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Buenas yan Hafa Adai! Thank you for reading the BankGuam Holding Company 2013 Annual Report. Just as last year, this Report is limited to a brief narrative of the past year's financial performance, focusing more on the events during the year and our accomplishments in the communities we serve. Our financial condition and performance are reported in great detail in the accompanying 10-K report.
I am pleased to report that BankGuam Holding Company was profitable again during 2013, increasing our net after-tax earnings to $9.9 million, up by 14.5% from 2012, as our assets increased by 5.9% to $1.3 billion. Our deposit base grew by 7.3% to $1.2 billion and our loan portfolio ended the year at $875.2 million, 15.0% above its 2012 level. While other banks worldwide were severely affected by the global financial crisis, we have remained profitable and have grown every year. By the end of 2013, our total stockholders' equity had decreased modestly to $93.9 million, a decrease of $569 thousand from the year before, primarily because of a revaluation of a portion of our investment portfolio due to higher interest rates. While we still hold those securities, accounting rules require that we record their unrealized loss as a part of our capital accounts. You will find a detailed description and analysis of our financial condition and performance in the enclosed Annual Report on Form 10-K, as submitted to the U.S. Securities and Exchange Commission.
— Lourdes (Lou) A. Leon Guerrero
PRESIDENT & CHAIR OF THE BOARD