INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2019

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 3 – INVESTMENT SECURITIES

Our investments as of December 31, 2019 and 2018 are classified as held-to-maturity. Held-to-maturity investments are recorded at amortized cost.

The following tables summarize our investment securities at December 31, 2019 and 2018:

	December 31, 2019
	Amortized		Gross		Gross
	cost, as		unrealized		unrealized		Estimated
(in thousands)	adjusted		holding gains		holding losses		fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between January 2020 and September 2020) (held-to-maturity)	$	27,798	$	28	$	—	$	27,826
Total short-term investment securities	$	27,798	$	28	$	—	$	27,826

	December 31, 2018
	Amortized		Gross		Gross
	cost, as		unrealized		unrealized		Estimated
	adjusted		holding gains		holding losses		fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between January 2019 and November 2019) (held-to-maturity)	$	26,943	$	2	$	10	$	26,935
Total short-term investment securities	$	26,943	$	2	$	10	$	26,935