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

	September 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	$	1,160,210	$	58,146	$	25	$	1,218,331
GSE CMOs		1,384,204		50,544	83			1,434,665
Total mortgage-related debt securities	$	2,544,414	$	108,690	$	108	$	2,652,996
Other Debt Securities:
U. S. Treasury obligations	$	61,986	$	1	$	3	$	61,984
GSE debentures		991,865		5,739		3,639		993,965
Asset-backed securities⁽¹⁾		541,390		850		9,987		532,253
Municipal bonds		26,304		667		114		26,857
Corporate bonds		870,610		14,949		8,761		876,798
Capital trust notes		95,388		5,211		11,708		88,891
Total other debt securities	$	2,587,543	$	27,417	$	34,212	$	2,580,748
Total debt securities available for sale	$	5,131,957	$	136,107	$	34,320	$	5,233,744
Equity Securities:
Preferred stock	$	15,292	$	—	$	1	$	15,291
Mutual funds		15,815		342		—		16,157
Total equity securities	$	31,107	$	342	$	1	$	31,448
Total securities ⁽²⁾	$	5,163,064	$	136,449	$	34,321	$	5,265,192

	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 September 30, 2020 and December 31, 2019, respectively, the Company had $697.5 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 nine months ended September 30, 2020 and 2019:

Net gains on equity securities recognized in earnings for the nine months ended September 30, 2020 and 2019 were $454,000 and $2.3 million, respectively.

The following table summarizes, by contractual maturity, the amortized cost of securities at September 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	$	90,869		3.46	%	$	68,935		0.48	%	$	150		6.66	%	$	49,593		3.65	%	$	211,500
Due from one to five years		458,644		3.11			25,924		3.39			—		—			146,882		2.85			670,442
Due from five to ten years		148,256		2.74			188,055		2.43			20,274		3.50			761,267		2.19			1,128,312
Due after ten years		1,846,645		2.51			770,936		1.63			5,880		3.33			549,646		1.39			3,223,490
Total debt securities available for sale	$	2,544,414		2.67		$	1,053,850		1.74		$	26,304		3.48		$	1,507,388		2.01		$	5,233,744

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 September 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	$	49,987	$	3	$	—	$	—	$	49,987	$	3
GSE certificates		7,415		25		—		—		7,415		25
GSE CMOs		2,579		6		128,575		77		131,154		83
GSE debentures		507,331		3,640		—		—		507,331		3,640
Asset-backed securities		58,647		372		366,963		9,615		425,610		9,987
Municipal bonds		—		—		9,235		113		9,235		113
Corporate bonds		163,643		3,962		245,201		4,799		408,844		8,761
Capital trust notes		45,770		1,244		33,407		10,463		79,177		11,707
Equity securities		15,292		1		—		—		15,292		1
Total temporarily impaired securities	$	850,664	$	9,253	$	783,381	$	25,067	$	1,634,045	$	34,320

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 September 30, 2020 consisted of four 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 September 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 nine months ended September 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.