At the end of 2019, assets of Guam banks increased as total deposits and loans decreased. That is according to the 36th Annual Banking Report of the Banking and Insurance Commissioner of the Department of Revenue and Taxation. The report was submitted to the Guam Legislature Jan. 6.
The 46-page report includes information on Guam’s two state banks (Bank of Hawaii and First Hawaiian Bank), two Guam-chartered commercial banks (Bank of Guam and ANZ Guam Inc.), lone Guam-chartered savings and loan association (BankPacific), two foreign banks, two offshore lending facilities and 11 finance companies licensed in Guam. On Dec. 31, 2019, the combined total assets of all financial institutions on Guam was more than $4.01 billion – an increase of $207.34 million over the previous year, according to the report.
The state and Guam-chartered banks are insured by the Federal Deposit Insurance Corp. The other institutions are not.
According to the report, the FDIC-insured banks saw their combined total assets grow from $3.53 billion at the end of 2018 to $3.66 billion at the end of 2019. That represented an increase of about $133.48 million.
Of the five FDIC-insured banks on Guam, Bank of Guam had 36.17% - about $1.33 billion - of the total assets of those banks at the end of 2019. It also had 32.80% of total deposits. It was followed by First Hawaiian Bank which had 30.80% - $1.13 billion - of the total assets and 35.52% of total deposits. Bank of Hawaii had 19.70% of total assets and 24.32% of total deposits. ANZ Guam had 9.12% of total assets and 1.79% of total deposits. BankPacific had 4.22% of total assets and 2.98% of total deposits.
The amount of total loans made by the FDIC-insured banks in Guam in 2019 decreased by about $23,000 compared to 2018, which was about $145,000 less than 2017.
Bank of Guam was also the largest lender on Guam in 2019 with $685 million in total loans. First Hawaiian had $583.3 million in total loans in 2019 followed by Bank of Hawaii with $573.7 million in total loans, BankPacific with $88.09 million in total loans and ANZ with $69.86 million in total loans.
The report does not include information on the banks’ condition in 2020, when Guam’s economy is widely believed to have been negatively impacted by the global pandemic and resulting cataclysmic drop in tourism.