Investment Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment Securities

3. INVESTMENT SECURITIES

The Company reports its available-for-sale investment securities at their estimated fair values. The following is a summary of the available-for-sale investment securities held by the Company as of March 31, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	127,343	$	19	$	(888	)	$	126,474
Certificates of deposit		4,156		—		(80	)		4,076
Corporate debt securities		125,944		—		(1,565	)		124,379
Total	$	257,443	$	19	$	(2,533	)	$	254,929

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	154,228	$	12	$	(1,510	)	$	152,730
Certificates of deposit		4,629		—		(94	)		4,535
Corporate debt securities		145,330		—		(2,336	)		142,994
Asset-backed securities		1,497		—		(3	)		1,494
Total	$	305,684	$	12	$	(3,943	)	$	301,753

As of March 31, 2023 and December 31, 2022, available-for-sale investment securities by contractual maturity were as follows (in thousands):

	As of March 31, 2023				As of December 31, 2022
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	230,382	$	228,291	$	246,276	$	243,542
Due after one year through five years		27,061		26,638		59,408		58,211
Total	$	257,443	$	254,929	$	305,684	$	301,753

The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of March 31, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
	Less Than 12 Months					More Than 12 Months					Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government and agency obligations	$	52,134	$	(373	)	$	30,463	$	(515	)	$	82,597	$	(888	)
Certificates of deposit		2,410		(40	)		1,666		(40	)	$	4,076		(80	)
Corporate debt securities		77,574		(967	)		44,805		(598	)	$	122,379		(1,565	)
Total	$	132,118	$	(1,380	)	$	76,934	$	(1,153	)	$	209,052	$	(2,533	)

	As of December 31, 2022
	Less Than 12 Months					More Than 12 Months					Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government and agency obligations	$	95,933	$	(702	)	$	36,681	$	(808	)	$	132,614	$	(1,510	)
Certificates of deposit		2,399		(47	)		2,136		(47	)		4,535		(94	)
Corporate debt securities		96,663		(1,399	)		43,330		(937	)		139,993		(2,336	)
Asset-backed securities		1,494		(3	)		—		—			1,494		(3	)
Total	$	196,489	$	(2,151	)	$	82,147	$	(1,792	)	$	278,636	$	(3,943	)

The Company reviewed its investment holdings as of March 31, 2023 and December 31, 2022 and determined that the decline in fair value is attributable to changes in interest rates and not credit quality, and as the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. Therefore, there were no allowances for credit losses as of March 31, 2023 and December 31, 2022.