v3.7.0.1
Investment Securities (Tables)
3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Investment Securities, Available-for-sale
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
)
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

Investments Classified by Contractual Maturity Date
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