FSMIS (April 30, 2015): A recent letter to its 4,500 plus shareholders from the Bank of the Federated States of Micronesia (BFSM) portraits some successful outcomes for the institution in spite of difficult financial and market conditions all around in recent times.
The BFSM announces "a stable and consistent 2014 year" to its owners and shareholders.
"Recurring records have become a feature of Bank in recent years and 2014 was no exception; we closed the year with record Assets, record Deposits, record levels of Capital and record Asset Backing per Share; but most importantly - the best core business base, banking model, asset quality and risk diversification in our history", the bank officers state.
some financial highlights:
-- For the year ending December 31, 2014 the bank earned a net profit of $1,310,643 ($1.41 a share) compare to $1,352,112 ($1.45 a share) in fy2013.
-- Lending was at $41.1 million compared to $42.5M in 2013.
-- Deposits increased by $11 million, maxing at $104 million compared to $93M in 2013.
To bolster its onward sustainable banking growth, the BFSM continues to exhibit controlled business expectations while taking on modest new operations and products domestically. At the same time, it ventures into out-of-territory services expansion by opening a Hawaii limited service branch, re-opening a Loan Production Office in the Northern Mariana Islands, and aspiring to obtain business license to extend lending service within another Micronesian jurisdiction.
The BFSM is the only foreign bank that is FDIC insured outside the United States.
On the challenge side, the bank also feels a declining trend in revenues and other benefits due in large part to low interest rate environment, continuing effects of global economic and financial strain, and uncertainties stemming from declining Compact revenues and slow roll out of expected military station buildup in the region, especially Guam.
In spite of foreseen challenges, and based on business experience and growth portfolio, the bank has underscored its capacity to pursue diligent operations carefully and stay on a profitable track in future years.
On the challenge side, the bank also feels a declining trend in revenues and other benefits due in large part to low interest rate environment, continuing effects of global economic and financial strain, and uncertainties stemming from declining Compact revenues and slow roll out of expected military station buildup in the region, especially Guam.
In spite of foreseen challenges, and based on business experience and growth portfolio, the bank has underscored its capacity to pursue diligent operations carefully and stay on a profitable track in future years.
The bank's Annual Shareholders Meeting will take place during the month of May, 2015 in Kosrae, according to information released by the bank.
Current Board of Directors include:
Mr. Larry Adams, Chairman
Mr. Robert Andreas, Vice Chairman
Ms. Anna Mendiola
Mr. Patrick Mackenzie
Mr. John Sohl
Mr. Tony Ganngiyan
Ms. Senny Phillip
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