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 5 - I NVESTMENT S ECURITIES (C ONTINUED ) The amortized cost and estimated fair value of investment securities available-for-sale as of September 30, 2023, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the borrowers may have full or partial call rights.
Available-for-sale
Amortized
Fair
Cost
Value
Due in less than one year
$
23,041,359 36,694,876
$
22,305,994 35,001,933
Due after one year through five years Due after five years through ten years
229,330
260,806
59,997,041 9,014,719 69,011,760
57,537,257 7,807,654 65,344,911
Mortgage-backed securities
$
$
During the years ended September 30, 2023 and 2022, there were no sales of securities available-for-sale. Investment securities are exposed to various risks such as interest rate, market and credit risks. Market risk includes global events that could impact the value of investment securities, such as a pandemic or internal conflict. Due to the level of risk associated with investment securities, it is at least reasonably possible that changes in the fair values of the investment securities will occur in the near term and that such changes could have a material effect. At September 30, 2023 and 2022, securities available-for-sale with an estimated fair value of $22,065,877 and $33,155,399, respectively, were pledged to secure the advances with the FHLB (Reference to Note 9). At September 30, 2023 and 2022, securities available-for-sale with an estimated fair value of $463,842 and $453,446, respectively, were pledged to secure a line of credit with another financial institution (Reference to Note 10).
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2023 ANNUAL REPORT 91
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