Volunteer Corporate Credit Union and Subsidiary Notes to the Consolidated Financial Statements (In Thousands)

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Off Balance Sheet Financial Instruments

In the ordinary course of business, VolCorp enters into commitments to extend credit. Such financial instruments are recorded when they are funded.

Subsequent Events

VolCorp evaluated all events or transactions that occurred after December 31, 2022, through June 6, 2023, the date these consolidated financial statements were available to be issued.

Reclassifications

Certain items in prior financial statements have been reclassified to conform to the current presentation. The reclassifications had no impact on net income or members’ equity.

Note 3: CERTIFICATES OF DEPOSIT

Certificates of deposit are classified as held to maturity and are carried at cost less any impairment, as fair market value is not readily determinable. As of December 31, 2021 certificates of deposits totaled $308. No certificates of deposits were outstanding as of December 31, 2022.

Note 4: SECURITIES AVAILABLE FOR SALE

The amortized cost and approximate estimated fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at December 31, 2022 and 2021 were as follows: