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Fair Value (Tables)

3 Months Ended

Mar. 31, 2013

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:



		March 31, 2013				December 31, 2012
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:		(in thousands)
Cash and cash equivalents	1	$	297,210	$	297,210	$	331,550	$	331,550
Investments and MBS:
Available for sale	2	1,471,563		1,471,563		1,513,157		1,513,157
Held to maturity	2	195		195		206		206
Loans held for sale	2	295,505		295,505		465,983		465,983
Loans receivable, net	3	6,334,560		6,383,034		6,101,749		6,154,296
Mortgage servicing rights, net	3	45,061		46,009		32,420		32,420
Other assets (1)	2	106,335		106,335		108,642		108,642
Financial liabilities:
Non-maturity deposits	2	4,857,423		4,857,423		4,697,147		4,697,147
Deposits with stated maturities	2	1,740,415		1,765,301		1,738,970		1,768,818
Borrowings	2	1,317,620		1,335,093		1,437,491		1,457,911
Other liabilities	2	4,349		4,349		4,025		4,025

(1) Other assets includes FHLB stock. As of March 31, 2013 and December 31, 2012, FHLB stock was carried at $97.0 million and $97.5 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)
March 31, 2013
Investment securities available for sale:
MBS	$	1,268,330	$	0	$	1,268,330	$	0
Municipal bonds	203,063		0		203,063		0
Other	170		0		170		0
Total investment securities available for sale	1,471,563		0		1,471,563		0
Loans held for sale	295,505		0		295,505		0
Other assets - derivatives	9,307		0		9,307		0
Total assets	$	1,776,375	$	0	$	1,776,375	$	0
Contingent consideration	$	9,190	$	0	$	0	$	9,190
Other liabilities - derivatives	4,349		0		4,349		0
Total liabilities	$	13,539	$	0	$	4,349	$	9,190
December 31, 2012
Investment securities available for sale:
MBS	$	1,308,838	$	0	$	1,308,838	$	0
Municipal bonds	204,306		0		204,306		0
Other	13		0		13		0
Total investment securities available for sale	1,513,157		0		1,513,157		0
Loans held for sale	465,983		0		465,983		0
Other assets - derivatives	11,183		0		11,183		0
Total assets	$	1,990,323	$	0	$	1,990,323	$	0
Contingent consideration	$	15,442	$	0	$	0	$	15,442
Other liabilities - derivatives	4,025		0		4,025		0
Total liabilities	$	19,467	$	0	$	4,025	$	15,442

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

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



	Three Months Ended March 31,
	2013			2012
	(in thousands)
Beginning balance	$	15,442		$	0
Additions	0			11,779
Valuation adjustments	586			0
Payout	(6,838		)	0
Ending balance	$	9,190		$	11,779

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:



	Three Months Ended March 31,
	2013			2012
	(in thousands)
Mortgage banking operations	$	(10,189	)	$	(1,589	)

Fair Value Measurements, Nonrecurring [Table Text Block]

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



	March 31, 2013
	Total Carrying Value		Level 1		Level 2		Level 3		Gains (Losses) During the Three Months Ended March 31, 2013
	(in thousands)
Loans	$	56,794	$	0	$	0	$	56,794	$	(3,813	)
OREO	13,772		0		0		13,772		(1,630		)
Mortgage servicing rights	45,061		0		0		45,061		2,834
	December 31, 2012								Losses During the Year Ended December 31, 2012
	Total Carrying Value		Level 1		Level 2		Level 3		Losses During the Year Ended December 31, 2012
Loans	$	172,172	$	0	$	0	$	172,172	$	(27,649	)
OREO	18,074		0		0		18,074		(1,296		)
Mortgage servicing rights	32,420		0		0		32,420		(230		)

- 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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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