
	March 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$	1,421,081	$	72,190	$	2	$	1,493,269
GSE CMOs		1,869,386		50,700		5,813		1,914,273

Total mortgage-related debt securities	$	3,290,467	$	122,890	$	5,815	$	3,407,542

Other D ebt Securities:
U. S. Treasury obligations	$	61,812	$	172	$	3	$	61,981
GSE debentures		717,495		7,737		—		725,232
Asset-backed securities (1)		383,289		—		27,906		355,383
Municipal bonds		26,745		615		614		26,746
Corporate bonds		854,336		8,874		70,376		792,834
Capital trust notes		95,195		5,140		14,808		85,527

Total other debt securities	$	2,138,872	$	22,538	$	113,707	$	2,047,703

Total debt securities available for sale	$	5,429,339	$	145,428	$	119,522	$	5,455,245

Equity S ecurities:
Preferred stock	$	15,292	$	—	$	451	$	14,841
Mutual funds and common stock (2)		16,871		904		—		17,775

Total equity securities	$	32,163	$	904	$	451	$	32,616

Total securities (3)	$	5,461,502	$	146,332	$	119,973	$	5,487,861

(1)	The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2)	Primarily consists of mutual funds that are CRA-qualified investments.

(3)	Excludes accrued interest receivable of $20.6 million included in other assets in the Consolidated Statements of Condition.


	December 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	$	1,530,317	$	26,069	$	3,763	$	1,552,623
GSE CMOs		1,783,440		21,213		3,541		1,801,112

Total mortgage-related debt securities	$	3,313,757	$	47,282	$	7,304	$	3,353,735

Other Debt Securities:
U.S. Treasury obligations	$	41,820	$	19	$	—	$	41,839
GSE debentures		1,093,845		5,707		5,312		1,094,240
Asset-backed securities (1)		384,108		—		10,854		373,254
Municipal bonds		26,808		559		475		26,892
Corporate bonds		854,195		15,970		2,983		867,182
Capital trust notes		95,100		7,121		6,306		95,915

Total other debt securities	$	2,495,876	$	29,376	$	25,930	$	2,499,322

Total other securities available for sale	$	5,809,633	$	76,658	$	33,234	$	5,853,057

Equity S ecurities:
Preferred stock	$	15,292	$	122	$	—	$	15,414
Mutual funds and common stock (2)		16,871		718		173		17,416

Total equity securities	$	32,163	$	840	$	173	$	32,830

Total securities (3)	$	5,841,796	$	77,498	$	33,407	$	5,885,887

(1)	The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2)	Primarily consists of mutual funds that are CRA-qualified investments.

(3)	Excludes accrued interest receivable of $24.4 million included in other assets in the Consolidated Statements of Condition.

At March 31, 2020 and December 31, 2019, respectively, the Company had $663.9 million and $647.6 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.

The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of

available-for-sale

securities during the three months ended March 31, 2020 and 2019:


	For the Three Months Ended March 31,
(in thousands)	2020		2019
Gross proceeds	$	369,972	$	272,849
Gross realized gains		1,811		5,409
Gross realized losses		1,062		—

Net unrealized losses on equity securities recognized in earnings for the three months ended March 31, 2020 were $215,000. Net unrealized gains on equity securities recognized in earnings for the three months ended March 31, 2019 were $1.6 million.

The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2020:


	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	$	60,163		3.37	%	$	61,812		0.94	%	$	149		6.66	%	$	13,993		3.79	%	$	136,509
Due from one to five years		587,661		3.01			32,874		3.48			—		—			179,651		3.18			816,790
Due from five to ten years		255,806		3.30			463,621		3.24			20,711		3.49			749,026		2.97			1,457,756
Due after ten years		2,386,837		2.79			221,000		2.53			5,885		3.33			390,150		1.93			3,044,190

Total debt securities available for sale	$	3,290,467		2.88	%	$	779,307		2.87	%	$	26,745		3.47	%	$	1,332,820		2.70	%	$	5,455,245

(1)	Not presented on a tax-equivalent basis.

(2)	Includes corporate bonds, capital trust notes, and asset-backed securities.

The following table presents securities with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2020:


	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. Treasury obligations	$	9,997	$	3	$	—	$	—	$	9,997	$	3
GSE certificates		2,061		2		—		—		2,061		2
GSE CMOs		314,957		2,795		191,806		3,018		506,763		5,813
Asset-backed securities		124,435		7,341		230,949		20,565		355,384		27,906
Municipal bonds		—		—		9,156		614		9,156		614
Corporate bonds		473,280		40,174		219,798		30,202		693,078		70,376
Capital trust notes		42,500		4,349		33,385		10,459		75,885		14,808
Equity securities		14,841		451		—		—		14,841		451

Total temporarily impaired securities	$	982,071	$	55,115	$	685,094	$	64,858	$	1,667,165	$	119,973

The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2019:


	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. Treasury obligations	$	11,917	$	—	$	—	$	—	$	11,917	$	—
U. S. Government agency and GSE obligations		297,179		3,916		138,189		1,396		435,368		5,312
GSE certificates		396,930		3,718		7,542		45		404,472		3,763
GSE CMOs		609,502		2,582		133,955		959		743,457		3,541
Asset-backed securities		256,619		10,854		116,635		—		373,254		10,854
Municipal bonds		—		—		9,349		475		9,349		475
Corporate bonds		99,300		700		172,717		2,283		272,017		2,983
Capital trust notes		—		—		37,525		6,306		37,525		6,306
Equity securities		—		—		11,633		173		11,633		173

Total temporarily impaired securities	$	1,671,447	$	21,770	$	627,545	$	11,637	$	2,298,992	$	33,407

The investment securities designated as having a continuous loss position for twelve months or more at March 31, 2020 consisted of five agency collateralized mortgage obligations, five capital trusts notes, seven asset

backed securities, three corporate bonds, and one municipal bond. The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2019 consisted of seven US Government agency securities, five capital trusts notes, three agency mortgage-related securities, three agency CMOs, three asset

backed securities, two corporate bonds, one municipal bond, and one mutual fund.

The Company evaluates

available-for-sale

debt securities in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. Based on an evaluation of available information about past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, the Company has concluded that it expects to receive all contractual cash flows from each security held in its available-for-sale securities portfolio.

We first assess whether (i) we intend to sell, or (ii) it is more likely than not that we

wil

l be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized all

ances are charged off and the security’s amortized cost basis is written down to fair value through income. If neither of the aforementioned criteria are met, we evaluate whether the decline in fair value has resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

None of the unrealized losses identified as of March 31, 2020 or December 31, 2019 relate to the marketability of the securities or the issuers’ ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Management based this conclusion on an analysis of each issuer including a detailed credit assessment of each issuer. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell the positions before the recovery of their amortized cost basis, which may be at maturity. As such, no allowance for credit losses was recorded with respect to debt securities as of or during the three months ended March 31, 2020.

Management has made the accounting policy election to exclude accrued interest receivable on

available-for-sale

securities from the estimate of credit losses.

Available-for-sale

debt securities are placed on

non-accrual

status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on

non-accrual

status.