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Investment Securities
3 Months Ended
Mar. 31, 2018
Investments, Debt and Equity 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)
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


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


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.