Clem Labega Square Philipsburg, St. Maarten, Netherlands Antilles ...

Condensed Combined Balance Sheet
as of December 31, 2006 and 2005
THE WINDWARD ISLANDS BANK INTERNATIONAL NV AND THE
WINDWARD ISLANDS BANK LTD.
(amounts in Naf 1,000)
ASSETS
2006 2005 % variance
Cash and due from banks 380,654 317,448 19.9%
Loans 392,944 304,521 29.0%
Bank premises, Equipment and Other Assets 19,785 20,310 -2.6%
TOTAL ASSETS 793,383 642,279 23.5%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Accounts 352,381 313,409 12.4%
Time deposits and savings 309,837 230,230 34.6%
TOTAL DEPOSITS 662,218 543,639 21.8%
Due to banks 61,326 38,041 61.2%
Accrued expenses, taxes and other liabilities 16,644 14,612 13.9%
TOTAL LIABILITIES 740,188 596,292 24.1%
Capital Stock 8,870 8,870 0.0%
Reserves and undivided profits 44,325 37,117 19.4%
TOTAL SHAREHOLDERS’ EQUITY 53,195 45,987 15.7%
TOTAL LIABILITY AND SHAREHOLDERS EQUITY 793,383 642,279 23.5%
THE WINDWARD ISLANDS BANK LTD. • ANNUAL REPORT 2006 • PAGE 5
Explanatory notes to the condensed combined balance sheet
as of December 31, 2006
ACCOUNTING POLICIES
1. GENERAL
The principal accounting policies adopted in the preparation of the condensed combined financial
statements of Windward Islands Bank Ltd. and Windward Islands Bank International N.V. are set
out below. These explanatory notes are an extract of the detailed notes included in the financial
statements of both Banks and are consistent in all material respects with the financial statements
from which they have been derived.
2. BASIS OF PREPARATION
The financial statements, from which the condensed combined balance sheet has been derived, are
prepared in accordance with International Financial Reporting Standards (“IFRS”).
The figures presented in the condensed combined balance sheet are stated in thousands of Antillean
Guilders and are rounded to the nearest thousand.
The policies are consistent, in all material respects, with those used in the previous year.
3. LOANS AND ADVANCES TO CUSTOMERS
Loans and advances are carried at amortized cost, less an allowance for loan impairment. An
allowance for loan impairment is established if there is an indication that the Banks will not be able
to collect all amounts due according to the original contractual loan terms.
THE WINDWARD ISLANDS BANK LTD. • ANNUAL REPORT 2006 • PAGE 6