MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022
N OTE 17 - F AIR V ALUE M EASUREMEN TS (C ONTINUED ) Fair values of financial instruments measured on a recurring basis at September 30 are as follows:
Fair Value Measurements Using:
Total
Level 1
Level 2
Level 3
September 30, 2023
Securities available for sale: U.S. government and government- sponsored enterprise obligations
$ 57,307,927
$
-- -- -- --
$ 57,307,927
$
-- -- -- --
Mortgage-backed securities
7,807,654
7,807,654
229,330
Municipal bonds
229,330
$ 65,344,911
$
$ 65,344,911
$
September 30, 2022
Securities available for sale: U.S. government and government- sponsored enterprise obligations
$ 55,340,669
$
-- -- -- --
$ 55,340,669
$
-- -- -- --
Mortgage-backed securities
8,091,294 231,738
8,091,294 231,738
Municipal bonds
$
$ 63,663,701
$
$ 63,663,701
The Corporation obtains its fair value measurements of its securities available-for-sale from an independent, third-party pricing service and the measurements are not adjusted by management. The third-party pricing service utilizes models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. There were no liabilities measured at fair value on a recurring basis at September 30, 2023 and 2022. There were no transfers between Level 1, Level 2 and Level 3, during either of the years ended September 30, 2023 and 2022. There were no assets or liabilities measured at fair value on a non-recurring basis at either September 30, 2023 and 2022.
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2023 ANNUAL REPORT 101
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