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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, 2016 & 2015
         
    2016   2015
ASSETS        
Cash and due from banks   $29,730,543   25,975,489
Interest-bearing deposits in banks   9,959,064   5,648,033
         
Cash and cash equivalents   39,689,607   31,623,522
         
         
Loans, net   63,203,001   65,871,892
Accrued interests receivable   676,057   837,661
Premises and equipments, net   44,348   68,201
Other assets   191,453   387,251
         
    $103,804,466   $98,788,527
         
         
LIABILITIES & STOCKHOLDER'S EQUITY        
Liabilities:        
Deposits:        
Noninterest-bearing assets   $9,764,786   $7,360,400
Interest bearing assets   65,127,700   59,723,378
Total deposits   74,892,486   67,083,778
Accrued expenses and other liabilities   636,414   1,354,807
Total liabilities   75,528,900   68,438,585
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   25,869,217   27,943,593
Total stockholders' equity   28,875,566   30,349,942
    $103,804,466   $98,788,527
         

 

Bank of Marshall Islands
Income Statement
December 31, 2016 & 2015
         
    2016   2015
Interest income:        
Loans, including fees   $8,459,432   $8,872,304
Deposits in banks   28,526   11,304
Total interest income   8,487,958   8,883,608
         
Interest expense:        
Time certificate of deposits   1,313,009   1,214,154
savings   44,451   36,556
   
   
Money market   19,290   15,528
Total interest expense
  1,376,750   1,266,238
Net interest income
  7,111,208   7,617,370
         
Noninterest Income:        
Premiums earned   1,84,118   1,128,940
Customer service fees   739,812   731,459
Other   123,821   130,596
Total noninterest income   2,047,751   1,990,995
         
Noninterest expenses:        
Salaries and employee benefits   2,768,237   2,762,186
License, taxes and insurance   328,914   338,698
Rent   335,725   328,396
Gross revenue tax   312,580   325,287
Allocated salaries   333,567   225,629
Insurance loss provision   225,000   225,000
Communication   242,867   176,657
Utilities   147,733   156,514
Printing, stationery and advertising   133,281   146,089
Donations   59,912   96,859
Professional fees   101,948   78,414
Cash shipments   61,786   69,467
Travel   81,107   59,352
Board meeting   47,704   53,051
Bank charges   48,755   52,415
Scholarship program   100,000   50,000
Representation and entertainment   37,887   20,869
Depreciation and amortization   31,939   45,726
AML system toolbox   31,209   40,726
AML training,travel and other related   63,657   38,874
Repairs and maintenance   35,169   19,728
Other   181,790   226,456
Total noninterest expense   5,710,767   5,562,046
Net Income   $3,448,192   $4,046,319
         
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