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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, 2012 & 2011
         
    2012   2011
ASSETS        
Cash and due from banks   $18,188,164   $21,875,130
Interest-bearing deposits in banks   6,003,157   1,276,641
         
Cash and cash equivalents   24,191,321   23,151,771
         
Interest-bearing deposits in banks   2,527,696   2,527,675
Securities available for sale   1,237,408   1,239,621
Other investments   253,200   253,200
Loans, net   43,605,799   44,130,142
Accrued interests receivable   549,958   794,945
Premises and equipments, net   102,671   140,524
Other assets   133,293   381,088
    72,601,346   72,618,966
         
         
LIABILITIES & STOCKHOLDER'S EQUITY        
Liabilities:        
Deposits:        
Noninterest-bearing assets   $6,334,409   $7,143,999
Interest bearing assets   35,350,534   34,383,762
Total deposits   41,684,943   41,527,761
Accrued expenses and other liabilities   455,006   725,990
Total liabilities   42,139,949   42,253,751
Commitments and contingencies        
Stockholder's equity:        
Common Stock $10 par value, 500,000 shares authorized:        
211,246 shares issued and outstanding   2,112,460   2,112,460
Additional paid-in capital   979,974   930,264
Retained earnings   29,675,150   28,376,924
Accumulated other comprehensive income/(loss)   (3,827)   (8,783)
Common stock in treasury, at Cost (21,067 and 9,793 shares at        
December 31, 2012 and 2011, respectively)   (2,302,360)   (1,045,650)
Total stockholders' equity   30,461,397   30,365,215
    72,601,346   72,618,966
         

 

Bank of Marshall Islands
Income Statement
December 31, 2012 & 2011
         
    2012   2011
Interest income:        
Loans, including fees   $7,020,255   $7,569,957
Investment securities   21,776   25,228
Deposits in banks   12,206   18,528
Total interest income   7,054,237   7,613,713
Interest expense:        
Deposits   970,254   1,119,839
Borrowing     10,378
Total interest expense   970,254   1,130,217
Net interest income   6,083,983   6,483,496
Recovery from loan losses   750,000  
Net interest income, after recovery from loan losses   6,833,983   6,483,496
Noninterest Income:        
Premiums earned   675,085   665,428
Customer service fees   590,183   638,849
Other   88,147   68,043
Total noninterest income   1,353,415   1,372,320
         
Noninterest expenses:        
Salaries and employee benefits   2,650,392   2,673,614
License, taxes and insurance   324,905   325,562
Occupancy   276,940   265,175
Gross revenue tax   250,493   267,817
Utilities   179,123   162,776
Communication   163,360   132,603
Insurance loss provision   120,000   353,750
Printing, stationery and advertising   115,883   109,615
Professional fees   104,443   83,617
Depreciation and amortization   100,503   97,633
Cash shipments   60,549   60,612
Bank charges   54,325   57,047
Travel   42,097   17,980
Donations   29,503   23,335
Repairs and maintenance   21,491   22,892
Representation and entertainment   20,252   13,128
Other   220,227   228,845
Total noninterest expense   4,734,486   4,896,001
Net income   3,452,912   2,959,815
Other comprehensive income (loss):        
Net unrealized income (loss) on investment   4,956   (5,810)
Comprehensive income   3,457,868   2,954,005
         
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