Investments

3 Months Ended

Mar. 31, 2020

Our investments are classified as held-to-maturity as we have both the intent and ability to hold the investments until their individual maturities. The amortized cost, gross unrealized gains and losses, and fair value of our investments as measured using Level 2 inputs as of March 31, 2020 and December 31, 2019 (in thousands) were as follows:



	March 31, 2020									December 31, 2019
	Amortized Cost		Gross Unrealized					Fair Value		Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value		Amortized Cost		Gains		Losses			Fair Value
U.S. Treasury bills	$	10,785	$	568	$	—		$	11,353	$	10,784	$	270	$	—		$	11,054
Corporate bonds	1,705		67		—			1,772		1,705		70		—			1,775
Collateralized mortgage obligations	6,192		233		(4		)	6,421		5,472		56		(5		)	5,523
Yankees	597		42		—			639		597		30		—			627
Total investments	$	19,279	$	910	$	(4	)	$	20,185	$	18,558	$	426	$	(5	)	$	18,979

The amortized cost and fair value of our investments by contractual maturities as of March 31, 2020 and December 31, 2019 (in thousands) were as follows:



	March 31, 2020				December 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	1,413	$	1,413	$	1,807	$	1,810
Due after one year through five years	17,236		18,138		16,121		16,542
Due after five years through ten years	630		634		630		627
Total investments	$	19,279	$	20,185	$	18,558	$	18,979

When a held-to-maturity investment is in an unrealized loss position, we assess whether or not we expect to recover the entire cost basis of the security, based on our best estimate of the present value of cash flows expected to be collected from the debt security. Factors considered in our analysis include the reasons for the unrealized loss position, the severity and duration of the unrealized loss position, credit worthiness and forecasted performance of the investee. In cases where the estimated present value of future cash flows is less than our cost basis, we recognize an other than temporary impairment and write the investment down to its fair value. The new cost basis would not be changed for subsequent recoveries in fair value.

There were no securities held in an unrealized loss position for more than twelve months as of March 31, 2020 or December 31, 2019. The Company held the following securities (in thousands) in an unrealized loss position for less than twelve months as of December 31, 2019, and expects to recover the entire cost basis of the security:



	March 31, 2020					December 31, 2019
	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
Collateralized mortgage obligations	3	$	279	$	4	4	$	2,075	$	5