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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 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