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Home » 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 2012 auditied results will be available at the end of April, 2012.
| Bank of Marshall Islands |
| Balance Sheet |
| December 31, 2009 & 2010 |
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2010 |
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2009 |
| ASSETS |
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| Cash and Dues from Banks |
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$11,836,601 |
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$14,954 |
| Interest-Bearing Deposits in Banks |
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35,855 |
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3,028,956 |
| Cash and Cash Equivalents |
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11,872,456 |
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17,983,321 |
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| Interest-Bearing Deposits in Banks |
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2,527,537 |
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2,527,503 |
| Securities Available for Sale |
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1,211,135 |
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1,200,288 |
| Other Investments |
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253,200 |
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253,200 |
| Loans, net |
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53,381,068 |
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43,589,466 |
| Accrued Interests Receivable |
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927,607 |
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658,470 |
| Premises and Equipments, net |
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205,380 |
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118,896 |
| Other Assets |
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109,934 |
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126,157 |
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70,488,317 |
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66,457,301 |
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| LIABILITIES & STOCKHOLDER'S EQUITY |
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| Liabilities: |
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| Deposits |
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| Noninterest-Bearing Assets |
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7,044,845 |
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6,027,361 |
| Interest Bearing Assets |
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31,880,103 |
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33,222,021 |
| Total Deposits |
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38,924,948; |
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39,249,382 |
| Loans Payable |
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2,500,000 |
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- |
| Accrued Expenses and Other Liabilities |
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426,790 |
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349,838 |
| Total Liabilities |
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41,851,738 |
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39,599,220 |
| Commitments and contingencies |
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| Stockholder's Equity: |
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| Common Stock $10 par value, 500,000 shares authorized: |
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| 211,246 shares issued and outstanding |
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2,112,460 |
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2,112,460 |
| Additional Paid in Capital |
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860,544 |
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789,104 |
| Retained Earnings |
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26,337,548 |
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24,539,811 |
| Accumulated Other Comprehensive Income/(Loss) |
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(2,973) |
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(2,524) |
| Common Stock in Treasury, at Cost (6,704 and 6,160 shares at |
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| December 31, 2010 and 2009, respectively) |
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(671,000) |
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(580,770) |
| Total Stockholders' Equity |
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28,636,579 |
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26,858,081 |
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70,488,317 |
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66,457,301 |
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| Marshall Islands Service Corporation, Inc. |
| Income Statement |
| December 31, 2009 & 2010 |
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2010 |
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2009 |
| Interest Income: |
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| Loans, including fees |
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$7,857,639 |
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$7,685,687 |
| Deposits in Banks |
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35,455 |
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45,003 |
| Investment Securities |
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13,212 |
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44,272 |
| Other |
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261 |
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7,980 |
| Total Interest Income |
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7,906,567 |
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7,782,942 |
| Interest Expense on Deposits |
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1,308,149 |
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1,173,103 |
| Net Interest Income |
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6,598,418 |
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6,609,839 |
| Provision for Loan Losses |
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249,999 |
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206,500 |
| Net Interest Income, After Provision for Loan Losses |
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6,348,419 |
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6,403,339 |
| Noninterest Income: |
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| Premiums Earned |
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787,759 |
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645,265 |
| Customer Service Fees |
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483,805 |
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467,013 |
| Other |
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96,326 |
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121,398 |
| Total Noninterest Income |
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1,367,890 |
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1,233,676 |
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| Noninterest Expenses: |
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| Salaries and benefits |
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2,656,523 |
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2,393,709 |
| License, Taxes and Insurance |
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316,699 |
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283,260 |
| Gross Revenue Tax |
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276,514 |
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269,268 |
| Professional Fees |
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236,216 |
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238,883 |
| Occupancy |
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227,081 |
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207,416 |
| Insurance Loss Provision |
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200,000 |
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234,300 |
| Communications |
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166,880 |
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138,639 |
| Printing, Stationery and Advertising |
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142,392 |
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114,466 |
| Light and Power |
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141,616 |
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119,778 |
| Depreciation and Amortization |
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76,198 |
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63,900 |
| Bank Charges |
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43,768 |
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63,217 |
| Cash Shipment |
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51,633 |
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55,871 |
| Travel |
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48,684 |
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28,220 |
| Donations |
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39,417 |
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43,005 |
| Repairs and Maintenance |
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36,205 |
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27,553 |
| Representation and Entertainment |
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35,487 |
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24,943 |
| Other |
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290,372 |
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219,963 |
| Total Noninterest Expenses |
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4,995,685 |
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4,526,391 |
| Net Income |
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2,720,624 |
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3,110,624 |
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