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Investment Securities
 12 Months Ended
Dec. 31, 2019
Investment 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)
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

 
 
 
 
 
 
 
 
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 December 31, 2019 and 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)
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
)
 
 
 
 
 
 
 
 
 
 
 
 
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 years ended December 31, 2019 and 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 December 31, 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
$
10,000

 
$
10,020

Due after one year through five years
10,000

 
10,012

Due after five years through ten years
9,980

 
9,980

Due after ten years
4,342

 
4,342

Mortgage and asset-backed securities
240,635

 
243,085

Total investment securities
$
274,957

 
$
277,439


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.