Brunswick Bancorp Reports Quarter Ending December 31, 2016 Earnings

NEW BRUNSWICK, N.J.--()--Brunswick Bancorp (OTCBB:BRBW):

 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2016 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 22,330,708
Federal funds sold   -
Total cash and cash equivalents 22,330,708

Securities held to maturity, at amortized cost

10,833,953
Securities available for sale, at fair market value 6,289,913
Loans receivable, net 130,700,021
Premises and equipment, net 973,384
Accrued interest receivable 335,558
Other real estate 6,955,315
Other assets   2,053,293
TOTAL ASSETS $ 180,472,145
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 36,389,982
Interest bearing   106,376,075
Total deposits 142,766,057
Accrued interest payable 153,870
Other liabilities   737,835
TOTAL LIABILITIES   143,657,762
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at December 31, 2016.
Common stock - no par value
10,000,000 shares authorized;
3,219,551 shares issued at December 31, 2016 6,239,102
Additional paid-in capital 1,944,611
Treasury stock at cost, 185,986 shares
at December 31, 2016. (1,249,668)
Other Comprehensive Income (100,084)
Retained earnings 30,211,048
Deferred stock compensation   (230,625)
TOTAL STOCKHOLDERS' EQUITY   36,814,383
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 180,472,145
 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2016 (UNAUDITED)
 
INTEREST INCOME
Interest and fees on loans $ 6,931,935
Interest on investments 196,107
Interest on balances with banks   124,746
TOTAL INTEREST INCOME   7,252,789
 
INTEREST EXPENSE
Interest on deposits 815,756
Interest on borrowed funds   4
Total interest expense   815,760
 
NET INTEREST INCOME 6,437,028
Provision for loan losses   62,500
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   6,374,528
 
OTHER INCOME
Service fees 932,810
Other income   768,817
TOTAL OTHER INCOME   1,701,627
 
OTHER EXPENSES
Salaries and employee benefits 3,280,084
Occupancy expenses 1,238,144
Equipment expenses 70,514
Other expenses   2,453,852
TOTAL OTHER EXPENSES   7,042,594
 
INCOME BEFORE INCOME TAX EXPENSE 1,033,561
Income tax expense   356,417
NET INCOME $ 677,144
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share $ 0.23
 
Average shares outstanding-basic   2,988,664
 

Contacts

Brunswick Bancorp
Roman T. Gumina, 732-247-5800
Chairman CEO

Contacts

Brunswick Bancorp
Roman T. Gumina, 732-247-5800
Chairman CEO