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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 September 30, 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 October 31, 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 September 30, 2022 and December 31, 2021	3

	Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021	5

	Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2022 and 2021	6

	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021	8

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34

Item 4.	Controls and Procedures	55

PART II. OTHER INFORMATION		56

Item 6.	Exhibits	57

Signatures		58

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)

	September 30, 2022			December 31, 2021
ASSETS
Cash and due from banks	$	38,850		$	36,660
Interest bearing deposits in banks		226,163			520,743
Total cash and cash equivalents		265,013			557,403
Restricted cash		150			150
Investment securities available-for-sale, at fair value		499,235			499,366
Investment securities held-to-maturity, at amortized cost (Fair Value $240,329 at 9/30/2022 and $310,372 at 12/31/2021)		317,593			312,294
Federal Home Loan Bank stock, at cost		3,318			2,814
Loans, net of allowance for loan losses ($36,137 at 9/30/2022 and $34,408 at 12/31/2021)		1,306,889			1,283,690
Accrued interest receivable		6,054			6,715
Premises and equipment, net		20,381			20,802
Goodwill		13,014			13,014
Intangible assets		10,165			10,720
Other assets		122,935			84,620
Total assets	$	2,564,747		$	2,791,588
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	881,754		$	981,537
Interest bearing		1,469,395			1,551,694
Total deposits		2,351,149			2,533,231
Accrued interest payable		30			46
Subordinated debt, net		34,451			34,400
Other liabilities		50,692			43,162
Total liabilities		2,436,322			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 9/30/2022 and 12/31/2021, respectively		2,034			2,033
Preferred stock $100 par value; 300 shares authorized; 9.8 shares issued and outstanding at 9/30/2022 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		162,725			153,740
Accumulated other comprehensive (loss) income		(78,032	)		(16,721	)
Non-controlling interest		7,216			7,294
Common stock in treasury, at cost (32 shares)		(290	)		(290	)
Total stockholders’ equity		128,425			180,749
Total liabilities and stockholders’ equity	$	2,564,747		$	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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Interest income:
Loans	$	19,031		$	18,011		$	54,399		$	53,903
Investment securities		3,605			2,591			10,188			7,190
Deposits with banks		1,397			294			2,286			508
Total interest income		24,033			20,896			66,873			61,601
Interest expense:
Savings deposits		37			112			114			326
Time deposits		3			7			11			27
Other borrowed funds		476			481			1,417			957
Total interest expense		516			600			1,542			1,310
Net interest income		23,517			20,296			65,331			60,291
Provision for loan losses		1,425			2,475			4,275			5,425
Net interest income, after provision for loan losses		22,092			17,821			61,056			54,866
Non-interest income:
Service charges and fees		4,935			4,336			15,487			7,843
Gain on sale of investment securities		-			10			-			281
Income from merchant services, net		966			721			2,509			2,127
Cardholders income, net		1,131			994			2,669			2,239
Trustee fees		861			136			1,676			437
Other income		743			4,146			2,213			7,101
Total non-interest income		8,636			10,343			24,554			20,028
Non-interest expense:
Salaries and employee benefits		9,904			10,086			28,745			26,786
Occupancy		2,603			2,268			7,267			6,529
Technology, equipment and depreciation		5,973			3,149			16,641			9,173
Insurance		468			486			1,391			1,491
Telecommunications		417			419			1,271			1,174
FDIC assessment		299			709			917			1,569
Professional services		661			784			2,268			1,976
Contract services		484			1,282			1,403			2,622
Other real estate owned		13			(28	)		38			(1	)
Stationery and supplies		203			129			534			202
Training and education		320			93			887			177
General, administrative and other		2,673			1,913			8,082			4,852
Total non-interest expense		24,018			21,290			69,444			56,550
Income before income taxes		6,710			6,874			16,166			18,344
Income tax expense		1,388			1,311			3,201			3,576
Net income		5,322			5,563			12,965			14,768
Net income attributable to noncontrolling interest		167			318			634			318
Net income available to BankGuam Holding Company		5,155			5,245			12,331			14,450
Preferred stock dividend		(177	)		(125	)		(422	)		(396	)
Net income attributable to common stockholders	$	4,978		$	5,120		$	11,909		$	14,054
Earnings per common share (EPS):
Basic and diluted EPS	$	0.51		$	0.53		$	1.22		$	1.45
Dividends declared per common share	$	0.10		$	0.10		$	0.30		$	0.30
Basic and diluted weighted average common shares		9,728			9,723			9,726			9,714

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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Net income	$	5,322		$	5,563		$	12,965		$	14,768
Other comprehensive income (loss):
Unrealized holding gain (loss) on available-for-sale securities arising during the period, net of tax		(20,030	)		(1,139	)		(61,956	)		(16,729	)
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		215			124			645			237
Total other comprehensive income (loss)		(19,815	)		(1,015	)		(61,311	)		(16,764	)
Total comprehensive income (loss)	$	(14,493	)	$	4,548		$	(48,346	)	$	(1,996	)

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
Net income		-		-		-		-		-		3,909			-			-			220			4,129
Change in accumulated other comprehensive income:																					-
Unrealized gain on available-for-sale securities, net		-		-		-		-		-		-			(16,166	)		-			-			(16,166	)
Return of capital from stocks owned by subsidiary																					(52	)		(52	)
Cash dividends on common stock		-		-		-		-		-		(975	)		-			-			(231	)		(1,206	)
Cash dividends on preferred stock		-		-		-		-		-		(123	)		-			-			-			(123	)
Balances, June 30, 2022		9,728	$	2,034	$	980	$	24,989	$	8,803	$	158,722		$	(58,217	)	$	(290	)	$	7,251		$	144,272
Noncontrolling interest in connection with acquisition of ASC		-		-		-		-		-		-			-			-			-			-
Comprehensive income:
Net income		-		-		-		-		-		5,155			-			-			167			5,322
Change in accumulated other comprehensive income:
Unrealized gain (loss) on available-for- sale securities, net		-		-		-		-		-		-			(19,815	)		-			-			(19,815	)
Common stock issued under Employee Stock Purchase Plan & Service Awards		-		-		-		-		-		-			-			-			-			-
Return of capital from stocks owned by subsidiary		-		-		-		-		-		-			-			-			3			3
Cash dividends on common stock		-		-		-		-		-		(975	)		-			-			(205	)		(1,180	)
Cash dividends on preferred stock		-		-		-		-		-		(177	)		-			-			-			(177	)
Balances, September 30, 2022		9,728	$	2,034	$	980	$	24,989	$	8,803	$	162,725		$	(78,032	)	$	(290	)	$	7,216		$	128,425

	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		9,702,136	$	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		11,436		2			-		95		-		-			-			-			-			97
Cash dividends on common stock		-		-			-		-		-		(970	)		-			-			-			(970	)
Cash dividends on preferred stock		-		-			-		-		-		(135	)		-			-			-			(135	)
Balances, March 31, 2021		9,713,572	$	2,031		$	980	$	24,872	$	8,803	$	139,836		$	(17,624	)	$	(290	)	$	-		$	158,608
Net income		-		-			-		-		-		5,910			-			-			-			5,910
Change in accumulated other comprehensive income:
Unrealized loss on available-for-sale securities, net		-		-			-		-		-		-			4,986			-			-			4,986
Common stock issued under Employee Stock Purchase Plan & Service Awards		9,243		2			-		89		-		-			-			-			-			91
Cash dividends on common stock		-		-			-		-		-		(972	)		-			-			-			(972	)
Cash dividends on preferred stock		-		-			-		-		-		(136	)		-			-			-			(136	)
Balances, June 30, 2021		9,722,815	$	2,033		$	980	$	24,961	$	8,803	$	144,638		$	(12,638	)	$	(290	)	$	-		$	168,487
Noncontrolling interest in connection with acquisition of ASC
Comprehensive income:
Net income		-		-			-		-		-		5,245			-			-			318			5,563
Change in accumulated other comprehensive income:
Unrealized gain (loss) on available-for- sale securities, net		-		-			-		-		-		-			(1,015	)		-			-			(1,015	)
Common stock issued under Employee Stock Purchase Plan & Service Awards		7,760		2			-		84		-		-			-			-			-			86
Return of capital from stocks owned by subsidiary				(4	)																				(211	)
Cash dividends on common stock		-		-			-		-		-		(972	)		-			-			(398	)		(1,370	)
Cash dividends on preferred stock		-		-			-		-		-		(125	)		-			-			-			(125	)
Balances, September 30, 2021		9,730,575	$	2,031		$	980	$	24,834	$	8,803	$	148,786		$	(13,653	)	$	(290	)	$	7,348		$	178,839

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)

	Nine Months Ended September 30,
	2022		2021
Cash flows from operating activities:
Net income	$	12,965	$	14,768
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for loan losses		4,275		5,425
Depreciation		4,026		3,190
Amortization of debt issuance costs

BankGuam Holding Co 10-Q