	December 31, 2018
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$	1,705,336	$	18,146	$	15,961	$	1,707,521
GSE CMOs		1,248,621		8,380		4,240		1,252,761
Total mortgage-related debt securities	$	2,953,957	$	26,526	$	20,201	$	2,960,282
Other Debt Securities:
GSE debentures	$	1,334,549	$	3,366	$	8,988	$	1,328,927
Asset-backed securities (1)		386,768		784		430		387,122
Municipal bonds		68,551		195		2,563		66,183
Corporate bonds		836,153		8,667		23,105		821,715
Capital trust notes		48,278		6,435		5,422		49,291
Total other debt securities	$	2,674,299	$	19,447	$	40,508	$	2,653,238
Total other securities available for sale (2)	$	5,628,256	$	45,973	$	60,709	$	5,613,520
Equity securities:
Preferred stock		15,292		—		1,446		13,846
Mutual funds and common stock (3)		16,870		366		531		16,705
Total equity securities	$	32,162	$	366	$	1,977	$	30,551
Total securities	$	5,660,418	$	46,339	$	62,686	$	5,644,071

	December 31, 2017
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Mortgage-Related Securities:
GSE certificates	$	2,023,677	$	46,364	$	1,199	$	2,068,842
GSE CMOs		536,284		14,446		826		549,904
Total mortgage-related securities	$	2,559,961	$	60,810	$	2,025	$	2,618,746
Other Securities:
U. S. Treasury obligations	$	199,960	$	—	$	62	$	199,898
GSE debentures		473,879		2,044		2,665		473,258
Municipal bonds		70,381		540		801		70,120
Corporate bonds		79,702		11,073		—		90,775
Capital trust notes		48,230		6,498		8,632		46,096
Preferred stock		15,292		142		—		15,434
Mutual funds and common stock (1)		16,874		487		261		17,100
Total other securities	$	904,318	$	20,784	$	12,421	$	912,681
Total securities available for sale (2)	$	3,464,279	$	81,594	$	14,446	$	3,531,427

At December 31, 2018 and 2017, respectively, the Company had $644.6 million and $603.8 million of FHLB-NY stock, at cost. The Company maintains an investment in FHLB-NY stock partly in conjunction with its membership in the FHLB and partly related to its access to the FHLB funding it utilizes.

In addition, during the twelve months ended December 31, 2017, the Company sought to take advantage of favorable bond market conditions and sold held-to-maturity securities with an amortized cost of $521.0 million resulting in gross proceeds of $547.9 million including a gross realized gain of $26.9 million. Accordingly, the Company transferred the remaining $3.0 billion of held-to-maturity securities to available-for-sale with a net unrealized gain of $82.8 million classified in other comprehensive loss in the Consolidated Statements of Condition. Having the securities portfolio classified as available-for-sale improves the Company’s liquidity measures.

In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2018. For credit-impaired debt securities, OTTI recognized in earnings after that date is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or is not the first time a debt security was credit-impaired (subsequent credit impairment).

(in thousands)	For the Twelve Months Ended December 31, 2018
Beginning credit loss amount as of December 31, 2017	$	196,333
Add: Initial other-than-temporary credit losses		—
Subsequent other-than-temporary credit losses		—
Amount previously recognized in AOCL		—
Less: Realized losses for securities sold		—
Securities intended or required to be sold		—
Increase in cash flows on debt securities		146
Ending credit loss amount as of December 31, 2018	$	196,187

	Mortgage- Related Securities		Average Yield			U.S. Government and GSE Obligations		Average Yield			State, County, and Municipal		Average Yield (1)			Other Debt ‎Securities (2)		Average Yield			Fair Value
(dollars in thousands)
Available-for-Sale Debt Securities:
Due within one year	$	—		—	%	$	—		—	%	$	148		6.59	%	$	—		—	%	$	153
Due from one to five years		1,093,265		3.31			32,874		3.48			146		6.66			92,830		3.75			1,233,880
Due from five to ten years		328,455		3.41			1,148,695		3.41			10,981		3.78			743,323		4.34			2,213,968
Due after ten years		1,532,237		3.20			152,980		3.63			57,276		2.71			435,046		3.24			2,165,519
Total debt securities available for sale	$	2,953,957		3.26	%	$	1,334,549		3.44	%	$	68,551		2.90	%	$	1,271,199		3.92	%	$	5,613,520

	Less than Twelve Months				Twelve Months or Longer				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Temporarily Impaired Securities:
U. S. Government agency and GSE obligations	$	276,113	$	2,629	$	329,372	$	6,359	$	605,485	$	8,988
GSE certificates		576,970		10,598		232,969		5,363		809,939		15,961
GSE CMOs		465,779		1,892		99,050		2,348		564,829		4,240
Asset-backed securities		69,166		430		—		—		69,166		430
Municipal bonds		5,876		21		48,837		2,542		54,713		2,563
Corporate bonds		642,843		23,105		—		—		642,843		23,105
Capital trust notes		—		—		38,360		5,422		38,360		5,422
Equity securities		17,836		1,464		11,293		513		29,129		1,977
Total temporarily impaired securities	$	2,054,583	$	40,139	$	759,881	$	22,547	$	2,814,464	$	62,686

	Less than Twelve Months				Twelve Months or Longer				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Temporarily Impaired Available-for-Sale Securities:
GSE certificates	$	232,546	$	535	$	20,440	$	664	$	252,986	$	1,199
GSE debentures		333,045		2,665		—		—		333,045		2,665
GSE CMOs		118,694		826		—		—		118,694		826
U. S. Treasury obligations		199,898		62		—		—		199,898		62
Municipal bonds		11,169		259		41,054		542		52,223		801
Capital trust notes		—		—		35,105		8,632		35,105		8,632
Equity securities		—		—		11,545		261		11,545		261
Total temporarily impaired available-for-sale securities	$	895,352	$	4,347	$	108,144	$	10,099	$	1,003,496	$	14,446

An OTTI loss on impaired debt securities must be fully recognized in earnings if an investor has the intent to sell the debt security, or if it is more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does not expect to sell a debt security, it must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss occurs, only the amount of impairment associated with the credit loss is recognized in earnings. Amounts of impairment relating to factors other than credit losses are recorded in AOCL.

At December 31, 2018, the Company had unrealized losses on certain available for sale GSE obligations, municipal bonds, corporate bonds, asset-backed securities, capital trust notes, and equity investments with readily determinable fair values. The unrealized losses on the Company’s GSE obligations, municipal bonds, corporate bonds, asset-backed securities and capital trust notes at December 31, 2018 were primarily caused by movements in market interest rates and spread volatility, rather than credit risk. These securities are not expected to be settled at a price that is less than the amortized cost of the Company’s investment.

The Company reviews quarterly financial information related to its investments in capital trust notes, as well as other information that is released by each of the issuers of such notes, to determine their continued creditworthiness. The Company continues to monitor these investments and currently estimates that the present value of expected cash flows is not less than the amortized cost of the securities. It is possible that these securities will perform worse than is currently expected, which could lead to adverse changes in cash flows from these securities and potential OTTI losses in the future. Future events that could trigger material unrecoverable declines in the fair values of the Company’s investments, and thus result in potential OTTI losses, include, but are not limited to, government intervention; deteriorating asset quality and credit metrics; significantly higher levels of default and loan loss provisions; losses in value on the underlying collateral; net operating losses; and illiquidity in the financial markets.

The unrealized losses on the Company’s equity investments with readily determinable fair values at December 31, 2018 were caused by market volatility. Equity investments with readily determinable fair values are measured at fair value with changes in fair value recognized in net income, thus eliminating eligibility for the available-for-sale category. Events that could trigger a material decline in the fair value of these securities include, but are not limited to, deterioration in the equity markets; a decline in the quality of the loan portfolio of the issuer in which the Company has invested; and the recording of higher loan loss provisions and net operating losses by such issuer.

The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2018 consisted of nine agency mortgage-related securities, nine US Government agency securities, seven agency collateralized mortgage obligations, five capital trusts notes, three municipal bonds, and one mutual fund. At December 31, 2017 securities designated as having a continuous loss position for twelve months or more consisted of six agency mortgage-related securities, five capital trust notes, two municipal bonds, and one mutual fund. At December 31, 2018, the fair value of securities having a continuous loss position for twelve months or more was 2.9% below the collective amortized cost of $782.4 million. At December 31, 2017, the fair value of such securities was 8.5% below the collective amortized cost of $118.2 million. At December 31, 2018 and 2017, the combined market value of the respective securities represented unrealized losses of $22.5 million and $10.1 million, respectively.