Investment Securities

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

3. INVESTMENT SECURITIES

The Company reports its available-for-sale investment securities at their estimated fair values based on quoted market prices for identical or similar instruments. The following is a summary of the available-for-sale investment securities held by the Company as of March 31, 2022 and December 31, 2021 (in thousands):


	As of March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	99,095	$	—	$	(971	)	$	98,124
Certificates of deposit		4,507		—		(42	)		4,465
Corporate debt securities		70,355		—		(1,172	)		69,183
Asset-backed securities		2,412		—		(7	)		2,405
Total	$	176,369	$	—	$	(2,192	)	$	174,177


	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	54,637	$	—	$	(180	)	$	54,457
Certificates of deposit		5,735		1		(4	)		5,732
Corporate debt securities		70,600		6		(204	)		70,402
Asset-backed securities		2,421		—		—			2,421
Total	$	133,393	$	7	$	(388	)	$	133,012

As of March 31, 2022 and December 31, 2021, available-for-sale investment securities by contractual maturity were as follows (in thousands):


	As of March 31, 2022				As of December 31, 2021
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	90,230	$	89,810	$	31,101	$	31,078
Due after one year through five years		86,139		84,367		102,292		101,934
Total	$	176,369	$	174,177	$	133,393	$	133,012

The Company reviewed its investment holdings as of March 31, 2022 and December 31, 2021 and determined that its unrealized losses were not considered to be other-than-temporary based upon (i) the financial strength of the issuing institution and (ii) the fact

that no securities have been in an unrealized loss position for twelve months or more. As such, the Company has not recognized any impairment in its financial statements related to its available-for-sale investment securities.