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Investment Securities | 6 Months Ended
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Jun. 30, 2020
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, 2020 |  |  |  |  |  |  |
Corporate bonds | $ | 10,000 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 10,058 |
Agency bond securities | 15,000 |  |  | 44 |  |  | — |  |  | 15,044 |
Agency mortgage-backed securities | 189,533 |  |  | 2,320 |  |  | (49) |  |  | 191,804 |
Municipal bonds | 4,275 |  |  | 143 |  |  | — |  |  | 4,418 |
Asset-backed securities | 19,896 |  |  | 314 |  |  | — |  |  | 20,210 |
Total investment securities | $ | 238,704 |  |  | $ | 2,879 |  |  | $ | (49) |  |  | $ | 241,534 |
December 31, 2019 |  |  |  |  |  |  |
Corporate bonds | $ | 10,000 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 10,012 |
Agency bond securities | 19,980 |  |  | 20 |  |  | — |  |  | 20,000 |
Agency mortgage-backed securities | 208,821 |  |  | 2,453 |  |  | (241) |  |  | 211,033 |
Municipal bonds | 4,342 |  |  | 2 |  |  | (2) |  |  | 4,342 |
Asset-backed securities | 31,814 |  |  | 238 |  |  | — |  |  | 32,052 |
Total investment securities | $ | 274,957 |  |  | $ | 2,725 |  |  | $ | (243) |  |  | $ | 277,439 |
Note 4—Investment Securities (continued) As of June 30, 2020 and December 31, 2019, 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, 2020 |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities | $ | 6,768 |  |  | $ | (45) |  |  | $ | 1,371 |  |  | $ | (4) |  |  | $ | 8,139 |  |  | $ | (49) |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities | $ | 43,337 |  |  | $ | (153) |  |  | $ | 8,735 |  |  | $ | (88) |  |  | $ | 52,072 |  |  | $ | (241) |
Municipal bonds | — |  |  | — |  |  | 113 |  |  | (2) |  |  | 113 |  |  | (2) |
Total investment securities | $ | 43,337 |  |  | $ | (153) |  |  | $ | 8,848 |  |  | $ | (90) |  |  | $ | 52,185 |  |  | $ | (243) |
Our investments generally consist of highly rated securities, as our investment policy restricts our investments to highly liquid, low credit risk assets. We did not record any significant credit-related impairment losses during the three and six months ended June 30, 2020 or 2019 on our available-for-sale investment securities. Upon adoption of ASU 2016-13, we establish an allowance for credit losses limited by the amount that the fair value of the investment is less than its amortized cost, rather than a direct write down under previous GAAP. Any subsequent improvements in credit will be recognized in income through a reversal of the allowance established. We continue to record non-credit-related losses as a component of accumulated other comprehensive income or loss. We do not intend to sell our investments and we have determined that it is more likely than not that we will not be required to sell our investments before recovery of their amortized cost bases, which may be at maturity. For the three months ended June 30, 2020, we recorded a realized gain of approximately $5.1 million as a result of the sale of certain investment securities. The gain recognized upon sale of the investments was reclassified from accumulated other comprehensive income and is recorded as a component of other income and expenses on our consolidated statements of operations. As of June 30, 2020, the contractual maturities of our available-for-sale investment securities were as follows:
| Amortized cost |  | Fair value
| (In thousands) |  |
Due after one year through five years | 10,000 |  |  | 10,058 |
Due after five years through ten years | 10,000 |  |  | 10,000 |
Due after ten years | 9,275 |  |  | 9,462 |
Mortgage and asset-backed securities | 209,429 |  |  | 212,014 |
Total investment securities | $ | 238,704 |  |  | $ | 241,534 |
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.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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