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JM Associates Federal Credit Union Statement of Cash Flows September 30, 2017 September 30, 2016 Cash Flows From Operating Activities Net income $ 1,494,018 $ 1,148,819 Adjustments to reconcile net income to net cash: Provisions for loan losses 224,000 535,000 Depreciation and amortization of premises and equipment 15,523 35,564 Gain on sale of investments, net (33,833) (46,371) Amortization of investment premiums/discounts 3,437,648 646,366 Changes in operating assets and liabilities Accrued interest receivable (34,301) 9,930 Other assets (1,239) 52,082 Accrued expenses and other liabilities 141,224 186,581 Net cash provided by operating activities $ 5,243,040 $ 2,567,971 Cash Flows From Investment Activities Purchases of: Available-for-sale securities (22,075,735) (21,179,261) Premises and equipment – (55,181) Proceeds from: Maturities, paydowns and sales of available-for-sale securities 14,239,684 20,311,662 Maturities and paydowns of held-to-maturity securities 496,000 56,553 Net change in: Other investments – 91,187 Loans receivable, net of charge-offs (3,364,933) (3,384,846) NCUSIF deposit (46,368) (55,590) Recoveries on loans charged off 121,059 188,839 Net cash (used in) provided by investing activities $ (10,630,293) $ (4,026,637) Cash Flows From Financing Activities Net change in members' share and savings accounts 4,840,240 5,797,794 Net cash provided by financing activities $ 4,840,240 $ 5,797,794 Net change in cash and cash equivalents (547,013) 4,339,128 Cash and cash equivalents at beginning of year 9,499,332 5,160,204 Cash and cash equivalents at end of year $ 8,952,319 $ 9,499,332 Supplemental Cash Flow Disclosures Dividends and interest paid $ 431,836 $ 412,339 11 The Way We Do Things Has Changed. Who We Are Has Not! • 2017 Annual Report