Advances from Federal Home Loan Bank

12 Months Ended

Dec. 31, 2012

Advances from Federal Home Loan Banks [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

Advances from Federal Home Loan Bank:

Sterling Bank has a secured credit line with the FHLB of Seattle. At December 31, 2012 and 2011, this credit line represented a total borrowing capacity of $1.93 billion and $1.86 billion, of which $1.32 billion and $1.56 billion was available, respectively. The advances from FHLB are repayable as follows:

	December 31, 2012				December 31, 2011
	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
	(in thousands)
Due within 1 year	$	269,053	0.96	%	$	300,000	0.28	%
Due in 1 to 2 years	55,000		0.72		69,164		2.95
Due in 2 to 3 years	50,550		0.64		5,000		3.12
Due in 3 to 4 years	50,196		0.68		550		2.84
Due in 4 to 5 years	123,000		1.45		245		8.08
Due after 5 years	57,531		1.90		30,650		4.34
	$	605,330	1.08	%	$	405,609	1.09	%

Only member institutions have access to funds from the Federal Home Loan Banks. As a condition of membership, Sterling is required to hold FHLB stock. As of December 31, 2012 and 2011, Sterling held $97.5 million and $99.0 million of FHLB stock, respectively, which is included as a component of other assets on the consolidated balance sheet. The FHLB of Seattle has experienced losses from credit-related charges associated with projected losses on their investments in nonagency MBS, and is currently unable to pay dividends. FHLB stock does not have a readily determinable fair value and the equity ownership rights are more limited than would be the case for ownership rights in a public company. FHLB stock is viewed as a long term investment and as a restricted investment security carried at cost. Sterling has evaluated its FHLB stock held at December 31, 2012, and determined there was no other-than-temporary impairment. The FHLB was able to reestablish its ability to repurchase shares, and is currently repurchasing shares at par.