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Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying amounts and fair values of financial instruments as of the periods indicated were as follows. Other assets are comprised of FHLB stock and derivatives, while other liabilities are comprised of derivatives:



		September 30, 2012				December 31, 2011
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:		(in thousands)
Cash and cash equivalents	1	$	263,884	$	263,884	$	491,228	$	491,228
Investments and MBS:
Available for sale	2	2,049,961		2,049,961		2,547,876		2,547,876
Held to maturity	2	1,716		1,716		1,747		1,747
Loans held for sale	2	320,823		320,823		273,957		273,957
Loans receivable, net	3	5,990,365		6,016,644		5,341,179		5,347,555
Other assets (1)	2	121,187		121,187		109,317		109,317
Financial liabilities:
Non-maturity deposits	2	4,690,350		4,690,350		3,824,948		3,824,948
Deposits with stated maturities	2	2,049,560		2,088,695		2,660,870		2,710,740
Borrowings	2	1,343,241		1,333,925		1,706,662		1,724,347
Other liabilities	2	14,873		14,873		9,212		9,212

(1) Other assets includes FHLB stock. As of September 30, 2012 and December 31, 2011, FHLB stock was carried at $98.3 million and $99.0 million, respectively.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents Sterling’s financial instruments that are measured at fair value on a recurring basis:



	Total		Level 1		Level 2		Level 3
	(in thousands)
September 30, 2012
Investment securities available for sale:
MBS	$	1,825,448	$	0	$	1,825,448	$	0
Municipal bonds	205,405		0		205,405		0
Other	19,108		0		19,108		0
Total investment securities available for sale	2,049,961		0		2,049,961		0
Loans held for sale	320,823		0		320,823		0
Other assets - derivatives	22,844		0		22,844		0
Total assets	$	2,393,628	$	0	$	2,393,628	$	0
Contingent consideration	$	14,051	$	0	$	0	$	14,051
Other liabilities - derivatives	14,873		0		14,873		0
Total liabilities	$	28,924	$	0	$	14,873	$	14,051
December 31, 2011
Investment securities available for sale:
MBS	$	2,320,934	$	0	$	2,320,934	$	0
Municipal bonds	207,456		0		207,456		0
Other	19,486		0		19,486		0
Total investment securities available for sale	2,547,876		0		2,547,876		0
Loans held for sale	223,638		0		223,638		0
Other assets - derivatives	10,269		0		10,269		0
Total assets	$	2,781,783	$	0	$	2,781,783	$	0
Other liabilities - derivatives	$	9,212	$	0	$	9,212	$	0

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

The following table presents a roll-forward of contingent consideration:



	Three Months Ended		Nine Months Ended
	September 30, 2012
	(in thousands)
Beginning balance	$	13,292	$	0
Additions	0		11,779
Valuation adjustments - noninterest expense - other - mergers and acquisitions	759		2,272
Ending balance	$	14,051	$	14,051

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]

The difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale that are carried at fair value were included in earnings as follows:



	Nine Months Ended September 30,
	2012		2011
	(in thousands)
Mortgage banking operations	$	9,049	$	8,542

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table presents the carrying value for these assets as of the dates indicated:



	September 30, 2012
	Total Carrying Value		Level 1		Level 2		Level 3		Losses During the Nine Months Ended September 30, 2012
	(in thousands)
Loans	$	167,951	$	0	$	0	$	167,951	$	(25,960	)
OREO	24,344		0		0		24,344		(3,232		)
Mortgage servicing rights	26,819		0		0		26,819		(983		)
	December 31, 2011								Losses During the Twelve Months Ended December 31, 2011
	Total Carrying Value		Level 1		Level 2		Level 3		Losses During the Twelve Months Ended December 31, 2011
Loans	$	268,837	$	0	$	0	$	268,837	$	(47,372	)
OREO	31,379		0		0		31,379		(10,860		)
Mortgage servicing rights	23,102		0		0		23,102		(6,191		)

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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