	March 31, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$	1,380,756	$	21,538	$	6,663	$	1,395,631
GSE CMOs		1,447,677		11,479		4,027		1,455,129
Total mortgage-related debt securities	$	2,828,433	$	33,017	$	10,690	$	2,850,760
Other Debt Securities:
U. S. Treasury obligations	$	29,659	$	3	$	—	$	29,662
GSE debentures		1,478,777		5,211		1,615		1,482,373
Asset-backed securities (1)		386,085		346		1,757		384,674
Municipal bonds		68,277		423		1,502		67,198
Corporate bonds		859,644		9,292		8,881		860,055
Capital trust notes		48,291		6,614		4,983		49,922
Total other debt securities	$	2,870,733	$	21,889	$	18,738	$	2,873,884
Total other securities available for sale (2)	$	5,699,166	$	54,906	$	29,428	$	5,724,644
Equity securities:
Preferred stock		15,292		—		145		15,147
Mutual funds and common stock (3)		16,870		481		370		16,981
Total equity securities	$	32,162	$	481	$	515	$	32,128
Total securities	$	5,731,328	$	55,387	$	29,943	$	5,756,772

	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

(1)	The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.
(2)	The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $ 8.6 million before taxes.
(3)	Primarily consists of mutual funds that are CRA-qualified investments.

At March 31, 2019 and December 31, 2018, respectively, the Company had $

588.2

million and $

644.6

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 the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2019. 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 Three Months Ended March 31, 2019
Beginning credit loss amount as of December 31, 2018	$	196,187
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		19
Ending credit loss amount as of March 31, 2019	$	196,168

	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	$	—		—	%	$	29,659		2.45	%	$	149		6.59	%	$	—		—	%	$	29,815
Due from one to five years		797,756		3.33			32,874		3.48			146		6.66			92,939		3.79			941,396
Due from five to ten years		325,241		3.46			1,232,053		3.44			10,974		3.79			767,143		4.42			2,345,797
Due after ten years		1,705,436		3.23			213,850		3.57			57,008		2.71			433,938		3.39			2,407,636
Total debt securities available for sale	$	2,828,433		3.28	%	$	1,508,436		3.44	%	$	68,277		2.90	%	$	1,294,020		4.03	%	$	5,724,644

	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	$	218,933	$	1,171	$	127,748	$	444	$	346,681	$	1,615
GSE certificates		—		—		440,027		6,663		440,027		6,663
GSE CMOs		428,352		1,894		146,100		2,133		574,452		4,027
Asset-backed securities		237,208		1,757		—		—		237,208		1,757
Municipal bonds		—		—		49,612		1,502		49,612		1,502
Corporate bonds		701,445		8,881		—		—		701,445		8,881
Capital trust notes		—		—		38,811		4,983		38,811		4,983
Equity securities		15,147		145		11,435		370		26,582		515
Total temporarily impaired securities	$	1,601,085	$	13,848	$	813,733	$	16,095	$	2,414,818	$	29,943

	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

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 March 31, 2019, 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 March 31, 2019 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 March 31, 2019 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 March 31, 2019 consisted of

twelve

agency mortgage-related securities, nine agency collateralized mortgage obligations, five capital trusts notes, four US Government agency securities, three municipal bonds, and one mutual fund. At December 31, 2018 securities designated as having a continuous loss position for twelve months or more 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 March 31, 2019, the fair value of securities having a continuous loss position for twelve months or more was 1.9% below the collective amortized cost of $829.8 million. At December 31, 2018, the fair value of such securities was 2.9% below the collective amortized cost of $782.4 million. At March 31, 2019 and December 31, 2018, the combined market value of the respective securities represented unrealized losses of $16.1 million and $22.5 million, respectively.