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Investment Securities
12 Months Ended
Dec. 31, 2015
Investment Securities [Abstract]  
Investment Securities
Investment Securities
Our available-for-sale investment securities were as follows:
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
(In thousands)
December 31, 2015
 
Corporate bonds
$
33,201

 
$

 
$
(47
)
 
$
33,154

Commercial paper
6,504

 
3

 
(2
)
 
6,505

U.S. Treasury notes
17,541

 

 
(16
)
 
17,525

Agency securities
4,034

 

 
(19
)
 
4,015

Mortgage-backed securities
100,131

 
195

 
(554
)
 
99,772

Municipal bonds
1,954

 
11

 
(65
)
 
1,900

Asset-backed securities
18,725

 

 
(57
)
 
18,668

Total investment securities
$
182,090

 
$
209

 
$
(760
)
 
$
181,539

 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
Corporate bonds
$
40,433

 
$
4

 
$
(48
)
 
$
40,389

Commercial paper
7,648

 
1

 

 
7,649

U.S. Treasury notes
14,782

 
5

 
(16
)
 
14,771

Agency securities
2,950

 

 

 
2,950

Mortgage-backed securities
35,420

 
119

 
(177
)
 
35,362

Municipal bonds
5,555

 
61

 
(21
)
 
5,595

Asset-backed securities
13,727

 

 
(12
)
 
13,715

Total investment securities
$
120,515

 
$
190

 
$
(274
)
 
$
120,431


As of December 31, 2015 and 2014, the gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows:
 
Less than 12 months
 
12 months or more
 
Total
fair value
 
Total unrealized loss
 
Fair value
 
Unrealized loss
 
Fair value
 
Unrealized loss
 
 
 
(In thousands)
December 31, 2015
 
Corporate bonds
$
20,416

 
$
(22
)
 
$
10,679

 
$
(25
)
 
$
31,095

 
$
(47
)
Commercial paper
4,322

 
(2
)
 

 

 
4,322

 
(2
)
U.S. Treasury notes
17,525

 
(16
)
 

 

 
17,525

 
(16
)
Agency securities
4,015

 
(19
)
 

 

 
4,015

 
(19
)
Mortgage-backed securities
53,634

 
(410
)
 
21,518

 
(144
)
 
75,152

 
(554
)
Municipal bonds

 

 
1,035

 
(65
)
 
1,035

 
(65
)
Asset-backed securities
18,668

 
(57
)
 

 

 
18,668

 
(57
)
Total investment securities
$
118,580

 
$
(526
)
 
$
33,232

 
$
(234
)
 
$
151,812

 
$
(760
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
33,348

 
$
(48
)
 
$

 
$

 
$
33,348

 
$
(48
)
U.S. Treasury notes
6,068

 
(16
)
 

 

 
6,068

 
(16
)
Mortgage-backed securities
21,495

 
(163
)
 
1,143

 
(14
)
 
22,638

 
(177
)
Municipal bonds

 

 
419

 
(21
)
 
419

 
(21
)
Asset-backed securities
12,254

 
(12
)
 

 

 
12,254

 
(12
)
Total investment securities
$
73,165

 
$
(239
)
 
$
1,562

 
$
(35
)
 
$
74,727

 
$
(274
)

We did not record any other-than-temporary impairment losses during the years ended December 31, 2015 and 2014 on our available-for-sale investment securities. We do not intend to sell these investments and we have determined that it is more likely than not that we will not be required to sell these investments before recovery of their amortized cost bases, which may be at maturity.
Note 4—Investment Securities (continued)
As of December 31, 2015, the contractual maturities of our available-for-sale investment securities were as follows:
 
Amortized cost
 
Fair value
 
(In thousands)
Due in one year or less
$
49,146

 
$
49,106

Due after one year through five years
12,668

 
12,634

Due after five years through ten years
320

 
324

Due after ten years
1,100

 
1,035

Mortgage and asset-backed securities
118,856

 
118,440

Total investment securities
$
182,090

 
$
181,539


The expected payments on mortgage-backed and asset-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations.