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) | March 31, 2018 | | Negotiable certificate of deposit | $ | 5,000 |
| | $ | — |
| | $ | — |
| | $ | 5,000 |
| U.S. Treasury notes | 10,912 |
| | — |
| | (37 | ) | | 10,875 |
| Agency securities | 4,941 |
| | — |
| | (1 | ) | | 4,940 |
| Agency mortgage-backed securities | 117,531 |
| | 25 |
| | (1,623 | ) | | 115,933 |
| Municipal bonds | 604 |
| | — |
| | (15 | ) | | 589 |
| Asset-backed securities | 11,316 |
| | — |
| | (105 | ) | | 11,211 |
| Total investment securities | $ | 150,304 |
| | $ | 25 |
| | $ | (1,781 | ) | | $ | 148,548 |
| | | | | | | | | December 31, 2017 | | | | | | | | Corporate bonds | $ | 1,000 |
| | $ | — |
| | $ | — |
| | $ | 1,000 |
| U.S. Treasury notes | 10,921 |
| | — |
| | (46 | ) | | 10,875 |
| Agency mortgage-backed securities | 121,037 |
| | 52 |
| | (1,055 | ) | | 120,034 |
| Municipal bonds | 742 |
| | 4 |
| | (7 | ) | | 739 |
| Asset-backed securities | 20,952 |
| | — |
| | (91 | ) | | 20,861 |
| Total investment securities | $ | 154,652 |
| | $ | 56 |
| | $ | (1,199 | ) | | $ | 153,509 |
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As of March 31, 2018 and December 31, 2017, 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) | March 31, 2018 | | U.S. Treasury notes | $ | 2,290 |
| | $ | (11 | ) | | $ | 8,585 |
| | $ | (26 | ) | | $ | 10,875 |
| | $ | (37 | ) | Agency securities | 4,940 |
| | (1 | ) | | — |
| | — |
| | 4,940 |
| | (1 | ) | Agency mortgage-backed securities | 52,155 |
| | (541 | ) | | 48,870 |
| | (1,082 | ) | | 101,025 |
| | (1,623 | ) | Municipal bonds | 429 |
| | (10 | ) | | 160 |
| | (5 | ) | | 589 |
| | (15 | ) | Asset-backed securities | — |
| | — |
| | 11,211 |
| | (105 | ) | | 11,211 |
| | (105 | ) | Total investment securities | $ | 59,814 |
| | $ | (563 | ) | | $ | 68,826 |
| | $ | (1,218 | ) | | $ | 128,640 |
| | $ | (1,781 | ) | | | | | | | | | | | | | December 31, 2017 | | | | | | | | | | | | U.S. Treasury notes | $ | 4,588 |
| | $ | (21 | ) | | $ | 6,288 |
| | $ | (25 | ) | | $ | 10,876 |
| | $ | (46 | ) | Agency mortgage-backed securities | 62,683 |
| | (453 | ) | | 44,159 |
| | (602 | ) | | 106,842 |
| | (1,055 | ) | Municipal bonds | — |
| | — |
| | 193 |
| | (7 | ) | | 193 |
| | (7 | ) | Asset-backed securities | 2,134 |
| | (2 | ) | | 18,727 |
| | (89 | ) | | 20,861 |
| | (91 | ) | Total investment securities | $ | 69,405 |
| | $ | (476 | ) | | $ | 69,367 |
| | $ | (723 | ) | | $ | 138,772 |
| | $ | (1,199 | ) |
We did not record any other-than-temporary impairment losses during the three months ended March 31, 2018 or 2017 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 5—Investment Securities (continued) As of March 31, 2018, 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 | $ | 15,912 |
| | $ | 15,875 |
| Due after one year through five years | 4,941 |
| | 4,940 |
| Due after five years through ten years | — |
| | — |
| Due after ten years | 604 |
| | 589 |
| Mortgage and asset-backed securities | 128,847 |
| | 127,144 |
| Total investment securities | $ | 150,304 |
| | $ | 148,548 |
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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.
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