Audited financial statements for the year ended December 31, 2020, with 2019 comparatives.
Audited by Deloitte & Touche LLP, Guam.
Statement of Condition — December 31, 2020 & 2019
| Assets | 2020 | 2019 |
|---|---|---|
| Cash and due from banks | $56,423,257 | $27,281,908 |
| Interest-bearing deposits in banks | $8,169,974 | $6,584,922 |
| Cash and cash equivalents | $64,593,231 | $33,866,830 |
| Time certificate of deposit | $5,153,095 | $5,102,091 |
| Loans, net | $69,760,627 | $70,671,347 |
| Accrued interests receivable | $1,429,127 | $864,610 |
| Premises and equipment, net | $340,708 | $425,735 |
| Other assets | $222,903 | $387,596 |
| Total Assets | $141,499,691 | $111,318,209 |
| Liabilities & Stockholders’ Equity | 2020 | 2019 |
|---|---|---|
| Deposits | ||
| Noninterest-bearing | $17,778,252 | $12,911,211 |
| Interest-bearing | $90,549,195 | $66,231,135 |
| Total deposits | $108,327,447 | $79,142,346 |
| Loans payable | — | — |
| Accrued expenses and other liabilities | $1,301,869 | $1,115,830 |
| Total liabilities | $109,629,316 | $80,258,176 |
| 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 | $29,464,026 | $28,653,684 |
| Total stockholders’ equity | $31,870,375 | $31,060,033 |
| Total Liabilities & Equity | $141,499,691 | $111,318,209 |
Statement of Income — December 31, 2020 & 2019
| 2020 | 2019 | |
|---|---|---|
| Interest Income | ||
| Loans, including fees | $9,325,755 | $9,443,546 |
| Deposits in banks | $53,281 | $75,878 |
| Total interest income | $9,379,036 | $9,519,424 |
| Interest Expense | ||
| Time certificates of deposit | $1,105,025 | $1,122,724 |
| Savings | $87,692 | $77,662 |
| Money market | $40,031 | $30,728 |
| Total interest expense | $1,186,748 | $1,231,114 |
| Net interest income | $8,192,288 | $8,288,310 |
| Provision for loan losses | $800,000 | — |
| Net interest income after provision | $7,392,288 | $8,288,310 |
| Noninterest Income | ||
| Premiums earned | $988,597 | $1,315,015 |
| Customer service fees | $928,648 | $753,854 |
| Other | $98,872 | $112,769 |
| Total noninterest income | $2,016,117 | $2,181,638 |
| Noninterest Expenses | ||
| Salaries and employee benefits | $3,331,528 | $3,125,411 |
| Allocated salaries | $942,566 | $963,105 |
| Insurance loss provision | $425,000 | $225,000 |
| Rent | $331,763 | $335,291 |
| Gross revenue tax | $319,960 | $348,699 |
| Communication | $265,669 | $248,527 |
| Printing, stationery and advertising | $172,638 | $160,058 |
| Bank charges | $168,927 | $69,396 |
| Professional fees | $168,837 | $207,125 |
| Utilities | $161,498 | $148,752 |
| Depreciation and amortization | $141,257 | $79,655 |
| Licenses, taxes and insurance | $105,943 | $72,485 |
| Cash shipments | $93,512 | $154,587 |
| Representation and entertainment | $59,584 | $87,831 |
| Donations | $55,912 | $68,458 |
| Board meetings | $46,110 | $43,781 |
| Repairs and maintenance | $42,686 | $36,326 |
| Travel | $32,281 | $64,026 |
| AML training, travel and related | $23,077 | $156,835 |
| Other | $383,155 | $212,032 |
| Total noninterest expense | $7,271,903 | $6,807,380 |
| Net Income | $2,136,502 | $3,662,568 |
See accompanying notes to financial statements.