JM Associates Federal Credit Union Notes to the Financial Statements
Gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss
position at September 30, 2017 and 2016, are as follows:
September 30, 2017
Less Than 12 Months 12 Months or Greater
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Federal agency mortgage-backed securities
and CMOs
$ 17,782,190 $ (357,495) $ 18,876,195 $ (284,927)
Federal agency securities
997,655 (774) 994,742 (5,258)
Bank notes and certificates
749,925
(75)
Total
$ 19,529,770 $ (358,344) $ 19,870,937 $ (290,185)
September 30, 2016
Less Than 12 Months 12 Months or Greater
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Federal agency mortgage-backed securities
and CMOs
$ 26,346,338 $ (347,874) $ - $ -
Bank notes and certificates
594,414 (295) - -
Total
$ 26,940,752 $ (348,169) $ - $ -
There are a total of 44 and 30 securities with unrealized losses as of September 30, 2017 and 2016, respectively. The unrealized
losses associated with these securities are considered temporary as the Credit Union has the ability to hold these securities
for a period of time sufficient to allow for any anticipated recovery in fair value.
Proceeds from sales of investment securities classified as available-for-sale and gross realized gains and losses from
those are as follows:
September 30, 2017 September 30, 2016
Sales proceeds $ 10,523,880 $ 13,285,365
Gross realized gains $ 47,323 $ 73,197
Gross realized losses $ 13,490 $ 26,826
17 The Way We Do Things Has Changed. Who We Are Has Not! • 2017 Annual Report
