CPP. Upon repurchase, the common stock warrant had a carrying value of $7.6 million. The repurchase price of $10.8 million was recorded as a reduction to additional paid-in capital on the statement of shareholders’ equity and comprehensive income.