v3.7.0.1
Investment Securities
3 Months Ended
Mar. 31, 2017
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, 2017
 
Corporate bonds
$
12,060

 
$
5

 
$
(6
)
 
$
12,059

Commercial paper
3,885

 

 

 
3,885

U.S. Treasury notes
25,888

 
1

 
(52
)
 
25,837

Mortgage-backed securities
112,838

 
204

 
(665
)
 
112,377

Municipal bonds
1,304

 
1

 
(17
)
 
1,288

Asset-backed securities
28,500

 
1

 
(138
)
 
28,363

Total investment securities
$
184,475

 
$
212

 
$
(878
)
 
$
183,809

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Corporate bonds
$
21,533

 
$
9

 
$
(7
)
 
$
21,535

Commercial paper
12,427

 
4

 
(1
)
 
12,430

U.S. Treasury notes
21,603

 
1

 
(41
)
 
21,563

Agency securities
4,002

 

 
(1
)
 
4,001

Mortgage-backed securities
117,990

 
242

 
(741
)
 
117,491

Municipal bonds
1,460

 
1

 
(31
)
 
1,430

Asset-backed securities
30,131

 
1

 
(156
)
 
29,976

Total investment securities
$
209,146

 
$
258

 
$
(978
)
 
$
208,426


Note 4—Investment Securities (continued)
As of March 31, 2017 and December 31, 2016, 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, 2017
 
Corporate bonds
$
2,221

 
$
(3
)
 
$
3,999

 
$
(3
)
 
$
6,220

 
$
(6
)
U.S. Treasury notes
21,132

 
(52
)
 

 

 
21,132

 
(52
)
Mortgage-backed securities
19,346

 
(213
)
 
62,309

 
(452
)
 
81,655

 
(665
)
Municipal bonds

 

 
821

 
(17
)
 
821

 
(17
)
Asset-backed securities
25,158

 
(138
)
 

 

 
25,158

 
(138
)
Total investment securities
$
67,857

 
$
(406
)
 
$
67,129

 
$
(472
)
 
$
134,986

 
$
(878
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
8,739

 
$
(7
)
 
$
1,999

 
$

 
$
10,738

 
$
(7
)
Commercial paper
2,672

 
(1
)
 

 

 
2,672

 
(1
)
U.S. Treasury notes
16,211

 
(41
)
 

 

 
16,211

 
(41
)
Agency securities
4,002

 
(1
)
 

 

 
4,002

 
(1
)
Mortgage-backed securities
23,300

 
(236
)
 
61,383

 
(505
)
 
84,683

 
(741
)
Municipal bonds

 

 
937

 
(31
)
 
937

 
(31
)
Asset-backed securities
25,501

 
(156
)
 

 

 
25,501

 
(156
)
Total investment securities
$
80,425

 
$
(442
)
 
$
64,319

 
$
(536
)
 
$
144,744

 
$
(978
)

We did not record any other-than-temporary impairment losses during the three months ended March 31, 2017 or 2016 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.
As of March 31, 2017, 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
$
24,618

 
$
24,605

Due after one year through five years
17,987

 
17,948

Due after five years through ten years
58

 
56

Due after ten years
780

 
765

Mortgage and asset-backed securities
141,032

 
140,435

Total investment securities
$
184,475

 
$
183,809


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.