Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Carrying Value of Assets Measured at Fair Value on a Recurring Basis and the Level within Fair Value Hierarchy

The following tables set forth the carrying value of our assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurement falls at the dates indicated.

	Carrying Value at June 30, 2011
(In Thousands)	Total			Level 1			Level 2			Level 3
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs		$	392,242		$	-		$	392,242		$	-
Non-GSE issuance REMICs and CMOs			18,288			-			18,288			-
GSE pass-through certificates			27,250			-			27,250			-
Freddie Mac and Fannie Mae stock			10,760			10,760			-			-
Total securities available-for-sale		$	448,540		$	10,760		$	437,780		$	-

	Carrying Value at December 31, 2010
(In Thousands)	Total			Level 1			Level 2			Level 3
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs		$	509,233		$	-		$	509,233		$	-
Non-GSE issuance REMICs and CMOs			20,664			-			20,664			-
GSE pass-through certificates			29,896			-			29,896			-
Freddie Mac and Fannie Mae stock			2,160			2,160			-			-
Total securities available-for-sale		$	561,953		$	2,160		$	559,793		$	-

Carrying Value of Assets Measured at Fair Value on Non-Recurring Basis

The following table sets forth the carrying value of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated.  The fair value measurement for all of these assets falls within Level 3 of the fair value hierarchy.

		Carrying Value
(In Thousands)	At June 30, 2011			At December 31, 2010
Non-performing loans held-for-sale, net		$	10,832		$	10,895
Impaired loans			204,598			197,620
MSR, net			9,356			9,204
REO, net			48,906			53,990
Total		$	273,692		$	271,709

Losses Recognized on Assets Measured at Fair Value on A Non-Recurring Basis

The following table provides information regarding the losses recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.

		For the Six Months Ended
		June 30,
(In Thousands)	2011			2010
Non-performing loans held-for-sale, net (1)		$	821		$	11,936
Impaired loans (2)			25,878			31,753
MSR, net (3)			-			-
REO, net (4)			6,694			11,065
Total		$	33,393		$	54,754

(1) Losses are charged against the allowance for loan losses in the case of a write-down upon the reclassification of a loan to held-for-sale.  Losses subsequent to the reclassification of a loan to held-for-sale are charged to other non-interest income.

(2) Losses are charged against the allowance for loan losses.

(3) Losses are charged to mortgage banking income, net.

(4) Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO.  Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense.