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, 2016 (UNAUDITED) | |||||||
| ASSETS | |||||||
| Cash and due from banks | $ | 34,401,436 | |||||
| Federal funds sold | - | ||||||
| Total cash and cash equivalents | 34,401,436 | ||||||
| Securities held to maturity | 14,917,268 | ||||||
| Securities available for sale | 70,214 | ||||||
| Loans receivable, net | 122,503,044 | ||||||
| Premises and equipment, net | 1,038,903 | ||||||
| Accrued interest receivable | 294,291 | ||||||
| Other real estate | 6,769,545 | ||||||
| Other assets | 1,857,545 | ||||||
| TOTAL ASSETS | $ | 181,852,246 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Deposits | |||||||
| Non-interest bearing | $ | 47,373,026 | |||||
| Interest bearing | 96,736,779 | ||||||
| Total deposits | 144,109,805 | ||||||
| Accrued interest payable | 148,937 | ||||||
| Other liabilities | 1,270,456 | ||||||
| TOTAL LIABILITIES | 145,529,198 | ||||||
| STOCKHOLDERS' EQUITY | |||||||
| Preferred stock-no stated value | |||||||
| 10,000,000 shares authorized and no shares | |||||||
| issued and outstanding at March 31, 2016. | |||||||
| Common stock - no par value | |||||||
| 10,000,000 shares authorized; | |||||||
| 3,119,551 shares issued and outstanding at | |||||||
| March 31, 2016. | 6,239,102 | ||||||
| Additional paid-in capital | 1,944,611 | ||||||
| Treasury stock at cost, 185,805 shares | |||||||
| at March 31, 2016. | (1,262,752 | ) | |||||
| Retained earnings | 29,683,337 | ||||||
| Deferred stock compensation | (281,250 | ) | |||||
| TOTAL STOCKHOLDERS' EQUITY | 36,323,048 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 181,852,246 | |||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | |||
| CONSOLIDATED STATEMENT OF INCOME (LOSS) | |||
| QUARTER END MARCH 31, 2016 (UNAUDITED) | |||
| INTEREST INCOME | |||
| Interest on loans | $ | 1,638,657 | |
| Interest on investments | 26,764 | ||
| Interest on balances with banks | 38,842 | ||
| TOTAL INTEREST INCOME | 1,704,263 | ||
| INTEREST EXPENSE | |||
| Interest on deposits | 168,351 | ||
| Interest on borrowed funds | - | ||
| Total interest expense | 168,351 | ||
| NET INTEREST INCOME | 1,535,912 | ||
| Provision for loan losses | - | ||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,535,912 | ||
| OTHER INCOME | |||
| Service fees | 232,051 | ||
| Other income | 260,836 | ||
| TOTAL OTHER INCOME | 492,887 | ||
| OTHER EXPENSES | |||
| Salaries and employee benefits | 787,616 | ||
| Occupancy expenses | 325,031 | ||
| Equipment expenses | 17,294 | ||
| Other expenses | 755,096 | ||
| TOTAL OTHER EXPENSES | 1,885,037 | ||
| INCOME BEFORE INCOME TAX EXPENSE | 143,762 | ||
| Income tax expense | 36,000 | ||
| NET INCOME | $ | 107,762 | |
| NET INCOME PER SHARE OF COMMON STOCK: | |||
| Basic Earnings per share | $ | 0.04 | |
| Average shares outstanding-basic | 2,933,746 | ||
This press release may contain forward-looking statements as defined by the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the bank's financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainities.