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 8 - L IQUIDITY R ESERVE F UND D EPOSITS At September 30, 2023, scheduled maturities of liquidity reserve fund deposits are as follows:
One year or less
$ 13,627,587 5,760,447 $ 19,388,034
After one year through three years
Interest rates paid on the liquidity reserve fund deposits range from .40% to 4.75% as of September 30, 2023. Interest expense on the liquidity reserve fund deposits amounted to $425,259 and $274,588 for the years ended September 30, 2023 and 2022, respectively.
N OTE 9 - F EDERAL H OME L OAN B ANK A DVANCES At September 30, 2023, advances from the Federal Home Loan Bank of Boston ("FHLB") consist of advances amounting to $19,000,000 which mature at various dates through December 2024 with interest rates ranging from 2.02% to 3.35%. Interest expense on the FHLB borrowings amounted to $491,958 and $570,123 for the years ended September 30, 2023 and 2022, respectively. Principal maturities under these advances are as follows:
Years ending September 30: 2024
$ 5,000,000 14,000,000 $ 19,000,000
2025
The Corporation has agreements with the FHLB whereby the Corporation may borrow additional funds. The Corporation’s borrowing capacity is determined primarily by the amount of qualifying collateral held in custody by the FHLB, which consists of available-for- sale securities and by owning a requisite amount of capital stock of the FHLB. The Massachusetts Commissioner of Banks has authorized up to $60,000,000 in borrowing capacity with the FHLB. Any additional borrowings with the FHLB would require the Corporation to purchase additional FHLB stock above the amounts invested at September 30, 2023.
25
2023 ANNUAL REPORT 97
Powered by FlippingBook