MSIC 2023 Annual Report

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 ) Information pertaining to investment securities available-for-sale with gross unrealized losses at September 30, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position, follows:

September 30, 2023 12 Months or Greater

Less Than 12 Months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

Available for sale securities: U.S. government and government- sponsored enterprise obligations

$ 14,837,712

$ (67,867) $ 37,513,850 (2,361,285) $ $ 52,351,562 (2,429,152) $

Mortgage-backed securities

881,593

(13,099)

6,926,061 (1,193,966)

7,807,654 (1,207,065)

--

--

229,330

(31,476)

229,330

(31,476)

Municipal bonds

$ 15,719,305

$ (80,966) $ 44,669,241 (3,586,727) $ $ 60,388,546 (3,667,693) $

September 30, 2022 12 Months or Greater

Less Than 12 Months

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

Available for sale securities: U.S. government and government- sponsored enterprise obligations

$ 2,998,182

$ (1,741) $ 52,342,487 (3,966,024) $ $ 55,340,669 (3,967,765) $

Mortgage-backed securities

3,015,635 (340,136)

5,075,659

(905,451)

8,091,294 (1,245,587)

231,738 (30,958) $ 6,245,555 (372,835) $ $ 57,418,146 (4,871,475) $ $ 63,663,701 (5,244,310) $ (30,958) -- -- 231,738

Municipal bonds

As of September 30, 2023, thirty-seven debt securities had unrealized losses, twenty-three of which were U.S government and government sponsored enterprise obligations, thirteen of which were mortgage-backed securities issued by FHLMC, FNMA and GNMA and one of which was a municipal bond. These thirty-seven debt securities had unrealized losses with aggregate depreciation of approximately 5.7% from the Corporation’s amortized cost basis. As of September 30, 2022, thirty-four debt securities had unrealized losses, twenty-one of which were U.S government and government sponsored enterprise obligations, twelve of which were mortgage-backed securities issued by FHLMC, FNMA and GNMA and one of which was a municipal bond. These thirty-four debt securities had unrealized losses with aggregate depreciation of approximately 7.6% from the Corporation’s amortized cost basis.

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92 INTERNATIONAL COLLABORATION

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