April 19, 2014 09:10 AM Eastern Daylight Time
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Brunswick Bancorp (OTCBB:BRBW):
| FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ||||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||
| CONSOLIDATED BALANCE SHEET | ||||||
| MARCH 31, 2014 (UNAUDITED) | ||||||
| ASSETS | ||||||
| Cash and due from banks | $ | 67,464,684 | ||||
| Federal funds sold | - | |||||
| Total cash and cash equivalents | 67,464,684 | |||||
| Securities held to maturity | 6,000,000 | |||||
| Securities available for sale | 70,214 | |||||
| Loans receivable, net | 93,833,373 | |||||
| Premises and equipment, net | 971,051 | |||||
| Accrued interest receivable | 266,130 | |||||
| Other real estate | 8,173,228 | |||||
| Other assets | 1,848,779 | |||||
| TOTAL ASSETS | $ | 178,627,459 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Deposits | ||||||
| Non-interest bearing | $ | 34,858,458 | ||||
| Interest bearing | 107,501,133 | |||||
| Total deposits | 142,359,591 | |||||
| Accrued interest payable | 139,845 | |||||
| Other liabilities | 710,581 | |||||
| TOTAL LIABILITIES | 143,210,017 | |||||
| STOCKHOLDERS' EQUITY | ||||||
| Preferred stock-no stated value | ||||||
| 10,000,000 shares authorized and no shares | ||||||
| issued and outstanding at March 31, 2014. | ||||||
| Common stock - no par value | ||||||
|
10,000,000 shares authorized; 3,119,551 sharesissued and outstanding at March 31, 2014. |
6,239,102 | |||||
| Additional paid-in capital | 1,944,611 | |||||
|
Treasury stock at cost, 199,399 shares at March 31, 2014. |
(1,354,773 | ) | ||||
| Retained earnings | 29,004,752 | |||||
| Deferred stock compensation | (416,250 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 35,417,442 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 178,627,459 | ||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||
| CONSOLIDATED STATEMENT OF INCOME (LOSS) | ||
| QUARTER END MARCH 31, 2014 (UNAUDITED) | ||
| INTEREST INCOME | ||
| Interest on loans | $ | 1,646,440 |
| Interest on investments | 4,363 | |
| Interest on balances with banks | 28,446 | |
| TOTAL INTEREST INCOME | 1,679,249 | |
| INTEREST EXPENSE | ||
| Interest on deposits | 98,988 | |
| Interest on borrowed funds | - | |
| Total interest expense | 98,988 | |
| NET INTEREST INCOME | 1,580,261 | |
| Provision for loan losses | - | |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,580,261 | |
| OTHER INCOME | ||
| Service fees | 174,421 | |
| Other income | 60,006 | |
| TOTAL OTHER INCOME | 234,427 | |
| Realized loss on securities | - | |
| OTHER EXPENSES | ||
| Salaries and employee benefits | 733,409 | |
| Occupancy expenses | 327,557 | |
| Equipment expenses | 14,806 | |
| Other expenses | 587,345 | |
| TOTAL OTHER EXPENSES | 1,663,117 | |
| INCOME (LOSS) BEFORE INCOME TAX EXPENSE | 151,571 | |
| Income tax expense (credit) | 7,000 | |
| NET INCOME | $ | 144,571 |
| NET INCOME PER SHARE OF COMMON STOCK: | ||
| Basic Earnings per share | $ | 0.05 |
| Average shares outstanding-basic | 2,920,259 | |
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