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Investment Securities
 9 Months Ended
Sep. 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)
September 30, 2018
 
Negotiable certificate of deposit
$
15,000

 
$
—

 
$
—

 
$
15,000

Agency bond securities
19,712

 
—

 
(128
)
 
19,584

Agency mortgage-backed securities
114,158

 
43

 
(1,730
)
 
112,471

Municipal bonds
507

 
—

 
(30
)
 
477

Asset-backed securities
76,452

 
2

 
(109
)
 
76,345

Total investment securities
$
225,829

 
$
45

 
$
(1,997
)
 
$
223,877

 
 
 
 
 
 
 
 
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


Note 5—Investment Securities (continued)
As of September 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)
September 30, 2018
 
Agency bond securities
$
19,584

 
$
(128
)
 
$
—

 
$
—

 
$
19,584

 
$
(128
)
Agency mortgage-backed securities
32,282

 
(328
)
 
65,414

 
(1,402
)
 
97,696

 
(1,730
)
Municipal bonds
346

 
(21
)
 
131

 
(9
)
 
477

 
(30
)
Asset-backed securities
55,665

 
(65
)
 
9,259

 
(44
)
 
64,924

 
(109
)
Total investment securities
$
107,877

 
$
(542
)
 
$
74,804

 
$
(1,455
)
 
$
182,681

 
$
(1,997
)
 
 
 
 
 
 
 
 
 
 
 
 
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 nine months ended September 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.
As of September 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
$
14,962

 
$
14,946

Due after one year through five years
19,750

 
19,638

Due after five years through ten years
—

 
—

Due after ten years
507

 
477

Mortgage and asset-backed securities
190,610

 
188,816

Total investment securities
$
225,829

 
$
223,877


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.