The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at June 30, 2020 and December 31, 2019:

	June 30, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$	1,288,192	$	69,358	$	35	$	1,357,515
GSE CMOs		1,613,437		56,848	848			1,669,437
Total mortgage-related debt securities	$	2,901,629	$	126,206	$	883	$	3,026,952
Other Debt Securities:
U. S. Treasury obligations	$	61,938	$	46	$	3	$	61,981
GSE debentures		672,101		6,439		—		678,540
Asset-backed securities⁽¹⁾		440,261		94		18,962		421,393
Municipal bonds		26,366		729		185		26,910
Corporate bonds		870,475		11,434		15,084		866,825
Capital trust notes		95,290		5,064		14,773		85,581
Total other debt securities	$	2,166,431	$	23,806	$	49,007	$	2,141,230
Total debt securities available for sale	$	5,068,060	$	150,012	$	49,890	$	5,168,182
Equity Securities:
Preferred stock	$	15,292	$	—	$	103	$	15,189
Mutual funds and common stock ⁽²⁾		16,871		1,458				18,329
Total equity securities	$	32,163	$	1,458	$	103	$	33,518
Total securities ⁽³⁾	$	5,100,223	$	151,470	$	49,993	$	5,201,700

	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 Securities:
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

At June 30, 2020 and December 31, 2019, respectively, the Company had $668.7 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 six months ended June 30, 2020 and 2019:

Net unrealized gains on equity securities recognized in earnings for the three and six months ended June 30, 2020 were $902,000 and $687,000, respectively. Net unrealized losses on equity securities recognized in earnings for the three and six months ended June 30, 2019 were $457,000 and $1.2 million, respectively.

The following table summarizes, by contractual maturity, the amortized cost of securities at June 30, 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	$	109,229		3.54	%	$	68,888		0.99	%	$	149		6.66	%	$	—		—	%	$	179,930
Due from one to five years		462,094		3.11			25,924		3.39			—		—			196,373		3.15			724,999
Due from five to ten years		148,386		2.71			316,056		3.21			20,334		3.50			761,943		2.39			1,247,921
Due after ten years		2,181,920		2.55			323,171		2.15			5,883		3.33			447,710		1.41			3,015,332
Total debt securities available for sale	$	2,901,629		2.69		$	734,039		2.54		$	26,366		3.48		$	1,406,026		2.18		$	5,168,182

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 June 30, 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		13,142		35		—		—		13,142		35
GSE CMOs		24,532		28		240,311		820		264,843		848
Asset-backed securities		—		—		361,265		18,962		361,265		18,962
Municipal bonds		—		—		9,215		185		9,215		185
Corporate bonds		483,178		6,274		241,190		8,810		724,368		15,084
Capital trust notes		43,034		3,897		32,981		10,876		76,015		14,773
Equity securities		15,190		103		—		—		15,190		103
Total temporarily impaired securities	$	589,073	$	10,340	$	884,962	$	39,653	$	1,474,035	$	49,993

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 June 30, 2020 consisted of seven 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 will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances 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 June 30, 2020 or December 31, 2019 relates 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 six months ended June 30, 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.