INANCIAL STATE
MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2022 AND 2021
2022
2021
Cash Flows from Operating Activities Net loss
$
(133,105)
$
(742,367)
Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization Loss on disposal of property and equipment
910,339
624,894 16,250 119,882
--
Amortization of premiums/discounts on securities, net
209,875 600,000 233,779 270,163
Provision for insurance losses Net change in: Accrued interest receivable
2,000,000
291,995 72,184 118,419
Other assets
(1,070,846)
Accounts payable and accrued expenses
3,243,624
1,153,310
Total Adjustments
1,020,205
2,501,257
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities Maturities of certificates of deposit Purchases of certificates of deposit
7,500,000
19,278,704 (5,000,000) 75,788,833 (56,865,333)
--
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
5,526,106 (6,002,226) 547,700 (167,733) (46,808) 398,253
--
(5,542,990)
Purchases of premises and equipment, net
(13,854)
--
MSIC Partners, LLC cash recorded in consolidation
27,645,360
7,755,292
Net Cash Provided by Investing Activities
Cash Flows from Financing Activities Decrease in liquidity reserve fund deposits
(13,724,996) (4,500,000)
(10,584,146) 4,500,000 4,000,000 (8,000,000)
(Repayments) advances on note payable - line of credit Proceeds from Federal Home Loan Bank advances Paydowns of Federal Home Loan Bank advances
4,000,000
(13,000,000)
(27,224,996)
(10,084,146)
Net Cash Used in Financing Activities
The accompanying notes are an integral part of these consolidated financial statements. 7
2022 ANNUAL REPORT
55
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