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Loans Receivable And Allowance For Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2012
Loans Receivable And Allowance For Credit Losses [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
The following table presents the composition of Sterling’s loan portfolio as of the balance sheet dates:
 
 
September 30,
2012
 
December 31,
2011
 
(in thousands)
Residential real estate
$
818,323

 
$
688,020

Commercial real estate ("CRE"):
 
 
 
Investor CRE
1,274,774

 
1,275,667

Multifamily
1,359,506

 
1,001,479

Construction
99,553

 
174,608

Total CRE
2,733,833

 
2,451,754

Commercial:
 
 
 
Owner occupied CRE
1,304,224

 
1,272,461

Commercial & Industrial ("C&I")
517,588

 
431,693

Total commercial
1,821,812

 
1,704,154

Consumer
768,359

 
674,961

Gross loans receivable
6,142,327

 
5,518,889

Deferred loan costs (fees), net
2,317

 
(252
)
Allowance for loan losses
(154,279
)
 
(177,458
)
Net loans receivable
$
5,990,365

 
$
5,341,179
Allowance for Credit Losses on Financing Receivables [Table Text Block]
The following table sets forth details by segment for Sterling’s loan portfolio and related allowance as of the balance sheet dates:
 
 
Residential Real Estate
 
Commercial Real Estate
 
Commercial
 
Consumer
 
Unallocated
 
Total
 
(in thousands)
September 30, 2012
 
 
 
 
 
 
 
 
 
 
 
Loans receivable, gross:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
8,565

 
$
82,543

 
$
60,510

 
$
827

 
$
0

 
$
152,445

Collectively evaluated for impairment
809,758

 
2,651,290

 
1,761,302

 
767,532

 
0

 
5,989,882

Total loans receivable, gross
$
818,323

 
$
2,733,833

 
$
1,821,812

 
$
768,359

 
$
0

 
$
6,142,327

Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
365

 
$
3,660

 
$
6,036

 
$
43

 
$
0

 
$
10,104

Collectively evaluated for impairment
10,383

 
53,518

 
35,479

 
19,949

 
24,846

 
144,175

Total allowance for loan losses
$
10,748

 
$
57,178

 
$
41,515

 
$
19,992

 
$
24,846

 
$
154,279

December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
Loans receivable, gross:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
18,301

 
$
149,578

 
$
74,041

 
$
1,192

 
$
0

 
$
243,112

Collectively evaluated for impairment
669,719

 
2,302,176

 
1,630,113

 
673,769

 
0

 
5,275,777

Total loans receivable, gross
$
688,020

 
$
2,451,754

 
$
1,704,154

 
$
674,961

 
$
0

 
$
5,518,889

Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
872

 
$
11,170

 
$
4,206

 
$
57

 
$
0

 
$
16,305

Collectively evaluated for impairment
14,325

 
80,552

 
33,840

 
13,370

 
19,066

 
161,153

Total allowance for loan losses
$
15,197

 
$
91,722

 
$
38,046

 
$
13,427

 
$
19,066

 
$
177,458
Allowance for Credit Losses Rollforward [Table Text Block]
The following tables present a roll-forward by segment of the allowance for credit losses for the periods presented:
 
 
Residential Real Estate
 
Commercial Real Estate
 
Commercial
 
Consumer
 
Unallocated
 
Total
 
(in thousands)
2012 third quarter activity
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, July 1
$
12,381

 
$
66,852

 
$
40,270

 
$
16,959

 
$
21,782

 
$
158,244

Provisions
(129
)
 
(8,349
)
 
2,762

 
4,652

 
3,064

 
2,000

Charge-offs
(1,641
)
 
(4,898
)
 
(2,058
)
 
(1,882
)
 
0

 
(10,479
)
Recoveries
137

 
3,573

 
541

 
263

 
0

 
4,514

Ending balance, September 30
10,748

 
57,178

 
41,515

 
19,992

 
24,846

 
154,279

Reserve for unfunded credit commitments:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, July 1
2,321

 
698

 
3,350

 
1,510

 
73

 
7,952

Provisions
66

 
(427
)
 
(1
)
 
165

 
197

 
0

Charge-offs
(181
)
 
0

 
0

 
0

 
0

 
(181
)
Recoveries
0

 
0

 
0

 
0

 
0

 
0

Ending balance, September 30
2,206

 
271

 
3,349

 
1,675

 
270

 
7,771

Total credit allowance
$
12,954

 
$
57,449

 
$
44,864

 
$
21,667

 
$
25,116

 
$
162,050

2011 third quarter activity
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, July 1
$
20,826

 
$
102,607

 
$
46,602

 
$
13,800

 
$
28,253

 
$
212,088

Provisions
3,250

 
4,823

 
(4,525
)
 
902

 
(450
)
 
4,000

Charge-offs
(4,204
)
 
(26,650
)
 
(7,769
)
 
(2,554
)
 
0

 
(41,177
)
Recoveries
178

 
6,781

 
3,862

 
463

 
0

 
11,284

Ending balance, September 30
20,050

 
87,561

 
38,170

 
12,611

 
27,803

 
186,195

Reserve for unfunded credit commitments:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, July 1
2,435

 
2,555

 
924

 
2,108

 
(591
)
 
7,431

Provisions
624

 
(387
)
 
613

 
(383
)
 
1,533

 
2,000

Charge-offs
(55
)
 
0

 
0

 
0

 
0

 
(55
)
Recoveries
0

 
0

 
0

 
0

 
0

 
0

Ending balance, September 30
3,004

 
2,168

 
1,537

 
1,725

 
942

 
9,376

Total credit allowance
$
23,054

 
$
89,729

 
$
39,707

 
$
14,336

 
$
28,745

 
$
195,571


 
Residential Real Estate
 
Commercial Real Estate
 
Commercial
 
Consumer
 
Unallocated
 
Total
 
(in thousands)
2012 year to date
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, January 1
$
15,197

 
$
91,722

 
$
38,046

 
$
13,427

 
$
19,066

 
$
177,458

Provisions
(1,486
)
 
(21,078
)
 
13,442

 
11,342

 
5,780

 
8,000

Charge-offs
(3,985
)
 
(25,897
)
 
(15,197
)
 
(5,977
)
 
0

 
(51,056
)
Recoveries
1,022

 
12,431

 
5,224

 
1,200

 
0

 
19,877

Ending balance, September 30
10,748

 
57,178

 
41,515

 
19,992

 
24,846

 
154,279

 
 
 
 
 
 
 
 
 
 
 
 
Reserve for unfunded credit commitments:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, January 1
3,828

 
2,321

 
1,796

 
1,787

 
297

 
10,029

Provisions
2,636

 
(2,050
)
 
1,553

 
(112
)
 
(27
)
 
2,000

Charge-offs
(4,258
)
 
0

 
0

 
0

 
0

 
(4,258
)
Recoveries
0

 
0

 
0

 
0

 
0

 
0

Ending balance, September 30
2,206

 
271

 
3,349

 
1,675

 
270

 
7,771

Total credit allowance
$
12,954

 
$
57,449

 
$
44,864

 
$
21,667

 
$
25,116

 
$
162,050

 
 
 
 
 
 
 
 
 
 
 
 
2011 year to date
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, January 1
$
17,307

 
$
124,907

 
$
56,951

 
$
14,645

 
$
33,246

 
$
247,056

Provisions
16,941

 
14,280

 
(2,640
)
 
3,362

 
(5,443
)
 
26,500

Charge-offs
(15,230
)
 
(66,595
)
 
(21,261
)
 
(6,817
)
 
0

 
(109,903
)
Recoveries
1,032

 
14,969

 
5,120

 
1,421

 
0

 
22,542

Ending balance, September 30
20,050

 
87,561

 
38,170

 
12,611

 
27,803

 
186,195

 
 
 
 
 
 
 
 
 
 
 
 
Reserve for unfunded credit commitments:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, January 1
3,189

 
4,157

 
1,515

 
817

 
1,029

 
10,707

Provisions
646

 
(1,989
)
 
22

 
908

 
(87
)
 
(500
)
Charge-offs
(831
)
 
0

 
0

 
0

 
0

 
(831
)
Recoveries
0

 
0

 
0

 
0

 
0

 
0

Ending balance, September 30
3,004

 
2,168

 
1,537

 
1,725

 
942

 
9,376

Total credit allowance
$
23,054

 
$
89,729

 
$
39,707

 
$
14,336

 
$
28,745

 
$
195,571
Financing Receivable Credit Quality Indicators [Table Text Block]
The following table presents credit quality indicators for Sterling’s loan portfolio grouped according to internally assigned risk ratings and performance status:
 
 
 
 
Commercial Real Estate
 
Commercial
 
 
 
 
 
 
 
Residential Real Estate
 
Investor CRE
 
Multifamily
 
Construction
 
Owner Occupied CRE
 
Commercial & Industrial
 
Consumer
 
Total
 
% of
Total
 
(in thousands)
September 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
$
779,226

 
$
1,085,091

 
$
1,337,555

 
$
71,752

 
$
1,160,239

 
$
470,667

 
$
756,162

 
$
5,660,692

 
93
%
Special mention
13,181

 
122,333

 
10,948

 
3,857

 
71,110

 
35,051

 
4,735

 
261,215

 
4
%
Substandard
25,551

 
64,811

 
10,001

 
23,825

 
66,839

 
11,870

 
7,419

 
210,316

 
3
%
Doubtful/Loss
365

 
2,539

 
1,002

 
119

 
6,036

 
0

 
43

 
10,104

 
0
%
Total
$
818,323

 
$
1,274,774

 
$
1,359,506

 
$
99,553

 
$
1,304,224

 
$
517,588

 
$
768,359

 
$
6,142,327

 
100
%
Restructured
$
22,131

 
$
4,339

 
$
3,567

 
$
13,176

 
$
20,689

 
$
1,966

 
$
475

 
$
66,343

 
1
%
Nonaccrual
21,095

 
48,779

 
5,654

 
14,286

 
42,746

 
7,944

 
5,591

 
146,095

 
2
%
Nonperforming
43,226

 
53,118

 
9,221

 
27,462

 
63,435

 
9,910

 
6,066

 
212,438

 
3
%
Performing
775,097

 
1,221,656

 
1,350,285

 
72,091

 
1,240,789

 
507,678

 
762,293

 
5,929,889

 
97
%
Total
$
818,323

 
$
1,274,774

 
$
1,359,506

 
$
99,553

 
$
1,304,224

 
$
517,588

 
$
768,359

 
$
6,142,327

 
100
%
December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
$
643,071

 
$
1,116,991

 
$
975,583

 
$
51,284

 
$
1,123,796

 
$
385,643

 
$
663,829

 
$
4,960,197

 
90
%
Special mention
14,031

 
83,372

 
9,901

 
24,578

 
54,009

 
25,334

 
4,166

 
215,391

 
4
%
Substandard
30,046

 
70,412

 
15,279

 
93,185

 
90,613

 
19,355

 
6,909

 
325,799

 
6
%
Doubtful/Loss
872

 
4,892

 
716

 
5,561

 
4,043

 
1,361

 
57

 
17,502

 
0
%
Total
$
688,020

 
$
1,275,667

 
$
1,001,479

 
$
174,608

 
$
1,272,461

 
$
431,693

 
$
674,961

 
$
5,518,889

 
100
%
Restructured
$
17,638

 
$
4,366

 
$
0

 
$
38,833

 
$
13,519

 
$
2,583

 
$
0

 
$
76,939

 
1
%
Nonaccrual
25,265

 
47,827

 
5,867

 
56,385

 
59,752

 
9,296

 
5,829

 
210,221

 
4
%
Nonperforming
42,903

 
52,193

 
5,867

 
95,218

 
73,271

 
11,879

 
5,829

 
287,160

 
5
%
Performing
645,117

 
1,223,474

 
995,612

 
79,390

 
1,199,190

 
419,814

 
669,132

 
5,231,729

 
95
%
Total
$
688,020

 
$
1,275,667

 
$
1,001,479

 
$
174,608

 
$
1,272,461

 
$
431,693

 
$
674,961

 
$
5,518,889

 
100
%
Past Due Financing Receivables [Table Text Block]
Aging by class for Sterling’s loan portfolio as of September 30, 2012 and December 31, 2011 was as follows:
 
 
 
 
Commercial Real Estate
 
Commercial
 
 
 
 
 
 
 
Residential Real Estate
 
Investor CRE
 
Multifamily
 
Construction
 
Owner Occupied CRE
 
Commercial & Industrial
 
Consumer
 
Total
 
% of
Total
 
(in thousands)
 
 
September 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 - 59 days past due
$
5,742

 
$
12,602

 
$
709

 
$
72

 
$
9,161

 
$
1,612

 
$
6,509

 
$
36,407

 
1
%
60 - 89 days past due
3,670

 
6,806

 
230

 
4,347

 
2,154

 
819

 
1,458

 
19,484

 
0
%
> 90 days past due
19,155

 
26,678

 
3,241

 
10,260

 
32,178

 
4,128

 
5,298

 
100,938

 
2
%
Total past due
28,567

 
46,086

 
4,180

 
14,679

 
43,493

 
6,559

 
13,265

 
156,829

 
3
%
Current
789,756

 
1,228,688

 
1,355,326

 
84,874

 
1,260,731

 
511,029

 
755,094

 
5,985,498

 
97
%
Total Loans
$
818,323

 
$
1,274,774

 
$
1,359,506

 
$
99,553

 
$
1,304,224

 
$
517,588

 
$
768,359

 
$
6,142,327

 
100
%
> 90 days and accruing
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
0
%
December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 - 59 days past due
$
5,718

 
$
3,354

 
$
1,523

 
$
11,830

 
$
19,967

 
$
1,741

 
$
4,167

 
$
48,300

 
1
%
60 - 89 days past due
4,585

 
3,954

 
193

 
879

 
4,233

 
520

 
2,258

 
16,622

 
0
%
> 90 days past due
20,207

 
33,759

 
3,178

 
68,024

 
40,987

 
7,871

 
5,054

 
179,080

 
3
%
Total past due
30,510

 
41,067

 
4,894

 
80,733

 
65,187

 
10,132

 
11,479

 
244,002

 
4
%
Current
657,510

 
1,234,600

 
996,585

 
93,875

 
1,207,274

 
421,561

 
663,482

 
5,274,887

 
96
%
Total Loans
$
688,020

 
$
1,275,667

 
$
1,001,479

 
$
174,608

 
$
1,272,461

 
$
431,693

 
$
674,961

 
$
5,518,889

 
100
%
> 90 days and accruing
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
0
%
Impaired Financing Receivables [Table Text Block]
For purchased impaired loans, details as of the acquisition date were as follows:
 
February 29, 2012
 
(in thousands)
Contractual cash flows
$
24,408

Expected prepayments and credit losses
7,220

Expected cash flows
17,188

Present value of expected cash flows
15,265

Accretable yield
$
1,923

ling considers its nonperforming loans to be impaired loans. The following table summarizes impaired loans by class as of September 30, 2012 and December 31, 2011:
he following table presents the average book balance and interest income recognized for impaired loans by class for the periods presented:
 
Three Months Ended September 30,
 
2012
 
2011
 
Average Book Balance
 
Interest Income Recognized
 
Average Book Balance
 
Interest Income Recognized
 
(in thousands)
Residential real estate
$
43,393

 
$
170

 
$
51,786

 
$
247

Investor CRE
63,746

 
278

 
58,185

 
620

Multifamily
17,865

 
55

 
7,206

 
67

Construction
30,152

 
692

 
142,356

 
1,146

Owner Occupied CRE
68,270

 
316

 
80,913

 
723

C&I
10,137

 
51

 
13,544

 
80

Consumer
5,327

 
4

 
5,635

 
0

Total
$
238,890

 
$
1,566

 
$
359,625

 
$
2,883

 
Nine Months Ended September 30,
 
2012
 
2011
 
Average Book Balance
 
Interest Income Recognized
 
Average Book Balance
 
Interest Income Recognized
 
(in thousands)
Residential real estate
$
43,065

 
$
588

 
$
70,286

 
$
567

Investor CRE
52,656

 
1,281

 
83,024

 
1,848

Multifamily
7,544

 
405

 
14,419

 
690

Construction
61,340

 
1,565

 
222,280

 
1,190

Owner Occupied CRE
68,353

 
1,722

 
79,218

 
1,913

C&I
10,895

 
86

 
12,823

 
321

Consumer
5,947

 
4

 
6,839

 
0

Total
$
249,800

 
$
5,651

 
$
488,889

 
$
6,529
Troubled Debt Restructurings on Financing Receivables [Table Text Block]
The following tables present loans that were modified and recorded as troubled debt restructurings (“TDR’s”) during the following period:
 
Three Months Ended September 30, 2012
 
Number of
Contracts
 
Pre-Modification
Recorded
Investment
 
Post-Modification
Recorded
Investment
 
(in thousands, except number of contracts)
Residential real estate
15

 
$
2,817

 
$
2,765

Investor CRE
0

 
0

 
0

Multifamily
0

 
0

 
0

Construction
2

 
4,118

 
3,241

Owner Occupied CRE
1

 
133

 
125

C&I
0

 
0

 
0

Consumer
1

 
172

 
173

Total (1)
19

 
$
7,240

 
$
6,304


 
Nine Months Ended September 30, 2012
 
Number of
Contracts
 
Pre-Modification
Recorded
Investment
 
Post-Modification
Recorded
Investment
 
(in thousands, except number of contracts)
Residential real estate
27

 
$
5,051

 
$
4,993

Investor CRE
1

 
1,302

 
1,302

Multifamily
2

 
2,379

 
2,374

Construction
4

 
10,062

 
9,194

Owner Occupied CRE
10

 
15,574

 
15,515

C&I
9

 
3,482

 
2,206

Consumer
3

 
468

 
472

Total (1)
56

 
$
38,318

 
$
36,056


(1) Amounts exclude specific loan loss reserves.
Schedule of Post-Modification Investments in Troubled Debt Restructings [Table Text Block]
The following table shows the post-modification recorded investment by class for TDRs restructured during the nine months ended September 30, 2012 by the primary type of concession granted:
 
Principal
Deferral
 
Rate
Reduction
 
Extension of Terms
 
Forgiveness
of Principal
and/or
Interest
 
Total
 
(in thousands)
Residential Real Estate
$
407

 
$
4,586

 
$
0

 
$
0

 
$
4,993

Investor CRE
0

 
1,302

 
0

 
0

 
1,302

Multifamily
0

 
2,374

 
0

 
0

 
2,374

Construction
0

 
3,261

 
5,933

 
0

 
9,194

Owner CRE
5,813

 
9,393

 
0

 
309

 
15,515

C&I
0

 
1,317

 
183

 
706

 
2,206

Consumer
0

 
173

 
299

 
0

 
472

 
$
6,220

 
$
22,406

 
$
6,415

 
$
1,015

 
$
36,056