Audited financial statements for the year ended December 31, 2019, with 2018 comparatives.
Audited by Deloitte & Touche LLP, Guam.
Statement of Condition — December 31, 2019 & 2018
| Assets | 2019 | 2018 |
|---|---|---|
| Cash and due from banks | $27,281,908 | $31,618,019 |
| Interest-bearing deposits in banks | $6,584,922 | $5,916,991 |
| Cash and cash equivalents | $33,866,830 | $37,535,010 |
| Time certificate of deposit | $5,102,091 | $5,046,730 |
| Loans, net | $70,671,347 | $69,156,538 |
| Accrued interests receivable | $864,610 | $761,088 |
| Premises and equipment, net | $425,735 | $316,014 |
| Other assets | $387,596 | $226,157 |
| Total Assets | $111,318,209 | $113,041,537 |
| Liabilities & Stockholders’ Equity | 2019 | 2018 |
|---|---|---|
| Deposits | ||
| Noninterest-bearing | $12,911,211 | $12,742,982 |
| Interest-bearing | $66,231,135 | $70,864,700 |
| Total deposits | $79,142,346 | $83,607,682 |
| Loans payable | — | $2,500,000 |
| Accrued expenses and other liabilities | $1,115,830 | $710,267 |
| Total liabilities | $80,258,176 | $84,317,949 |
| Stockholders’ Equity | ||
| Common stock ($10 par value; 184,934 shares issued) | $1,849,340 | $1,849,340 |
| Additional paid-in capital | $557,009 | $557,009 |
| Retained earnings | $28,653,684 | $26,317,239 |
| Total stockholders’ equity | $31,060,033 | $28,732,588 |
| Total Liabilities & Equity | $111,318,209 | $113,041,537 |
Statement of Income — December 31, 2019 & 2018
| 2019 | 2018 | |
|---|---|---|
| Interest Income | ||
| Loans, including fees | $9,443,546 | $9,464,711 |
| Deposits in banks | $75,878 | $37,050 |
| Total interest income | $9,519,424 | $9,501,761 |
| Interest Expense | ||
| Time certificates of deposit | $1,122,724 | $896,572 |
| Savings | $77,662 | $67,847 |
| Money market | $30,728 | $33,859 |
| Total interest expense | $1,231,114 | $998,278 |
| Net interest income | $8,288,310 | $8,503,483 |
| Provision for loan losses | — | $500,000 |
| Net interest income after provision | $8,288,310 | $8,003,483 |
| Noninterest Income | ||
| Premiums earned | $1,315,015 | $1,448,349 |
| Customer service fees | $753,854 | $768,583 |
| Other | $112,769 | $152,064 |
| Total noninterest income | $2,181,638 | $2,368,996 |
| Noninterest Expenses | ||
| Salaries and employee benefits | $3,125,411 | $2,993,695 |
| Allocated salaries | $963,105 | $814,011 |
| Gross revenue tax | $348,699 | $355,122 |
| Professional fees | $207,125 | $349,396 |
| Rent | $335,291 | $336,278 |
| Communication | $248,527 | $253,063 |
| Insurance loss provision | $225,000 | $225,000 |
| Cash shipments | $154,587 | $65,855 |
| Printing, stationery and advertising | $160,058 | $111,546 |
| Utilities | $148,752 | $144,276 |
| AML training, travel and related | $156,835 | $86,859 |
| Travel | $64,026 | $45,571 |
| Bank charges | $69,396 | $70,875 |
| Donations | $68,458 | $71,906 |
| Board meetings | $43,781 | $42,583 |
| Representation and entertainment | $87,831 | $57,926 |
| Repairs and maintenance | $36,326 | $43,886 |
| Depreciation and amortization | $79,655 | $48,623 |
| Licenses, taxes and insurance | $72,485 | $61,773 |
| Scholarship program | — | $100,000 |
| Other | $212,032 | $206,734 |
| Total noninterest expense | $6,807,380 | $6,384,978 |
| Net Income | $3,662,568 | $3,987,501 |
See accompanying notes to financial statements.