Volunteer Corporate Credit Union and Subsidiary Notes to the Consolidated Financial Statements (In Thousands) Note 4: SECURITIES AVAILABLE FOR SALE (Continued) Less Than 12 Months Fair Unrealized Value Losses
December 31, 2021 U.S. Government agency securities $ 59,992 $ Asset‐backed securities 15,824 Mortgage‐backed securities 78,866 SBA‐backed securities 10,738 Total $ 165,420 $
12 Months or Longer Fair Unrealized Value Losses
1,131 $ 35,734 $ 30 6,775 121 24,831 17 ‐ 1,299 $ 67,340 $
Fair Value
Total Unrealized Losses
809 95,726 $ 117 22,599 134 103,697 ‐ 10,738 1,060 $ 232,760 $
1,940 147 255 17 2,359
At December 31, 2022 and 2021, VolCorp had 96 and 32 securities in a loss position, respectively. The unrealized losses associated with these investments are primarily driven by changes in interest rates and are not related to the credit quality of the securities. VolCorp does not intend to sell these securities, and it is not likely they will be required to sell the securities before the amortized cost basis is recovered, which may be at maturity. Management does not consider these securities to be other‐than‐temporarily impaired at December 31, 2022 and 2021. Note 5: INVESTMENT IN CREDIT UNION SERVICE ORGANIZATIONS VolCorp’s investment in CUSOs at December 31, 2022 and 2021 were as follows:
December 31, 2022 Percentage Recorded of Ownership Value 4.41 % $ 167 10.67 1,769 22.22 749 $ 2,685
Name Credit Union Business Group, LLC Primary Financial Company, LLC CU Investment Solutions, LLC
December 31, 2021 Percentage Recorded of Ownership Value 4.41 % $ 151 10.67 2,314 22.22 924 $ 3,389
Name Credit Union Business Group, LLC Primary Financial Company, LLC CU Investment Solutions, LLC
Investments in CUSOs are accounted for under the equity method based on VolCorp’s percentage of ownership or the ability to exert significant influence over the CUSOs.
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