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Maturities for mortgage backed securities are based upon contractual terms assuming no repayments. The weighted average yield on investment securities held for sale is based on amortized cost, therefore it does not give effect to changes in fair value. 

At December 31, 2001, the net unrealized loss of $6,293,354 (2000 - net unrealized loss of $19,598,785) on securities available for sale, net of the deferred income tax of $2,097,785 (2000 - $6,532,928), was reported in accumulated other comprehensive income. For 2001, the change in the net unrealized holding gain on the available for sale securities amounted to $17,740,575 (2000 - a gain of $65,400,232) before deferred income taxes. 

For 2001, proceeds from the sale of securities amounted to $847.7 million (2000 - $58.5 million, 1999 - $9.6 million) resulting in gross realized gains of $13.6 million (2000 - $7.9 million, 1999 -$1.4 million), and gross realized losses of $4.0 million (1999-$46,000). No losses were realized during 2000. 

Note 11 - Federal Home Loan Bank (FHLB) Stock At December 31, 2001 and 2000, there were investments in FHLB stock with book value of $22,890,600 and $18,536,500 respectively. The esti- mated market value of such investments is its redemption value. >. 

Note 12 - Interest and Dividend on Investments A detail of interest and dividend income on investments follows: >. 

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