Advances from Federal Home Loan Bank

12 Months Ended

Dec. 31, 2013

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, 2013 and 2012, this credit line represented a total borrowing capacity of $2.84 billion and $1.93 billion, of which $1.70 billion and $1.32 billion was available, respectively. The advances from FHLB are repayable as follows:

	December 31, 2013				December 31, 2012
	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
	(in thousands)
Due within 1 year	$	365,000	0.28	%	$	269,053	0.96	%
Due in 1 to 2 years	265,550		0.51		55,000		0.72
Due in 2 to 3 years	335,142		0.74		50,550		0.64
Due in 3 to 4 years	123,000		1.45		50,196		0.68
Due in 4 to 5 years	50,495		1.20		123,000		1.45
Due after 5 years	6,916		7.00		57,531		1.90
	$	1,146,103	0.68	%	$	605,330	1.08	%

Only member institutions have access to advances from the Federal Home Loan Banks. As a condition of membership, Sterling is required to hold FHLB stock. As of December 31, 2013 and 2012, Sterling held $95.3 million and $97.5 million of FHLB stock, respectively, which is included as a component of other assets on the consolidated balance sheet. 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, 2013, and determined there was no other-than-temporary impairment. During 2013, the FHLB repurchased excess stock totaling $4.0 million, compared with $6.5 million repurchased during 2012.