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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 2017 audited results will be available at the end of April, 2018.

Bank of Marshall Islands
Statement of Condition
December 31, 2017 & 2016
         
    2017   2016
ASSETS        
Cash and due from banks   $19,677,685   29,730,543
Interest-bearing deposits in banks   5,351,933   4,959,064
         
Cash and cash equivalents   25,029,618   34,689,607
         
Time certificate of deposit   5,008,391   5,000,000
Loans, net   66,708,142   63,203,001
Accrued interests receivable   661,823   676,057
Premises and equipments, net   123,496   44,348
Other assets   208,451   191,453
         
    $97,739,921   $103,804,466
         
         
LIABILITIES & STOCKHOLDER'S EQUITY        
Liabilities:        
Deposits:        
Noninterest-bearing assets   $10,975,786   $9,764,786
Interest bearing assets   57,496,175   65,127,700
Total deposits   68,471,961   74,892,486
Accrued expenses and other liabilities   682,899   636,414
Total liabilities   69,154,860   75,528,900
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   26,178,712   25,869,217
Total stockholders' equity   28,585,061   28,275,566
    $97,739,921   $103,804,466
         

 

Bank of Marshall Islands
Income Statement
December 31, 2017 & 2016
         
    2017   2016
Interest income:        
Loans, including fees   $9,235,821   $8,459,432
Deposits in banks   25,779   28,526
Total interest income   9,261,600   8,487,958
         
Interest expense:        
Time certificate of deposits   960,742   1,313,009
savings   56,389   44,451
   
   
Money market   28,383   19,290
Total interest expense
  1,045,514   1,376,750
Net interest income
  8,216,086   7,111,208
         
Noninterest Income:        
Premiums earned   1,326,781   1,184,118
Customer service fees   778,111   739,812
Other   166,385   123,821
Total noninterest income   2,271,277   2,047,751
         
Noninterest expenses:        
Salaries and employee benefits   2,579,175   2,768,237
Allocated salaries   758,283   333,567
Licenses, taxes and insurance   421,706   328,914
Gross revenue tax   344,766   312,580
Professional fees   338,451   101,948
Rent   334,776   335,725
Communication   258,511   242,867
Insurance loss provision   225,000   225,000
Printing, stationery and advertising   164,272   133,281
Utilities   157,113   147,733
AML training,travel and other related   98,018   94,866
Travel   95,441   81,107
Bank charges   93,923   48,755
Donations   70,055   59,912
Cash Shipments   66,753   61,786
Board Meeting   52,228   47,704
Representation and entertainment   48,098   37,887
Repair and maintanance   37,230   35,169
Depreciation and amortization   34,366   31,939
Scholarship program   -   100,000
Other   205,841   181,790
Total noninterest expense   6,384,006   5,710,767
Net Income   4,103,357   3,448,192
         
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