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INVESTMENT SECURITIES
 6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
INVESTMENT SECURITIES
Securities available-for-sale consist of the following:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
June 30, 2015
 
 
 
 
 
 
 
U.S. government agency obligations
$
13,187,546

 
$
53,506

 
$
(32,204
)
 
$
13,208,848

Mortgage-backed securities
1,150,793

 
8,538

 
(2,334
)
 
1,156,997

Municipal securities
2,903,674

 
85,049

 
(16,152
)
 
2,972,571

 
$
17,242,013

 
$
147,093

 
$
(50,690
)
 
$
17,338,416

 
 
 
 
 
 
 
 
  
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
December 31, 2014
 
 
 
 
 
 
 
U.S. government agency obligations
$
20,498,822

 
$
41,548

 
$
(86,495
)
 
$
20,453,875

Mortgage-backed securities
1,271,166

 
13,449

 
(982
)
 
1,283,633

Municipal securities
1,906,572

 
97,807

 
(16,525
)
 
1,987,854

 
$
23,676,560

 
$
152,804

 
$
(104,002
)
 
$
23,725,362


Monarch did not own any held-to-maturity securities at June 30, 2015 or December 31, 2014.
The amortized cost and fair value of securities by contractual maturity date at June 30, 2015 were as follows: 
Securities available-for-sale:
Amortized
Cost
 
Fair Value
Due in one year or less
$
—

 
$
—

Due from one to five years
14,287,546

 
14,314,006

Due from five to ten years
1,312,337

 
1,336,723

Due after ten years
1,642,130

 
1,687,687

Total
$
17,242,013

 
$
17,338,416



There were eleven investments in our securities portfolio with unrealized losses as of June 30, 2015.
As of June 30, 2015
 
Less than 12 months
 
12 months or more
 
Total
 
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
U.S. government agency obligations
 
$
494,260

 
$
(5,740
)
 
$
3,973,536

 
$
(26,464
)
 
$
4,467,796

 
$
(32,204
)
Mortgage-backed securities
 
309,796

 
(2,334
)
 
—

 
—

 
309,796

 
(2,334
)
Municipal securities
 
—

 
—

 
500,895

 
(16,152
)
 
500,895

 
(16,152
)
Total
 
$
804,056

 
$
(8,074
)
 
$
4,474,431

 
$
(42,616
)
 
$
5,278,487

 
$
(50,690
)









There were twenty-four investments in our securities portfolio that had unrealized losses as of December 31, 2014.
As of December 31, 2014
 
Less than 12 months
 
12 months or more
 
Total
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
U.S. government agency obligations
 
$
7,482,955

 
$
(18,941
)
 
$
6,433,135

 
$
(67,554
)
 
$
13,916,090

 
$
(86,495
)
Mortgage-backed securities
 
338,707

 
(982
)
 
—

 
—

 
338,707

 
(982
)
Municipal securities
 
—

 
—

 
502,135

 
(16,525
)
 
502,135

 
(16,525
)
Total
 
$
7,821,662

 
$
(19,923
)
 
$
6,935,270

 
$
(84,079
)
 
$
14,756,932

 
$
(104,002
)

As of June, 30, 2015, nine investments have been in a continuous unrealized loss position for more than twelve months. They are as follows:
 
Count
 
Amortized Cost
 
Fair Value
U.S. government agency obligations
8

 
$
4,000,000

 
$
3,973,536

Municipal securities
1

 
517,047

 
500,895

Total
9

 
$
4,517,047

 
$
4,474,431



At December 31, 2014, fourteen investments had been in a continuous unrealized loss position for more than twelve months. They were as follows:

 
Count
 
Amortized Cost
 
Fair Value
U.S. government agency obligations
13

 
$
6,500,689

 
$
6,433,135

Municipal securities
1

 
518,660

 
502,135

Total
14

 
$
7,019,349

 
$
6,935,270



We have the ability to carry these investments to the final maturity of the instruments. Other-than-temporarily impaired (“OTTI”) guidance for investments states that an impairment is OTTI if any of the following conditions exist: the entity intends to sell the security; it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis; or, the entity does not expect to recover the security’s entire amortized cost basis (even if the entity does not intend to sell). An impaired security identified as OTTI should be separated and losses should be recognized in earnings.
We believe the unrealized losses in our portfolio are temporary impairments, caused by liquidity discounts and increases in the risk premiums required by market participants, rather than adverse changes in cash flows or fundamental weaknesses in the credit quality of the issuer or underlying assets as of June 30, 2015. There were no losses related to OTTI recognized in accumulated other comprehensive loss at either June 30, 2015 or December 31, 2014.