MSIC AUDITED F MSIC AUDITED FINANCIAL STATEMENTS
MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED SEPTEMBER 30, 2022 AND 2021
N OTE 6 - R EAL E STATE H ELD FOR I NVESTMENT (C ONTINUED ) As a condition of the regulatory approval by the Massachusetts Commissioner of Banks to form MSIC Properties, LLC, the Corporation was required to obtain a standby line of credit, secured by the Property, in an amount equal to approximately 50% of the purchase price of the Property to allow access to additional liquidity to the Corporation, if the need arises. MSIC and MSIC Properties, LLC obtained a line of credit, permitting borrowings of up to a lesser of $15,000,000 or a maximum loan-to-value of 75% with a maturity date of December 20, 2022 at a rate of 30 day LIBOR plus 1.95%, floating. The line of credit is collateralized by a first mortgage and assignment of leases and rents of the Property. The line of credit has an interest rate of 4.9639% as of September 30, 2022. Outstanding borrowing on this line of credit at September 30, 2022 or 2021 amounted to $0 and $4,500,000, respectively. N OTE 7 - P REMISES AND E QUIPMENT , N ET A summary of premises and equipment, net at September 30 is as follows: 2022 2021 Furniture, fixtures and equipment 394,188 $ 383,753 Software 251,327 155,172 Leasehold improvements 84,918 84,918 730,433 623,843 Less: accumulated depreciation and amortization (529,081) (465,032) $ 201,352 $ 158,811 N OTE 8 - L IQUIDITY R ESERVE F UND D EPOSITS At September 30, 2022, scheduled maturities of liquidity reserve fund deposits are as follows:
One year or less
$ 18,135,763 5,688,929 $ 23,824,692
After one year through three years
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