Shareholders' Equity And Other Comprehensive Income

12 Months Ended

Dec. 31, 2012

Shareholders' Equity And Other Comprehensive Income

NOTE 17 – 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 years ended December 31 for the periods indicated:

	2012
(Dollars in thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gain on securities:
Unrealized holding losses arising during the period	$	2,174		$	(761	)	$	1,413
Other-than-temporary impairment realized in net income		—			—			—
Less: reclassification adjustment for gains included in net income		(3,739	)		1,308			(2,431	)
Net unrealized losses		(1,565	)		547			(1,018	)
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	$	(22	)	$	8		$	(14	)
Less: reclassification adjustment for losses included in net income		1,618			(566	)		1,052
Fair value of derivative instruments designated as cash flow hedges		1,596			(558	)		1,038
Total other comprehensive income	$	31		$	(11	)	$	20

	2011
(Dollars in thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gain on securities:
Unrealized holding gains arising during the period	$	36,328		$	(12,714	)	$	23,613
Other-than-temporary impairment realized in net income		(509	)		178			(331	)
Less: reclassification adjustment for gains included in net income		(3,422	)		1,198			(2,224	)
Net unrealized gains		32,397			(11,339	)		21,058
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	$	(19,078	)	$	6,677		$	(12,401	)
Less: reclassification adjustment for losses (gains) included in net income		1,723			(603	)		1,120
Fair value of derivative instruments designated as cash flow hedges		(17,355	)		6,074			(11,281	)
Total other comprehensive income	$	15,042		$	(5,265	)	$	9,777

	2010
(Dollars in thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gain on securities:
Unrealized holding losses arising during the period	$	(2,103	)	$	736		$	(1,367	)
Other-than-temporary impairment realized in net income		(517	)		180			(337	)
Less: reclassification adjustment for gains included in net income		(5,172	)		1,810			(3,362	)
Net unrealized losses		(7,792	)		2,726			(5,066	)
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	$	(5,751	)	$	2,013		$	(3,738	)
Less: reclassification adjustment for losses (gains) included in net income		1,643			(575	)		1,068
Fair value of derivative instruments designated as cash flow hedges		(4,108	)		1,438			(2,670	)
Total other comprehensive income	$	(11,900	)	$	4,164		$	(7,736	)

Treasury share repurchases

Share repurchases may be made from time to time, on the open market or in privately negotiated transactions. Such repurchases are authorized by the Board of Directors through a share repurchase program and are executed at the discretion of the management of the Company. 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. The following table details these purchases during 2012 and is based on the settlement date of the transactions. The average price paid per share includes commissions paid. No shares were repurchased during the months not presented in the table.

Period	Total Number  of Shares Purchased		Average Price Paid Per  Share		Total Number of Shares Purchased as Part of Publicly Announced  Plan		Maximum Number of  Shares Available for Purchase Pursuant to Publicly Announced Plan
June 1-30		48,188	$	47.93		48,188		851,812
August 1-31		748,488		47.38		796,676		103,324
September 1-30		56,632		46.97		853,308		46,692
Total		853,308	$	47.38		853,308		46,692