
	June 30, 2020														December 31, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value
U.S. Treasury securities	$	1,505,434	$	16,362	$	(1)	$	1,521,795	$	4,086,733	$	4,497	$	(292)	$	4,090,938
Corporate debt securities	98,389		110		(13)		98,486		139,696		39		(22)		139,713
ABS	113,611		983		(1,329)		113,265		138,839		1,034		(1,473)		138,400
State and municipal securities	5		—		—		5		9		—		—		9
MBS:
GNMA - Residential	4,154,798		111,781		(161)		4,266,418		4,868,512		12,895		(16,066)		4,865,341
GNMA - Commercial	1,002,210		26,394		—		1,028,604		773,889		6,954		(1,785)		779,058
FHLMC and FNMA - Residential	4,866,733		78,804		(1,465)		4,944,072		4,270,426		14,296		(30,325)		4,254,397
FHLMC and FNMA - Commercial	68,821		6,460		(3)		75,278		69,242		2,665		(5)		71,902
Total investments in debt securities AFS	$	11,810,001	$	240,894	$	(2,972)	$	12,047,923	$	14,347,346	$	42,380	$	(49,968)	$	14,339,758


	June 30, 2020														December 31, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value



ABS	$	23,342	$	353	$	—	$	23,695	$	—	$	—	$	—	$	—

MBS:
GNMA - Residential	2,319,089		62,751		(930)		2,380,910		1,948,025		11,354		(7,670)		1,951,709
GNMA - Commercial	2,887,131		122,984		—		3,010,115		1,990,772		20,115		(5,369)		2,005,518


Total investments in debt securities HTM	$	5,229,562	$	186,088	$	(930)	$	5,414,720	$	3,938,797	$	31,469	$	(13,039)	$	3,957,227

As of June 30, 2020 and December 31, 2019, the Company had investment securities with an estimated carrying value of $5.0 billion and $7.5 billion, respectively, pledged as collateral, which were comprised of the following: $359.2 million and $2.7 billion, respectively, were pledged as collateral for the Company's borrowing capacity with the FRB; $3.8 billion and $3.5 billion, respectively, were pledged to secure public fund deposits; $129.7 million and $148.5 million, respectively, were pledged to various independent parties to secure repurchase agreements, support hedging relationships, and for recourse on loan sales; $350.0 million and $699.1 million, respectively, were pledged to deposits with clearing organizations; and $425.9 million and $461.9 million, respectively, were pledged to secure the Company's customer overnight sweep product.

At June 30, 2020 and December 31, 2019, the Company had $40.4 million and $46.0 million, respectively, of accrued interest related to investment securities which is included in the Other assets line of the Company's Condensed Consolidated Balance Sheets. No accrued interest related to investment securities was written off during the periods ended June 30, 2020 or December 31, 2019.



(in thousands)	Amortized Cost		Fair Value
Due within one year	$	1,028,954	$	1,033,024
Due after 1 year but within 5 years	656,560		671,008
Due after 5 years but within 10 years	424,030		439,653
Due after 10 years	9,700,457		9,904,238
Total	$	11,810,001	$	12,047,923



(in thousands)	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due after 1 year but within 5 years	17,207		17,307
Due after 5 years but within 10 years	6,135		6,388
Due after 10 years	5,206,220		5,391,025
Total	$	5,229,562	$	5,414,720

The following table presents the aggregate amount of unrealized losses as of June 30, 2020 and December 31, 2019 on debt securities in the Company’s AFS investment portfolios classified according to the amount of time those securities have been in a continuous loss position:


	June 30, 2020														December 31, 2019
	Less than 12 months						12 months or longer						Less than 12 months				12 months or longer
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	139,982	$	(1)	$	—	$	—	$	200,096	$	(167)	$	499,883	$	(125)
Corporate debt securities	56,893		(13)		—		—		110,802		(22)		—		—
ABS	12,779		(69)		38,538		(1,260)		27,662		(44)		47,616		(1,429)

MBS:
GNMA - Residential	21,157		(26)		28,479		(135)		2,053,763		(6,895)		997,024		(9,171)
GNMA - Commercial	—		—		—		—		217,291		(1,756)		14,300		(29)
FHLMC and FNMA - Residential	525,099		(1,177)		26,452		(288)		660,078		(4,110)		1,344,057		(26,215)
FHLMC and FNMA - Commercial	—		—		425		(3)		—		—		430		(5)
Total investments in debt securities AFS	$	755,910	$	(1,286)	$	93,894	$	(1,686)	$	3,269,692	$	(12,994)	$	2,903,310	$	(36,974)

The following table presents the aggregate amount of unrealized losses as of June 30, 2020 and December 31, 2019 on debt securities in the Company’s HTM investment portfolios classified according to the amount of time those securities have been in a continuous loss position:


	June 30, 2020														December 31, 2019
	Less than 12 months						12 months or longer						Less than 12 months				12 months or longer
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses




MBS:
GNMA - Residential	$	81,040	$	(930)	$	—	$	—	$	559,058	$	(2,004)	$	657,733	$	(5,666)
GNMA - Commercial	—		—		—		—		731,445		(5,369)		—		—


Total investments in debt securities HTM	$	81,040	$	(930)	$	—	$	—	$	1,290,503	$	(7,373)	$	657,733	$	(5,666)

Management has concluded that the unrealized losses on its investments in debt securities for which it has not recorded an allowance (which were comprised of 218 individual securities at June 30, 2020) are not credit related since (1) they are not related to the underlying credit quality of the issuers, (2) the entire contractual principal and interest due on these securities is currently expected to be recoverable, (3) the Company does not intend to sell these investments at a loss and (4) it is more likely than not that the Company will not be required to sell the investments before recovery of the amortized cost basis, which for the Company's debt securities may be at maturity.


	Three-Month Period Ended June 30,						Six-Month Period Ended June 30,
(in thousands)	2020		2019		2020		2019
Proceeds from the sales of AFS securities	$	631,459	$	344,792	$	1,553,560	$	627,664

Gross realized gains	$	22,516	$	2,528	$	32,829	$	3,340
Gross realized losses	—		(149)		(1,034)		(2,961)
Net realized gains/(losses) ⁽¹⁾	$	22,516	$	2,379	$	31,795	$	379

(1) Includes net realized gain/(losses) on trading securities of $0.5 million and $(0.9) million for the three-month and six-month periods ended June 30, 2020, respectively, and $(12.0) thousand and $(0.3) million for the three-month and six-month periods ended June 30, 2019, respectively.


(in thousands)			June 30, 2020			December 31, 2019
FHLB of Pittsburgh and FRB stock	$	659,146		$	716,615
LIHTC investments	285,932			265,271
Equity securities not held for trading ⁽¹⁾	13,221			12,697
Interest-bearing deposits with an affiliate bank	750,000			—
Trading securities	19,766			1,097
Total	$	1,728,065		$	995,680

Other investments primarily include the Company's investment in the stock of the FHLB of Pittsburgh and the FRB. These stocks do not have readily determinable fair values because their ownership is restricted and there is no market for their sale. The stocks can be sold back only at their par value of $100 per share, and FHLB stock can be sold back only to the FHLB or to another member institution. Accordingly, these stocks are carried at cost. During the three-month and six-month periods ended June 30, 2020, the Company purchased $2.9 million and $118.6 million of FHLB stock at par, respectively, and redeemed $128.6 million and $176.0 million of FHLB stock at par, respectively. There was no gain or loss associated with these redemptions. During the six-month period ended June 30, 2020, the Company did not purchase FRB stock.

The Company's LIHTC investments are accounted for using the proportional amortization method. Equity securities are measured at fair value as of June 30, 2020, with changes in fair value recognized in net income, and consist primarily of CRA mutual fund investments.

With the exception of equity and trading securities which are measured at fair value, the Company evaluates these other investments for impairment based on the ultimate recoverability of the carrying value, rather than by recognizing temporary declines in value. The Company held an immaterial amount of equity securities without readily determinable fair values at the reporting date.