Shareholders' Equity And Other Comprehensive Income

3 Months Ended

Mar. 31, 2012

Shareholders' Equity And Other Comprehensive Income [Abstract]

Shareholders' Equity And Other Comprehensive Income

NOTE 11 – SHAREHOLDERS' EQUITY AND OTHER COMPREHENSIVE INCOME

Other Comprehensive income

The following is a summary of the tax effects of each component of other comprehensive income for the three months ended March 31 for the periods indicated:

	March 31, 2012
(dollars in thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gain on securities:
Unrealized holding gains (losses) arising during the period	$	(1,056	)	$	370		$	(686	)
Other-than-temporary impairment realized in net income		—			—			—
Less: reclassification adjustment for (gains) included in net income		(2,800	)		980			(1,820	)
Net unrealized gains (losses)		(3,856	)		1,350			(2,506	)
Fair value of derivative instruments designated as cash flow hedges
Change in fair value of derivative instruments designated as cash flow hedges during the period	$	4,951		$	(1,733	)		3,218
Less: reclassification adjustment for losses (gains) included in net income		386			(135	)		251
Fair value of derivative instruments designated as cash flow hedges		5,337			(1,868	)		3,469
Total other comprehensive income	$	1,481		$	(518	)	$	963

	March 31, 2011
(dollars in thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gain on securities:
Unrealized holding gains (losses) arising during the period	$	2,882		$	(1,009	)	$	1,873
Other-than-temporary impairment realized in net income		—			—			—
Less: reclassification adjustment for gains included in net income		(1	)		—			(1	)
Net unrealized gains (losses)		2,881			(1,009	)		1,872
Fair value of derivative instruments designated as cash flow hedges
Change in fair value of derivative instruments designated as cash flow hedges during the period	$	1,095			(383	)	$	712
Less: reclassification adjustment for losses (gains) included in net income		427			(150	)		277
Fair value of derivative instruments designated as cash flow hedges		1,522			(533	)		989
Total other comprehensive income	$	4,403		$	(1,542	)	$	2,861

Treasury share repurchases

Share repurchases may be made from time to time, on the open market or in privately negotiated transactions, at the discretion of the management of the Company, after the Board of Directors authorizes a repurchase program. The approved share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time. Stock repurchases generally are affected through open market purchases, and may be made through unsolicited negotiated transactions. The timing of these repurchases will depend on market conditions and other requirements.

In October 2011, the Board of Directors authorized the repurchase of up to 900,000 shares of common stock. There were no shares repurchased during the three months ended March 31, 2012.