Issue link: http://www.epageflip.net/i/964842
JM Associates Federal Credit Union Notes to the Financial Statements The amortized cost and estimated fair value of securities by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay certain obligations without call or prepayment penalties. September 30, 2017 Amortized Cost Fair Value Within 1 year $ 2,253,414 $ 2,260,909 1 to 5 years 3,252,968 3,270,106 5 to 10 years 1,998,429 1,992,397 Subtotal $ 7,504,811 $ 7,523,412 Mortgage-backed securities 51,600,444 51,054,525 Total $ 59,105,255 $ 58,577,937 Mortgage-backed securities classified as available-for-sale represent participation interest in pools of residential mortgage loans which are guaranteed by the U.S. Government, its agencies or instrumentalities. However, the guarantee of these types of securities relates to the principal and interest payments, and not to the market value of such securities. Mortgage-backed securities are issued by lenders, such as mortgage bankers, commercial banks, and savings and loan associations. Such securities differ from conventional debt securities, which provide for the periodic payment of interest in fixed amounts (usually semiannually) with principal payments at maturity or on specific dates. Mortgage-backed securities provide periodic payments which are, in effect, a "pass-through" of the interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans. A mortgage-backed security will mature when all the mortgages in the pool mature or are prepaid. Mortgage-backed securities do not have a fixed maturity, and their expected maturities may vary when interest rates rise or fall. GreenPath ™ 347 Total interactions between JMAFCU members and GreenPath experts in 2017 via calls and actions taken within member accounts Through our partnership with GreenPath (formerly ACCEL Members Financial Counseling), JMAFCU members enjoy access to free debt counseling and financial coaching, housing guidance by HUD- approved experts, full-service debt management plans, credit report reviews and financial education tools and workshops. GreenPath's debt management plans, in particular, have helped JMAFCU members repay their debts more quickly and at lower interest rates – putting them in a better position to utilize Credit Union products in the future. By the Numbers 18 JM Associates Federal Credit Union • jmafcu.org