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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 2008 auditied results will be available at the end of April, 2009.

Charts

Statements of Condition
December 31, 2008 and 2007
     
ASSETS 2008 2007
     
Cash and due from banks 4,402,226 $2,815,390
Interest-bearing deposits in banks 5,500,303 7,086,833
Federal funds sold

2,000,000

4,000,000

     
Cash and cash equivalents $11,902,529 13,902,223
     
Interest-bearing deposits in banks 2,500,000 2,500,000
Securities available for sale 1,177,854 1,134,029
Loans, net 43,061,735 39,996,846
Accrued interest receivable 851,654 615,922
Premises and equipment, net 131,328 87,807
Other assets

106,259

147,047

$59,971,359

$58,383,874

     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Liabilities:

Deposits:

Noninterest-bearing

$4,632,047 $4,962,428

Interest-bearing

30,106,481

30,790,782

     

Total deposits

34,738,528 35,753,210
     

Accrued expenses and other liabilities

436,873

264,796

     

Total liabilities

35,175,401

36,018,006

     
Commitments and contingencies
     
Stockholders' equity:

Common stock, $10 par value, 500,000 shares authorized;

211,246 shares issued and outstanding

at December 31, 2008 and 2007, respectively

2,112,460 2,112,460

Additional paid-in capital

749,304 722,444

Retained earnings

22,356,939 19,856,417

Accumulated other comprehensive loss

(34,365) (25,067)

Common stock in treasury, at cost (5,079 and 3,962 shares at

December 31, 2008 and 2007, respectively)

(457,110)

(350,520)

     

Total stockholders' equity

24,795,958

22,365,868

     

$59,971,359

$58,383,874

 

 

Statements of Income
December 31, 2008 and 2007
     
2008 2007
     
Interest income:    
Loans including fees 7,925,641 $7,172,854
Deposits in banks 143,922 560,993
Federal funds sold 47,581 112,098
Investment securities

66,756

45,604

     
Total interest income 8,183,900 7,891,549
     
Interest expense on deposits

1,187,144

1,297,262

     
Net interest income 6,996,756 6,594,287
     
Provision for loan losses

200,000

400,000

     
Net interest income, after provision for loan losses

6,796,756

6,194,287

     
Noninterest income:    
Premiums earned 558,699 554,382
Customer service fees 472,419 341,181
Other

82,072

173,699

     
Total noninterest income

1,113,190

1,069,262

     
Noninterest expense:    
Salaries and employee benefits 2,406,943 2,385,162
Gross revenue tax 270,758 247,088
Occupancy 211,826 212,792
Depreciation and amortization 65,219 85,312
Others

1,152,900

1,291,016

     
Total noninterest expenses

4,476,646

4,221,370

     
Net Income

$3,433,300

$3,042,179