INANCIAL STATE
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 8 - L IQUIDITY R ESERVE F UND D EPOSITS (C ONTINUED ) Interest rates paid on the liquidity reserve fund deposits range from .15% to 2.50% as of September 30, 2022. Interest expense on the liquidity reserve fund deposits amounted to $274,588 and $561,097 for the years ended September 30, 2022 and 2021, respectively. N OTE 9 - F EDERAL H OME L OAN B ANK A DVANCES At September 30, 2022, advances from the Federal Home Loan Bank of Boston ("FHLB") consist of advances amounting to $25,000,000 which mature at various dates through December 2024 with interest rates ranging from 0.67% to 3.35%. Interest expense on the FHLB borrowings amounted to $570,123 and $712,910 for the years ended September 30, 2022 and 2021, respectively. Principal maturities under these advances are as follows: Years ending September 30: 2023 $ 6,000,000 2024 5,000,000 2025 14,000,000 $ 25,000,000 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, 2022.
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2022 ANNUAL REPORT
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