MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022
2023
2022
Cash Flows from Operating Activities Net loss Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization Loss on disposal of property and equipment
$
(756,357)
$
(133,105)
934,156
910,339
8,448
--
Amortization of premiums/discounts on securities, net
105,468
209,875 600,000 233,779 270,163
Provision for insurance losses Net change in: Accrued interest receivable
(1,300,000)
(129,092) (575,774) (88,947)
Other assets
(1,070,846)
Accounts payable and accrued expenses
1,153,310
(1,045,741)
Total Adjustments
(1,802,098)
1,020,205
Net Cash (Used in) Provided by Operating Activities
Cash Flows from Investing Activities Maturities of certificates of deposit
4,000,000
7,500,000
Proceeds from maturities, calls and principal payments of available-for-sale securities Proceeds from sale of stock in Federal Home Loan Bank Improvements to real estate held for investment Purchases of available-for-sale securities
23,474,209 (23,683,426)
5,526,106 (6,002,226) 547,700 (167,733) (46,808) 398,253
164,800 (770,855)
Purchases of premises and equipment, net
-- --
MSIC Partners, LLC cash recorded in consolidation
3,184,728
7,755,292
Net Cash Provided by Investing Activities
Cash Flows from Financing Activities Decrease in liquidity reserve fund deposits Repayments on note payable - line of credit Proceeds from Federal Home Loan Bank advances Paydowns of Federal Home Loan Bank advances
(4,436,658)
(13,724,996) (4,500,000)
--
2,000,000 (8,000,000)
4,000,000
(13,000,000)
(10,436,658)
(27,224,996)
Net Cash Used in Financing Activities
The accompanying notes are an integral part of these consolidated financial statements. 7
2023 ANNUAL REPORT 79
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