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Investment Securities
 9 Months Ended
Sep. 30, 2019
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, 2019
 
Corporate bonds
$
10,000

 
$
28

 
$
—

 
$
10,028

Negotiable certificate of deposit
5,000

 
—

 
—

 
5,000

Agency bond securities
10,000

 
27

 
—

 
10,027

Agency mortgage-backed securities
162,582

 
2,600

 
(82
)
 
165,100

Municipal bonds
352

 
4

 
(1
)
 
355

Asset-backed securities
54,420

 
289

 
—

 
54,709

Total investment securities
$
242,354

 
$
2,948

 
$
(83
)
 
$
245,219

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Negotiable certificate of deposit
$
15,000

 
$
—

 
$
—

 
$
15,000

Agency bond securities
19,723

 
6

 
(36
)
 
19,693

Agency mortgage-backed securities
87,156

 
53

 
(396
)
 
86,813

Municipal bonds
507

 
—

 
(24
)
 
483

Asset-backed securities
79,274

 
14

 
(94
)
 
79,194

Total investment securities
$
201,660

 
$
73

 
$
(550
)
 
$
201,183


As of September 30, 2019 and December 31, 2018, 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, 2019
 
Agency mortgage-backed securities
$
9,999

 
$
(26
)
 
$
5,472

 
$
(56
)
 
$
15,471

 
$
(82
)
Municipal bonds
—

 
—

 
124

 
(1
)
 
124

 
(1
)
Total investment securities
$
9,999

 
$
(26
)
 
$
5,596

 
$
(57
)
 
$
15,595

 
$
(83
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Agency bond securities
$
14,937

 
$
(36
)
 
$
—

 
$
—

 
$
14,937

 
$
(36
)
Agency mortgage-backed securities
28,939

 
(103
)
 
8,743

 
(293
)
 
37,682

 
(396
)
Municipal bonds
353

 
(14
)
 
130

 
(10
)
 
483

 
(24
)
Asset-backed securities
50,980

 
(70
)
 
7,333

 
(24
)
 
58,313

 
(94
)
Total investment securities
$
95,209

 
$
(223
)
 
$
16,206

 
$
(327
)
 
$
111,415

 
$
(550
)

We did not record any other-than-temporary impairment losses during the three and nine months ended September 30, 2019 or 2018 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 4—Investment Securities (continued)
As of September 30, 2019, 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

 
$
15,027

Due after one year through five years
10,000

 
10,028

Due after five years through ten years
—

 
—

Due after ten years
352

 
355

Mortgage and asset-backed securities
217,002

 
219,809

Total investment securities
$
242,354

 
$
245,219


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.