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| Bank of Marshall Islands |
| Statement of Condition |
| December 31, 2020 & 2019 |
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2020 |
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2019 |
| ASSETS |
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| Cash and due from banks |
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$56,423,257 |
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$27,281,908 |
| Interest-bearing deposits in banks |
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$8,169,974 |
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$6,584,922 |
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|
|
|
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| Cash and cash equivalents |
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$64,593,231 |
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$33,866,830 |
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|
|
|
|
| Time certificate of deposit |
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$5,153,095 |
|
$5,102,091 |
| Loans, net |
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$69,760,627 |
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$70,671,347 |
| Accrued interests receivable |
|
$1,429,127 |
|
$864,610 |
| Premises and equipments, net |
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$340,708 |
|
$425,735 |
| Other assets |
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$222,903 |
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$387,596 |
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|
| |
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$141,499,691 |
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$111,318,209 |
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| LIABILITIES & STOCKHOLDER'S EQUITY |
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| Liabilities: |
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| Deposits: |
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| Noninterest-bearing assets |
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$17,778,252 |
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$12,911,211 |
| Interest-bearing assets |
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$90,549,195 |
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$66,231,135 |
| Total deposits |
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$108,327,447 |
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$79,142,346 |
| Accrued expenses and other liabilities |
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$1,301,869 |
|
$1,115,830 |
| Total liabilities |
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$109,629,316 |
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$80,258,176 |
| Commitments and contingencies |
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| Stockholder's equity: |
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|
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| Common Stock $10 par value, 5,000,000 shares authorized, |
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| 184,934 shares issued and outstanding |
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$1,849,340 |
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$1,849,340 |
| Additional paid-in capital |
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$557,009 |
|
$557,009 |
| Retained earnings |
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$29,464,026 |
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$28,653,684 |
| Total stockholders' equity |
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$31,870,375 |
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$31,060,033 |
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$141,499,691 |
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$111,318,209 |
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| Bank of Marshall Islands |
| Statement of Income |
| December 31, 2020 & 2019 |
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2020 |
|
2019 |
| Interest income: |
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| Loans, including fees |
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$9,325,755 |
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$9,443,546 |
| Deposits in banks |
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$53,281 |
|
$75,878 |
| Total interest income |
|
$9,379,036 |
|
$9,519,424 |
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|
|
|
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| Interest expense: |
|
|
|
|
| Time certificate of deposits |
|
$1,105,025 |
|
$1,122,724 |
| Savings |
|
$87,692 |
|
$77,662 |
| Money market |
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$40,031 |
|
$30,728 |
| Total interest expense
|
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$1,186,748 |
|
$1,231,114 |
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|
|
|
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| Net interest income
|
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$8,192,288 |
|
$8,288,310 |
| Provision for loan losses |
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$800,000 |
|
- |
| Net interest income after provision for loan losses
|
|
$7,392,288 |
|
$8,288,310 |
| Noninterest Income: |
|
|
|
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| Premiums earned |
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$988,597 |
|
$1,315,015 |
| Customer service fees |
|
$928,648 |
|
$753,854 |
| Other |
|
$98,872 |
|
$112,769 |
| Total noninterest income |
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$2,016,117 |
|
$2,181,638 |
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| Noninterest expenses: |
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|
|
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| Salaries and employee benefits |
|
$3,331,528 |
|
$3,125,411 |
| Allocated salaries |
|
$942,566 |
|
$963,105 |
| Insurance loss provision |
|
$425,000 |
|
$225,000 |
| Rent |
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$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 Meeting |
|
$46,110 |
|
$43,781 |
| Repairs and maintenance |
|
$42,686 |
|
$36,326 |
| Travel |
|
$32,281 |
|
$64,026 |
| AML training,travel and other related |
|
$23,077 |
|
$156,835 |
| Other |
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$383,155 |
|
$212,032 |
| Total noninterest expense |
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$7,271,903 |
|
$6,807,380 |
| Net Income |
|
$2,136,502 |
|
$3,662,568 |
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| See accompanying notes to financial statements. |
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