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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number: 000-54483

BankGuam Holding Company

(Exact name of registrant as specified in its charter)

Guam

66-0770448

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

P.O. Box BW

Hagåtña, Guam 96932

(671) 472-5300

(Address, including Zip Code, and telephone number, including area code, of the registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.2083 par value per share		“BKGM”		Not listed

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of May 12, 2022, there were 9,727,743 shares outstanding

BANKGUAM HOLDING COMPANY

FORM 10-Q

QUARTERLY REPORT

TABLE OF CONTENTS


PART 1. FINANCIAL INFORMATION		3

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3

	Condensed Consolidated Statements of Financial Condition at March 31, 2022 and December 31, 2021	3

	Condensed Consolidated Statements of Income for the three months ended March 31, 2022 and 2021	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021	5

	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021	6

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021	7

	Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 4.	Controls and Procedures	51

PART II. OTHER INFORMATION		52

Item 6.	Exhibits	52

Signatures		53

Cautionary Note Regarding Forward-Looking Statements

For purposes of this Quarterly Report, the terms the “Company,” “we,” “us” and “our” refer to BankGuam Holding Company and its subsidiaries. This Quarterly Report on Form 10-Q contains statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or include the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “is designed to” and similar expressions as well as other statements regarding our future operations, financial condition and prospects, and business strategies. We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements.

We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about our business that could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. We are not able to predict all of the factors that may affect future results. These include, among other things, the following risks:

•

Competition for loans and deposits and failure to attract or retain deposits and loans;

•

Local, regional, national and global economic conditions, and the impact they may have on us and our customers, and our assessment of that impact on our estimates, including the allowance for loan losses and fair value measurements;

•

The effects of the COVID-19 pandemic, including reduced tourism in Guam, volatility in the international and national economy and credit markets, quarantines or other travel or health-related restrictions, the length and severity of the COVID-19 pandemic and the pace of recovery following the COVID-19 pandemic;

•

Risks associated with concentrations in real estate related loans;

•

Changes in the level of nonperforming assets and charge-offs and other credit quality measures, and their impact on the adequacy of our allowance for loan losses and our provision for loan losses;

•

The effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Open Market Committee of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”); and the anticipated elimination of the London Interbank Offered Rate (“LIBOR”) as a benchmark interest rate;

•

Stability of funding sources and continued availability of borrowings;

•

The effect of changes in laws and regulations with which the Company and Bank of Guam must comply, including any change in Federal Deposit Insurance Corporation insurance premiums;

•

Our ability to raise capital or incur debt on reasonable terms;

•

Regulatory limits on Bank of Guam’s ability to pay dividends to the Company;

•

The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters;

•

Changes in the deferred tax asset valuation allowance in future quarters;

•

The costs and effects of legal and regulatory developments, including resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews;

•

Our ability to increase market share and control expenses;

•

Any interruption or security breach of our information systems, or the information systems of our third party service providers, resulting in failures or disruptions in customer services or confidentiality; and

•

Our success in managing the risks involved in the foregoing items.

Other factors that might cause or contribute to such differences include, but are not limited to, those discussed in “Risk Factors” included in filings we make from time to time with the U.S. Securities and Exchange Commission (“SEC”), including our Quarterly Reports on Form 10-Q to be filed by us in our fiscal year ending December 31, 2022. We have no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or risks, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. New information, future events or risks could cause the forward-looking events we discuss in this Quarterly Report not to occur. You should not place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this Quarterly Report.

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Financial Condition

(in Thousands, Except Par Value)

	March 31, 2022			December 31, 2021
ASSETS
Cash and due from banks	$	43,100		$	36,660
Interest bearing deposits in banks		405,337			520,743
Total cash and cash equivalents		448,437			557,403
Restricted cash		150			150
Investment securities available-for-sale, at fair value		528,055			499,366
Investment securities held-to-maturity, at amortized cost (Fair Value $287,229 at 3/31/2022 and $310,372 at 12/31/2021)		320,481			312,294
Federal Home Loan Bank stock, at cost		3,318			2,814
Loans, net of allowance for loan losses ($35,085 at 3/31/2022 and $34,408 at 12/31/2021)		1,287,170			1,283,690
Accrued interest receivable		6,247			6,715
Premises and equipment, net		20,821			20,802
Goodwill		13,014			13,014
Intangible assets		10,535			10,720
Other assets		88,615			84,620
Total assets	$	2,726,843		$	2,791,588
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	882,316		$	981,537
Interest bearing		1,612,337			1,551,694
Total deposits		2,494,653			2,533,231
Accrued interest payable		33			46
Subordinated debt, net		34,417			34,400
Other liabilities		40,050			43,162
Total liabilities		2,569,153			2,610,839
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock $0.2083 par value; 48,000 shares authorized; 9,777 and 9,770 shares issued and 9,728 and 9,721 shares outstanding at 3/31/2022 and 12/31/2021, respectively		2,034			2,033
Preferred stock $100 par value; 300 shares authorized; 9.8 shares issued and outstanding at 3/31/2022 and 12/31/2021, respectively		980			980
Additional paid-in capital, Common stock		24,989			24,910
Additional paid-in capital, Preferred stock		8,803			8,803
Retained earnings		155,911			153,740
Accumulated other comprehensive (loss) income		(42,051	)		(16,721	)
Non-controlling interest		7,314			7,294
Common stock in treasury, at cost (32 shares)		(290	)		(290	)
Total stockholders’ equity		157,690			180,749
Total liabilities and stockholders’ equity	$	2,726,843		$	2,791,588

The accompanying notes are an integral part of the condensed consolidated financial statements.

BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Income

(Dollar and Share Amounts in Thousands, Except Per Share Amounts)

	Three Months Ended March 31,
	2022			2021
Interest income:
Loans	$	17,635		$	18,247
Investment securities		3,175			2,199
Deposits with banks		179			67
Total interest income		20,989			20,513
Interest expense:
Savings deposits		39			103
Time deposits		4			12
Other borrowed funds		465			238
Total interest expense		508			353
Net interest income		20,481			20,160
Provision for loan losses		1,425			2,475
Net interest income, after provision for loan losses		19,056			17,685
Non-interest income:
Service charges and fees		5,443			1,670
Gain on sale of investment securities		10			272
Income from merchant services, net		651			648
Cardholders income, net		553			253
Trustee fees		86			152
Other income		650			1,214
Total non-interest income		7,393			4,209
Non-interest expense:
Salaries and employee benefits		9,225			8,696
Occupancy		2,221			2,129
Equipment and depreciation		5,321			2,941
Insurance		457			489
Telecommunications		450			366
FDIC assessment		322			344
Professional services		803			565
Contract services		448			621
Other real estate owned		13			14
Stationery and supplies		169			121
Training and education		260			44
General, administrative and other		2,431			1,540
Total non-interest expense		22,120			17,870
Income before income taxes		4,329			4,024
Income tax expense		815			729
Net income		3,514			3,295
Net income attributable to noncontrolling interest		247			-
Net income available to BankGuam Holding Company		3,267			3,295
Preferred stock dividend		(122	)		(135	)
Net income attributable to common stockholders	$	3,145		$	3,160
Earnings per common share (EPS):
Basic and diluted EPS	$	0.32		$	0.33
Dividends declared per common share	$	0.10		$	0.10
Basic and diluted weighted average common shares		9,721			9,705

The accompanying notes are an integral part of the condensed consolidated financial statements.

BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)

(in Thousands)

	Three Months Ended March 31,
	2022			2021
Net income	$	3,514		$	3,295
Other comprehensive income (loss):
Unrealized holding gain (loss) on available-for-sale securities arising during the period, net of tax		(25,546	)		(20,488	)
Reclassification for (gain) realized on available-for- sale securities		-			(272	)
Amortization of post-transfer unrealized holding loss on held-to-maturity securities during the period, net of tax		216			25
Total other comprehensive income (loss)		(25,330	)		(20,735	)
Total comprehensive income (loss)	$	(21,816	)	$	(17,440	)

The accompanying notes are an integral part of the condensed consolidated financial statements.

BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(Dollar Amounts and Number of Shares in Thousands)

	Number of Common Shares		Common Stock		Preferred Stock		Additional Paid-in Capital - Common		Additional Paid-in Capital - Preferred		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Noncontrolling Interests			Total
Balances, January 1, 2022		9,721	$	2,033	$	980	$	24,910	$	8,803	$	153,740		$	(16,721	)	$	(290	)	$	7,294		$	180,749
Net income		-		-		-		-		-		3,267			-			-			247			3,514
Change in accumulated other comprehensive income:
Unrealized loss on available-for-sale securities, net		-		-		-		-		-		-			(25,330	)		-			-			(25,330	)
Common stock issued under Employee Stock Purchase Plan & Service Awards		7		1		-		79		-		-			-			-			-			80
Return of capital from stocks owned by subsidiary		-		-		-		-		-		-			-			-			(8	)		(8	)
Cash dividends on common stock		-		-		-		-		-		(974	)		-			-			(219	)		(1,193	)
Cash dividends on preferred stock		-		-		-		-		-		(122	)		-			-			-			(122	)
Balances, March 31, 2022		9,728	$	2,034	$	980	$	24,989	$	8,803	$	155,911		$	(42,051	)	$	(290	)	$	7,314		$	157,690


	Number of Common Shares		Common Stock		Preferred Stock		Additional Paid-in Capital - Common		Additional Paid-in Capital - Preferred		Retained Earnings			Accumulated Other Comprehensive Income			Treasury Stock			Noncontrolling Interests			Total
Balances, January 1, 2021		9,702	$	2,029	$	980	$	24,777	$	8,803	$	137,646		$	3,111		$	(290	)	$	-		$	177,056
Net income		-		-		-		-		-		3,295			-			-			-			3,295
Change in accumulated other comprehensive income:
Unrealized gain on available-for-sale securities, net		-		-		-		-		-		-			(20,735	)		-			-			(20,735	)
Common stock issued under Employee Stock Purchase Plan & Service Awards		11		2		-		95		-		-			-			-			-			97
Cash dividends on common stock		-		-		-		-		-		(970	)		-			-			-			(970	)
Cash dividends on preferred stock		-		-		-		-		-		(135	)		-			-			-			(135	)
Balances, March 31,2021		9,714	$	2,031	$	980	$	24,872	$	8,803	$	139,836		$	(17,624	)	$	(290	)	$	-		$	158,608

The accompanying notes are an integral part of the condensed consolidated financial statements.

BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Cash Flows

(in Thousands)

	Three Months Ended March 31,
	2022			2021
Cash flows from operating activities:
Net income	$	3,514		$	3,295
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for loan losses		1,425			2,475
Depreciation		1,356			983
Amortization of debt issuance costs		17			7
Amortization of fees, discounts and premiums		7			150
Proceeds from sales of loans held for sale		2,408			10,696
Origination of loans held for sale		(2,408	)		(10,696	)
Increase in mortgage servicing rights		-			(137	)
Gross realized gains on sale of available-for-sale securities		(10	)		(272	)
Realized gain (loss) on sale of premises and equipment		(94	)		6
Noncash lease expense		2,956			736
Net change in operating assets and liabilities:
Accrued interest receivable		468			689
Other assets		(6,857	)		(7,965	)
Accrued interest payable		(13	)		(7	)
Lease liability		(3,060	)		(652	)
Other liabilities		(58	)		1,133
Net cash (used in) provided by operating activities		(349	)		441
Cash flows from investing activities:
Purchases of available-for-sale securities		(77,122	)		(120,138	)
Purchases of held-to-maturity securities		(9,645	)		-
Proceeds from sales of available-for-sale securities		-			46,993
Maturities, prepayments and calls of available-for-sale securities		22,895			29,624
Maturities, prepayments and calls of held-to-maturity securities		1,661			3,500
Loan originations and principal collections, net		(4,899	)		1,695
Income from equity investment in unconsolidated subsidiary		-			(412	)
Dividends received from unconsolidated subsidiary		-			875
Cost from FHLB stock purchase		(504	)		(479	)
Proceeds from sales of premises and equipment		-			7
Purchases of premises and equipment		(1,190	)		(1,153	)
Net cash used in investing activities		(68,804	)		(39,488	)
Cash flows from financing activities:
Net (decrease) increase in deposits		(38,578	)		74,184
Proceeds from issuance of common stock		80			97
Dividends paid		(1,315	)		(1,105	)
Net cash provided by (used in) financing activities		(39,813	)		73,176
Net change in cash, cash equivalents and restricted cash		(108,966	)		34,129
Cash, cash equivalents and restricted cash at beginning of period		557,553			287,778
Cash, cash equivalents and restricted cash at end of period	$	448,587		$	321,907
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	10		$	45
Income taxes	$	104		$	112
Supplemental disclosure of noncash investing and financing activities:
Net change in unrealized loss on held-to-maturity securities, net of tax	$	215		$	25
Net change in unrealized gain on available-for-sale securities, net of tax	$	(25,546	)	$	(20,760	)

The accompanying notes are an integral part of the condensed consolidated financial statements.

BankGuam Holding Company

Notes to Condensed Consolidated Financial Statements

(in Thousands, Except Per Share Data)

(Unaudited)

Note 1 – Nature of Business

Organization

The accompanying condensed consolidated financial statements include the accounts of BankGuam Holding Company (“Company”) and its wholly-owned subsidiaries, Bank of Guam (“Bank”) and BankGuam Investment Services (“BGIS”). The Company is a Guam corporation organized on October 29, 2010, to act as the holding company of the Bank, a Guam banking corporation, an 17-branch bank serving the communities in Guam, the Commonwealth of the Northern Mariana Islands (CNMI), the Federated States of Micronesia (FSM), the Republic of the Marshall Islands (RMI), the Republic of Palau (ROP), and San Francisco, California. BGIS was incorporated in Guam in 2015 and initially capitalized during the first quarter of 2016. During July 2016, the Company executed an agreement to purchase up to 70% of ASC Trust LLC, formerly ASC Trust Corporation. On July 6, 2021, the Company completed its final purchase of 25% of the voting common stock of ASC Trust LLC under the agreement, as amended to date, bringing the Company’s ownership of ASC Trust LLC to 70%. See Note 4 under “Investment in AST Trust LLC” for additional details.

Other than holding the shares of the Bank, BGIS and ASC Trust LLC, the Company conducts no significant activities, although it is authorized, with the prior approval of its principal regulator, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), to engage in a variety of activities related to the business of banking. Currently, substantially all of the Company’s operations are conducted and substantially all of the assets are owned by the Bank, which accounts for substantially all of our consolidated revenues, expenses and operating income. The Bank provides a variety of financial services to individuals, businesses and governments through its branches. The Bank’s headquarters is located in Hagåtña, Guam. The Bank currently has seven branches in Guam, three in the CNMI, four in the FSM, one in the RMI, one in the ROP, and one in San Francisco, California. The Bank’s primary deposit products are demand deposits, savings and time certificate accounts, and its primary lending products are consumer, commercial and real estate loans. In 2021 the Bank permanently closed the Dededo, Harmon and Chalan Piao branches.

For ease of reference we will sometimes refer to the Company and the Bank as “we”, “us” or “our”.

Note 2 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes that would be required for a full presentation of financial condition, results of operations, changes in cash flows and comprehensive income in accordance with generally accepted accounting principles in the United States (“GAAP”). However, these interim financial statements reflect all adjustments (consisting of normal recurring adjustments and accruals) which, in the opinion of our management, are necessary for a fair presentation of our financial condition, results of operations and cash flows for the interim periods presented.

These unaudited condensed consolidated financial statements have been prepared on a basis consistent with prior periods, and should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (“SEC”) under the Exchange Act on March 28, 2022.

Our condensed consolidated financial condition at March 31, 2022, and the condensed consolidated results of operations for the three months ended March 31, 2022, are not necessarily indicative of what our financial condition will be at December 31, 2022, or of the results of our operations that may be expected for the full year ending December 31, 2022.

Use of Estimates

The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the periods presented. Actual results could differ from those estimates.

Restricted Cash

Interest-bearing deposits in banks that mature within one year are carried at cost. $150 thousand of these deposits are held by the Bank jointly under the names of Bank of Guam and the Guam Insurance Commissioner, and serve as a bond for the Bank of Guam Trust Department.

COVID-19

The outbreak of a novel coronavirus (“COVID-19”) in 2020 and subsequent impact on public commerce and related business activities continues to impact the Company as well as a broad range of industries in which the Company’s customers operate and, in some instances, impaired their ability to fulfill their financial obligations to the Company. On March 3, 2020, the Federal Open Market Committee (FOMC) reduced the target range for federal funds by 50 basis points to 1.00% - 1.25%. This rate was further reduced to a target range of 0% - 0.25% on March 16, 2020. The economy has since improved, and the FOMC increased the target range by 25bps to 0.25% - 0.50% on March 16, 2022, and 50bps to 0.75% - 1.00% on May 4, 2022. The increase in interest rates will have a positive impact to the Company’s net interest income as loans and securities reprice.

In the United States, the government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020. The CARES Act, among other things, created a $670 billion loan program (the “Paycheck Protection Program” or the “PPP”) for fully guaranteed loans (which may be forgiven) to small businesses for certain qualifying expenses. The PPP was modified and extended multiple times prior to its expiration on May 31, 2021.

Currently one branch in Guam remains closed due to renovations, and will reopen upon completion. The Bank continues to provide a secure telecommuting program for those personnel who are able to perform their responsibilities remotely, the computer hardware and software needed to support those tasks, and established teleconferencing capabilities to reduce the number of people in attendance at all of its larger group meetings. The Company has not materially changed its accounting policies or procedures due to COVID-19.

Russia/Ukraine Conflict

The current Russia and Ukraine conflict has raised economic and financial market concerns causing uncertainty and disruption in financial markets globally and further straining an already struggling global supply chain. Furthermore, such events have the potential to adversely impact the availability of commodities, commodity prices, and create global inflationary pressures. These and other effects of the conflict could have a negative impact on the ability of borrowers to repay their obligations to the Bank, which could impact our reserves for loan losses and have an adverse effect on our results of operations.

Recently Adopted Accounting Pronouncements

None.

Recently Issued but Not Yet Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)”, to amend the standards for the measurement of credit losses on financial instruments by replacing the historical incurred loss impairment methodology of determining the level of the allowance for loan and lease losses (“ALLL”), including losses associated with available-for-sale securities, with a more decision-useful methodology that reflects expected credit losses over the life of a financial instrument based upon historical experience, current conditions, and reasonable and supportable forecasts in determining the ALLL level, as well as the reserve for off-balance-sheet credit exposures. The Company was preparing to implement ASU 2016-13 when it was scheduled to become effective January 1, 2020, but the FASB announced on October 16, 2019, a delay of the effective date for smaller reporting companies until January 1, 2023. Management expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the first reporting period in which the new standard is effective, but cannot yet estimate the magnitude of the adjustment or the overall impact of the new guidance on the Company’s financial position, results of operations or cash flows.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides temporary optional expedients to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (LIBOR) to an alternative reference rate such as Secured Overnight Financing Rate (SOFR). The guidance was effective upon issuance and generally can be applied through December 31, 2022. In December 2021, the Company adopted SOFR as a replacement to LIBOR. The Company did not originate loans in 2022 indexed to LIBOR nor enter into modifications which create new LIBOR exposure. The Company believes the adoption of this guidance will not have a material impact on the consolidated financial statements.

Note 3 – Earnings Per Common Share

Basic earnings per common share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Potential common shares that may be issued by the Company relate to shares subscribed but not yet issued in 2022 and 2021 under the Employee Stock Purchase Plan, and are reported as dilutive options. No shares were subscribed but not issued at March 31, 2022 and 2021. In April 2022, the Company suspended the Employee Stock Purchase Plan indefinitely in connection with the Company’s plans to implement a 1-for-500 reverse stock split, which remains subject to the approval of stockholders and the receipt of regulatory approvals.

Earnings per common share are computed based on reported net income, preferred stock dividends and the following common share data:

	Three Months Ended March 31,
	2022			2021
Net income available to BankGuam Holding Company	$	3,267		$	3,295
Less preferred stock dividends		(122	)		(135	)
Net income attributable to common stockholders	$	3,145		$	3,160
Weighted average number of common shares outstanding - used to calculate basic and diluted earnings per common share		9,721			9,705
Earnings per common share (EPS):
Basic and diluted EPS	$	0.32		$	0.33

Note 4 – Investment Securities

The amortized cost and fair value of investment securities, with gross unrealized gains and losses, is presented as follows:

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Securities Available-for-Sale
U.S. government agency and government sponsored enterprise (GSE) debt securities	$	114,969	$	-	$	(11,694	)	$	103,275
U.S. government agency pool securities		29,066		12		(260	)		28,818
U.S. government agency or GSE residential mortgage-backed securities		423,117		-		(27,155	)		395,962
Total	$	567,152	$	12	$	(39,109	)	$	528,055
Securities Held-to-Maturity
U.S. government agency and government sponsored enterprise (GSE) debt securities	$	276,468	$	-	$	(30,684	)	$	245,784
U.S. government agency pool securities		2,386		6		(64	)		2,328
U.S. government agency or GSE residential mortgage-backed securities		41,627		35		(2,545	)		39,117
Total	$	320,481	$	41	$	(33,293	)	$	287,229

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Securities Available-for-Sale
U.S. government agency and government sponsored enterprise (GSE) debt securities	$	114,969	$	-	$	(4,007	)	$	110,962
U.S. government agency pool securities		21,106		2		(247	)		20,861
U.S. government agency or GSE residential mortgage-backed securities		369,419		1,957		(3,833	)		367,543
Total	$	505,494	$	1,959	$	(8,087	)	$	499,366
Securities Held-to-Maturity
U.S. government agency and government sponsored enterprise (GSE) debt securities	$	276,188	$	-	$	(1,621	)	$	274,567
U.S. government agency pool securities		3,028		8		(45	)		2,991
U.S. government agency or GSE residential mortgage-backed securities		33,078		105		(369	)		32,814
Total	$	312,294	$	113	$	(2,035	)	$	310,372

At March 31, 2022 and December 31, 2021, investment securities with a carrying value of $682.9 million and $558.8 million, respectively, were pledged to secure various government deposits and to meet other public requirements.

Proceeds and gross realized gains from the sales of available-for-sale investment securities for the three months ended March 31, 2022 and 2021 are shown below.

	Three Months Ended March 31,
	2022		2021
Proceeds from sales	$	-	$	46,993
Gross realized gains from sales	$	-	$	272

The amortized cost and estimated fair value of investment securities by contractual maturity at March 31, 2022 and December 31, 2021 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or borrowers the right to prepay obligations with or without call or prepayment penalties. At March 31, 2022, obligations of U.S. government corporations and agencies with amortized costs totaling $887.6 million consisted of residential mortgage-backed securities totaling $464.7 million and Small Business Administration agency pool securities totaling $31.5 million whose contractual maturity, or principal repayment, will follow the repayment of the underlying small business loans or mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies and SBA pools is categorized based on final maturity date. At March 31, 2022, the Bank estimates the average remaining life of these mortgage-backed securities and SBA pools to be approximately 5.7 years and 4.4 years, respectively.

	March 31, 2022
	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	26	$	26	$	-	$	-
Due after one but within five years		6,954		6,916		1,709		1,691
Due after five but within ten years		158,847		146,421		61,833		56,368
Due after ten years		401,325		374,692		256,939		229,170
Total	$	567,152	$	528,055	$	320,481	$	287,229

	December 31, 2021
	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	105	$	105	$	-	$	-
Due after one but within five years		8,331		8,377		1,228		1,246
Due after five but within ten years		151,682		148,389		62,925		62,257
Due after ten years		345,376		342,495		248,141		246,869
Total	$	505,494	$	499,366	$	312,294	$	310,372

Temporarily Impaired Securities

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022, and December 31, 2021.

	March 31, 2022
	Less Than Twelve Months					More Than Twelve Months					Total
	Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value
Securities Available for Sale
U.S. government agency and government sponsored enterprise (GSE) debt securities	$	-		$	-	$	(11,694	)	$	103,275	$	(11,694	)	$	103,275
U.S. government agency pool securities		(170	)		15,443		(90	)		10,055		(260	)		25,498
U.S. government agency or GSE residential mortgage-backed securities		(26,475	)		389,126		(680	)		6,836		(27,155	)		395,962
Total	$	(26,645	)	$	404,569	$	(12,464	)	$	120,166	$	(39,109	)	$	524,735

Securities Held to Maturity
US government agency and sponsored Agencies (GSE) debt securities	$	(15,566	)	$	106,613	$	(15,118	)	$	139,171	$	(30,684	)	$	245,784
U.S. government agency pool securities		(52	)		1,303		(12	)		106		(64	)		1,409
U.S. government agency or GSE residential mortgage-backed securities		(2,514	)		28,677		(31	)		281		(2,545	)		28,958
Total	$	(18,132	)	$	136,593	$	(15,161	)	$	139,558	$	(33,293	)	$	276,151

	December 31, 2021
	Less Than Twelve Months					More Than Twelve Months					Total
	Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value
Securities Available for Sale
U.S. government agency and government sponsored enterprise (GSE) debt securities	$	(2,824	)	$	82,145	$	(1,183	)	$	28,817	$	(4,007	)	$	110,962
U.S. government agency pool securities		(71	)		5,127		(176	)		14,743		(247	)		19,870
U.S. government agency or GSE residential mortgage-backed securities		(3,833	)		290,573		-			-		(3,833	)		290,573
Total	$	(6,728	)	$	377,845	$	(1,359	)	$	43,560	$	(8,087	)	$	421,405

BankGuam Holding Co 10-Q