- BRANCHES
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- VILLAGE BANKS
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- ACTIVITIES
- MoneyGram®
- Microloan
- Loan by Phone
- Quick Loan
-
LINKS
- CMI
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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 |
|
