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 17 - F AIR V ALUE M EASUREMENTS (C ONTINUED ) Level 3 Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Fair values of financial instruments measured on a recurring basis at September 30 are as follows:
Fair Value Measurements Using:
Total
Level 1
Level 2
Level 3
September 30, 2022
Securities available for sale: U.S. government and government- sponsored enterprise obligations
$ 55,340,669
$
-- -- -- --
$ 55,340,669
$
-- -- -- --
Mortgage-backed securities
8,091,294
8,091,294
Municipal bonds
231,738
231,738
$
$ 63,663,701
$
$ 63,663,701
September 30, 2021
Securities available for sale: U.S. government and government- sponsored enterprise obligations
$ 56,267,064 11,991,264
$
-- -- -- --
$ 56,267,064 11,991,264
$
-- -- -- --
Mortgage-backed securities
Municipal bonds
280,310
280,310
$ 68,538,638
$
$ 68,538,638
$
The Corporation obtains its fair value measurements of its securities available-for-sale from an independent, third-party pricing service and the measurements are not adjusted by management. The third-party pricing service utilizes models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. There were no liabilities measured at fair value on a recurring basis at September 30, 2022 and 2021. There were no transfers between Level 1, Level 2 and Level 3, during either of the years ended September 30, 2022 and 2021. There were no assets or liabilities measured at fair value on a non-recurring basis at either September 30, 2022 and 2021.
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2022 ANNUAL REPORT
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