Shareholders' Equity

12 Months Ended

Dec. 31, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

12. Shareholders' Equity

Dividends

The primary source of funds available to the Company for the payment of dividends to its shareholders is dividends paid to the Company by its subsidiaries. The Company's subsidiaries are subject to certain requirements imposed by federal banking laws and regulations. These requirements, among other things, establish minimum levels of capital and restrict the amount of dividends that may be distributed by the

subsidiaries to the Company. Under regulations prescribed by the Office of the Comptroller of the Currency (the "OCC"), without prior OCC approval, a bank subsidiary may not declare dividends in any year in excess of the bank's (i) net income for the current year, (ii) plus its retained net income for the prior two years. The Company declared $7.7 million, $11.5 million and $7.7 million in dividends to shareholders for the years ended December 31, 2012, 2011 and 2010, respectively.

Common Stock Repurchase

In September 2011, the Company's board of directors authorized the 2011 Common Stock Repurchase Program ("2011 Repurchase Plan"). The 2011 Repurchase Program, which expired September 2012, authorized management to repurchase up to 500,000 shares, or approximately 6.5%, of the Company's outstanding common stock. During 2012 and 2011, the Company repurchased 65,580 and 13,244 shares of common stock at an average price of $31.98 and $29.34, respectively, for a total of 78,824 shares, or 16% of the program's allotment and 1% of total outstanding shares.

On September 25, 2012, the board of directors authorized the 2012 Common Stock Repurchase Program ("2012 Repurchase Plan"). The 2012 Repurchase Plan will allow for the repurchase of up to 500,000 shares, or approximately 6.5%, of the Company's outstanding common stock over a one-year term expiring on October 1, 2013. As of December 31, 2012, the Company did not repurchase any shares under the 2012 Repurchase Plan.