- BRANCHES
- Uliga
- Ebeye
- Airport
- Kwajalein
- VILLAGE BANKS
- Roi Namur
- Jaluit
- Arno
- Laura
- ACTIVITIES
- MoneyGram®
- Microloan
- Loan by Phone
- Quick Loan
-
LINKS
- CMI
- RRE
- NTA
- MIVA
- Government
- Yokwe
- Embassy
- Chamber
- Coop
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- AMI
- Alele
- Statistics
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- MISSA
- PII
- Journal
- Resort
- Rongelap
|
Financial Statements
Bank of the Marshall Islands operates on a calendar year basis. The
firm of Deloitte & Touche LLP, Guam, has been engaged for many years
to audit the bank's books. The annual certified audit is available
by the end of April in the year following the audited results in time to
present it to the shareholders at their annual meeting. The 2007 auditied results
will be available at the end of April, 2008.
Charts
| Statements of Condition |
| December 31, 2006 and 2005 |
| |
|
|
| ASSETS |
2006 |
2005 |
| |
|
|
| Cash and due from banks |
$4,218,254 |
$4,256,162 |
| Interest-bearing deposits in banks |
9,888,702 |
9,556,082 |
| Federal funds sold |
2,000,000 |
1,000,000 |
| |
|
|
| Cash and cash equivalents |
16,106,956 |
14,812,244 |
| |
|
|
| Interest-bearing deposits in banks |
2,900,000 |
2,900,000 |
| Securities available for sale |
1,064,107 |
1,025,292 |
| Loans, net |
35,684,696 |
33,224,691 |
| Accrued interest receivable |
870,764 |
627,241 |
| Premises and equipment, net |
145,184 |
108,496 |
| Other assets |
130,294 |
53,245 |
|
$56,902,001 |
$52,751,209 |
| |
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
| |
|
|
| Liabilities: |
|
|
Deposits: |
|
|
Noninterest-bearing |
$3,997,804 |
$4,973,049 |
Interest-bearing |
32,315,873 |
29,173,115 |
| |
|
|
Total deposits |
36,313,677 |
34,146,164 |
| |
|
|
Accrued expenses and other liabilities |
318,099 |
156,063 |
| |
|
|
Total liabilities |
36,631,776 |
34,302,227 |
| |
|
|
| Commitments and contingencies |
|
|
| |
|
|
| Stockholders' equity: |
|
|
Common stock, $10 par value, 500,000 shares authorized; |
|
|
211,246 and 209,583 shares issued and outstanding |
|
|
at December 31, 2006 and 2005, respectively |
2,112,460 |
2,095,830 |
Additional paid-in capital |
658,994 |
473,944 |
Retained earnings |
17,650,630 |
15,916,521 |
Accumulated other comprehensive loss |
(1,499) |
(13,553) |
Common stock in treasury, at cost (2,148 and 1,080 shares at |
|
|
December 31, 2006 and 2005, respectively) |
(150,360) |
(23,760) |
| |
|
|
Total stockholders' equity |
20,270,225 |
18,448,982 |
| |
|
|
|
$56,902,001 |
$52,751,209 |
| Statements of Income |
| December 31, 2006 and 2005 |
| |
|
|
|
2006 |
2005 |
| |
|
|
| Interest income: |
|
|
| Loans including fees |
$6,356,389 |
$6,663,520 |
| Deposits in banks |
574,085 |
304,449 |
| Federal funds sold |
94,238 |
16,492 |
| Investment securities |
28,203 |
29,721 |
| |
|
|
| Total interest income |
7,052,915 |
7,014,182 |
| |
|
|
| Interest expense on deposits |
1,113,944 |
979,950 |
| |
|
|
| Net interest income |
5,938,971 |
6,034,232 |
| |
|
|
| Provision for loan losses |
400,000 |
600,000 |
| |
|
|
| Net interest income, after provision for loan losses |
5,538,971 |
5,434,232 |
| |
|
|
| Noninterest income: |
|
|
| Premiums earned |
471,358 |
454,083 |
| Customer service fees |
338,265 |
345,724 |
| Other |
90,732 |
32,391 |
| |
|
|
| Total noninterest income |
900,355 |
832,198 |
| |
|
|
| Noninterest expense: |
|
|
| Salaries and employee benefits |
2,246,848 |
2,038,876 |
| Licenses, taxes and insurance |
264,891 |
234,952 |
| Gross revenue tax |
217,511 |
224,761 |
| Occupancy |
187,959 |
177,129 |
| Loss and loss-adjustment expense |
160,000 |
160,000 |
| Communications |
155,524 |
160,572 |
| Printing, stationery and advertising |
115,773 |
118,100 |
| Professional fees |
73,620 |
88,900 |
| Depreciation and amortization |
61,015 |
107,015 |
| Cash shipment |
55,457 |
34,226 |
| Travel |
54,690 |
50,626 |
| Donations |
54,296 |
33,841 |
| Repairs and maintenance |
19,780 |
31,076 |
| Entertainment |
17,507 |
20,240 |
| Bank charges |
12,213 |
45,521 |
| Other |
278,373 |
249,325 |
| |
|
|
| Total noninterest expenses |
3,975,457 |
3,775,160 |
| |
|
|
| Net Income |
$2,463,869 |
$2,491,270 |
|
