|
|
| Bank of Marshall Islands |
| Statement of Condition |
| December 31, 2019 & 2018 |
| |
|
|
|
|
| |
|
2019 |
|
2018 |
| ASSETS |
|
|
|
|
| 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 equipments, net |
|
$425,735 |
|
$316,014 |
| Other assets |
|
$387,596 |
|
$226,157 |
| |
|
|
|
|
| |
|
$111,318,209 |
|
$113,041,537 |
| |
|
|
|
|
| |
|
|
|
|
| LIABILITIES & STOCKHOLDER'S EQUITY |
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|
|
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| Liabilities: |
|
|
|
|
| Deposits: |
|
|
|
|
| Noninterest-bearing assets |
|
$12,911,211 |
|
$12,742,982 |
| Interest-bearing assets |
|
$66,231,135 |
|
$70,864,700 |
| Total deposits |
|
$79,142,346 |
|
$83,607,682 |
| Accrued expenses and other liabilities |
|
$1,115,830 |
|
$710,267 |
| Total liabilities |
|
$80,258,176 |
|
$84,317,949 |
| 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 |
|
$28,653,684 |
|
$26,317,239 |
| Total stockholders' equity |
|
$31,060,033 |
|
$28,732,588 |
| |
|
$111,318,209 |
|
$113,041,537 |
| |
|
|
|
|
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| Bank of Marshall Islands |
| 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 certificate of deposits |
|
$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 for loan losses
|
|
$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 |
| Licenses, taxes and insurance |
|
$72,485 |
|
$61,773 |
| 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 |
| Printing, stationery and advertising |
|
$160,058 |
|
$111,546 |
| Utilities |
|
$148,752 |
|
$144,276 |
| AML training,travel and other related |
|
$156,835 |
|
$86,859 |
| Travel |
|
$64,026 |
|
$45,571 |
| Bank charges |
|
$69,396 |
|
$70,875 |
| Donations |
|
$68,458 |
|
$71,906 |
| Cash Shipments |
|
$154,587 |
|
$65,855 |
| Board Meeting |
|
$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 |
| Other |
|
$212,032 |
|
$206,734 |
| Total noninterest expense |
|
$6,807,380 |
|
$6,384,978 |
| Net Income |
|
$3,662,568 |
|
$3,987,501 |
| |
|
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