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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 2013 audited results will be available at the end of April, 2014.

Bank of Marshall Islands
Statement of Condition
December 31, 2015 & 2014
         
    2015   2014
ASSETS        
Cash and due from banks   $25,975,489   16,264,388
Interest-bearing deposits in banks   5,648,033   6,924,084
         
Cash and cash equivalents   31,623,522   23,188,472
         
Interest-bearing deposits in banks   -   27,762
Loans, net   65,871,892   60,942,606
Accrued interests receivable   837,661   895,597
Premises and equipments, net   68,201   102,918
Other assets   387,251   300,890
         
    $98,788,527   $85,458,245
         
         
LIABILITIES & STOCKHOLDER'S EQUITY        
Liabilities:        
Deposits:        
Noninterest-bearing assets   $7,360,400   $6,775,144
Interest bearing assets   59,723,378   48,072,219
Total deposits   67,083,778   54,847,363
Accrued expenses and other liabilities   1,354,807   307,259
Total liabilities   68,438,585   55,154,622
Commitments and contingencies        
Stockholder's equity:        
Common Stock $10 par value, 5,000,000 shares authorized:        
184,934 shares issued and outstanding   1,849,340   1,849,340
Additional paid-in capital   557,009   557,009
Retained earnings   27,943,593   27,897,274
Total stockholders' equity   30,349,942   30,303,623
    $98,788,527   $85,458,245
         

 

Bank of Marshall Islands
Income Statement
December 31, 2015 & 2014
         
    2015   2014
Interest income:        
Loans, including fees   $8,872,304   $8,645,842
Deposits in banks   11,304   9,364
Total interest income   8,883,608   8,655,206
         
Interest expense:        
Time certificate of deposits   1,214,154   874,537
savings   36,556   29,167
   
   
Money market   15,528   13,718
Total interest expense
  1,266,238   917,422
Net interest income
  7,617,370   7,737,784
         
Noninterest Income:        
Premiums earned   1,128,940   969,410
Customer service fees   731,459   634,148
Other   130,596   120,637
Total noninterest income   1,990,995   1,724,195
         
Noninterest expenses:        
Salaries and employee benefits   2,762,186   2,819,374
License, taxes and insurance   338,698   345,772
Rent   328,396   321,658
Gross revenue tax   325,287   310,103
Allocated salaries   225,629   28,465
Insurance loss provision   225,000   187,505
Communication   176,657   172,187
Utilities   156,514   198,719
Printing, stationery and advertising   146,089   198,719
Donations   96,859   90,543
Professional fees   78,414   46,604
Cash shipments   69,467   56,392
Travel   59,352   52,282
Board meeting   53,051   59,748
Bank charges   52,415   69,885
Scholarship program   50,000   1,025
Representation and entertainment   46,574   20,869
Depreciation and amortization   45,726   54,349
AML system toolbox   40,674   -
AML training,travel and other related   38,874   6,553
Repairs and maintenance   19,728   16,157
Other   226,456   134,388
Total noninterest expense   5,562,046   5,081,515
Net Income   $4,046,319   $4,380,464
         
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