Investments and MBS (Tables)

12 Months Ended

Dec. 31, 2013

Investments and MBS [Abstract]

Available-for-sale Securities

The carrying and fair values of investments and MBS are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2013
Available for sale
MBS	$	1,248,908	$	13,269	$	(22,277	)	$	1,239,900
Municipal bonds	184,642		6,045		(997		)	189,690
Other	212		10		0			222
Total	$	1,433,762	$	19,324	$	(23,274	)	$	1,429,812
Held to maturity
Tax credits	$	165	$	0	$	0		$	165
Total	$	165	$	0	$	0		$	165
December 31, 2012
Available for sale
MBS	$	1,263,786	$	45,052	$	0		$	1,308,838
Municipal bonds	188,467		16,452		(613		)	204,306
Other	5		8		0			13
Total	$	1,452,258	$	61,512	$	(613	)	$	1,513,157
Held to maturity
Tax credits	$	206	$	0	$	0		$	206
Total	$	206	$	0	$	0		$	206

Realized Gain (Loss) on Investments

Total sales of Sterling's securities during the years ended December 31, 2013, 2012 and 2011 are summarized as follows:

	Proceeds from Sales		Gross Realized Gains		Gross Realized Losses
	(in thousands)
Years Ended:
December 31, 2013	$	67,105	$	0	$	0
December 31, 2012	879,174		24,024		189
December 31, 2011	586,340		18,771		2,535

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The following table summarizes Sterling's investments and MBS that had a market value below their amortized cost as of December 31, 2013 and December 31, 2012, segregated by those investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or longer:

	Less than 12 months					12 months or longer					Total
	Market Value		Unrealized Losses			Market Value		Unrealized Losses			Market Value		Unrealized Losses
	(in thousands)
December 31, 2013
MBS	$	679,954	$	(22,277	)	$	0	$	0		$	679,954	$	(22,277	)
Municipal bonds	10,051		(268		)	12,947		(729		)	22,998		(997		)
Other	0		0			0		0			0		0
Total	$	690,005	$	(22,545	)	$	12,947	$	(729	)	$	702,952	$	(23,274	)
December 31, 2012
MBS	$	0	$	0		$	0	$	0		$	0	$	0
Municipal bonds	0		0			12,921		(613		)	12,921		(613		)
Other	0		0			0		0			0		0
Total	$	0	$	0		$	12,921	$	(613	)	$	12,921	$	(613	)

Investments Classified by Contractual Maturity Date

Actual maturities for MBS will differ from contractual maturities as a result of the level of prepayments experienced on the underlying mortgages.

	Held to maturity				Available for sale
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(in thousands)
Due within one year	$	0	$	0	$	0	$	0
Due after one year through five years	0		0		20,140		20,395
Due after five years through ten years	0		0		83,919		83,539
Due after ten years	165		165		1,329,703		1,325,878
Total	$	165	$	165	$	1,433,762	$	1,429,812