XML 24 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment Securities
 6 Months Ended
Jun. 30, 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)
June 30, 2018
 
Negotiable certificate of deposit
$
20,000

 
$
—

 
$
—

 
$
20,000

Agency bond securities
14,952

 
—

 
(48
)
 
14,904

Agency mortgage-backed securities
118,350

 
32

 
(1,514
)
 
116,868

Municipal bonds
604

 
—

 
(21
)
 
583

Asset-backed securities
38,756

 
—

 
(81
)
 
38,675

Total investment securities
$
192,662

 
$
32

 
$
(1,664
)
 
$
191,030

 
 
 
 
 
 
 
 
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 June 30, 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)
June 30, 2018
 
Agency bond securities
$
14,904

 
$
(48
)
 
$
—

 
$
—

 
$
14,904

 
$
(48
)
Agency mortgage-backed securities
52,114

 
(366
)
 
45,236

 
(1,148
)
 
97,350

 
(1,514
)
Municipal bonds
427

 
(12
)
 
156

 
(9
)
 
583

 
(21
)
Asset-backed securities
29,436

 
(13
)
 
9,238

 
(68
)
 
38,674

 
(81
)
Total investment securities
$
96,881

 
$
(439
)
 
$
54,630

 
$
(1,225
)
 
$
151,511

 
$
(1,664
)
 
 
 
 
 
 
 
 
 
 
 
 
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 and six months ended June 30, 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 June 30, 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
$
15,000

 
$
15,000

Due after one year through five years
19,952

 
19,904

Due after five years through ten years
—

 
—

Due after ten years
604

 
583

Mortgage and asset-backed securities
157,106

 
155,543

Total investment securities
$
192,662

 
$
191,030


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.