
	June 30, 2020 ⁽¹⁾
(amounts in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale debt securities:
Agency-guaranteed residential mortgage-backed securities	$	140,019	$	4,291	$	—	$	144,310

Agency-guaranteed collateralized mortgage obligations	145,061		765		—		145,826
State and political subdivision debt securities ⁽²⁾	17,496		893		—		18,389

Corporate notes ⁽³⁾	324,986		31,286		(39)		356,233

Available for sale debt securities	$	627,562	$	37,235	$	(39)	664,758
Interest-only GNMA securities ⁽⁴⁾							14,396
Equity securities ⁽⁵⁾							2,228
Total investment securities, at fair value							$	681,382


	December 31, 2019
(amounts in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale debt securities:
Agency-guaranteed residential mortgage-backed securities	$	273,252	$	5,069	$	—	$	278,321

Corporate notes ⁽³⁾	284,639		14,238		—		298,877
Available for sale debt securities	$	557,891	$	19,307	$	—	577,198
Interest-only GNMA securities ⁽⁴⁾							16,272
Equity securities ⁽⁵⁾							2,406
Total investment securities, at fair value							$	595,876

(1)Accrued interest on AFS debt securities totaled $3.2 million at June 30, 2020 and is included in accrued interest receivable on the consolidated balance sheet.

On June 28, 2019, Customers obtained ownership of certain interest-only GNMA securities that served as the primary collateral for loans made to one commercial mortgage warehouse customer through a Uniform Commercial Code private sale transaction. In connection with the acquisition of the interest-only GNMA securities, Customers recognized a pre-tax loss of $7.5 million for the three months ended June 30, 2019 for the shortfall in the fair value of the interest-only GNMA securities compared to its credit exposure to this commercial mortgage warehouse customer. Upon acquisition, Customers elected the fair value option for these interest-only GNMA securities. The fair value of these securities at June 30, 2020 was $14.4 million.

During the three and six months ended June 30, 2020, Customers recognized unrealized gains of $1.2 million and unrealized losses of $0.2 million, respectively, on its equity securities. During the three and six months ended June 30, 2019, Customers recognized unrealized losses of $0.3 million and $0.3 million, respectively, on its equity securities. These unrealized gains and losses are reported as unrealized gain (loss) on investment securities within non-interest income on the consolidated statements of income.

Proceeds from the sale of available for sale debt securities were $109.2 million for the three and six months ended June 30, 2020. Realized gains from the sale of available for sale debt securities were $4.4 million and $8.3 million for the three and six months ended June 30, 2020, respectively. There were no sales of available for sale debt securities for the three and six months ended June 30, 2019. These gains (losses) were determined using the specific identification method and were reported as gain (loss) on sale of investment securities within non-interest income on the consolidated statements of income.

The following table shows debt securities by stated maturity. Debt securities backed by mortgages and interest-only GNMA securities have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date:


	June 30, 2020
(amounts in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	7,954	$	8,003
Due after one year through five years	62,687		64,280
Due after five years through ten years	252,845		282,450
Due after ten years	18,996		19,889
Agency-guaranteed residential mortgage-backed securities	140,019		144,310
Agency-guaranteed collateralized mortgage obligations	145,061		145,826

Interest-only GNMA securities	—		14,396

Total debt securities	$	627,562	$	679,154

Gross unrealized losses and fair value of Customers' available for sale debt securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2020 were as follows:



	June 30, 2020
	Less Than 12 Months						12 Months or More						Total
(amounts in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale debt securities:


Corporate notes	4,961		(39)		—		—		4,961		(39)

Total	$	4,961	$	(39)	$	—	$	—	$	4,961	$	(39)

At June 30, 2020, there was one available for sale debt security with unrealized losses in the less-than-twelve-month category and no available for sale debt securities with unrealized losses in the twelve-month-or-more category. The unrealized loss was principally due to changes in market interest rates that resulted in a negative impact on the respective note's fair value. All amounts related to the corporate notes are expected to be recovered when market prices recover or at maturity. Customers does not intend to sell the security, and it is not more likely than not that Customers will be required to sell the security before recovery of the amortized cost basis. At December 31, 2019, there were no available for sale debt securities in an unrealized loss position.

At June 30, 2020 and December 31, 2019, Customers Bank had pledged investment securities aggregating $16.9 million and $20.4 million in fair value, respectively, as collateral against its borrowings primarily with an unused line of credit with another financial institution. These counterparties do not have the ability to sell or repledge these securities.

At June 30, 2020 and December 31, 2019, no securities holding of any one issuer, other than the U.S. Government and its agencies, amounted to greater than 10% of shareholders' equity.