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

Note 4: SECURITIES AVAILABLE FOR SALE (Continued)

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:

31, 2022

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.