Brunswick Bancorp Reports Quarter Ending March 31, 2017 Earnings

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

 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 2017 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 27,637,186
Federal funds sold   -  

Total cash and cash equivalents

27,637,186
Securities held to maturity, at amortized cost 10,283,552
Securities available for sale, at fair market value 6,277,080
Loans receivable, net 132,483,394
Premises and equipment, net 966,819
Accrued interest receivable 361,931
Other real estate 6,792,440
Other assets   2,047,143  

TOTAL ASSETS

$ 186,849,544  
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 38,521,185
Interest bearing   110,459,873  

Total deposits

148,981,058
Accrued interest payable 195,497
Other liabilities   711,562  

TOTAL LIABILITIES

  149,888,116  
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at March 31, 2017.
Common stock - no par value
10,000,000 shares authorized;
3,219,551 shares issued at March 31, 2017 6,239,102
Additional paid-in capital 1,944,611
Treasury stock at cost,180,565 shares,
at March 31, 2017. (1,249,668 )
Other Comprehensive Loss (98,664 )
Retained earnings 30,339,797
Deferred stock compensation   (213,750 )

TOTAL STOCKHOLDERS' EQUITY

  36,961,427  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 186,849,544  
 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED MARCH 31, 2017 (UNAUDITED)
 
INTEREST INCOME
Interest and fees on loans $ 1,739,756
Interest on investments 72,406
Interest on balances with banks   41,019
TOTAL INTEREST INCOME   1,853,180
 
INTEREST EXPENSE
Interest on deposits 245,253
Interest on borrowed funds   -
Total interest expense   245,253
 
NET INTEREST INCOME 1,607,926
Provision for loan losses   21,000
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   1,586,926
 
OTHER INCOME
Service fees 262,642
Other income   113,762
TOTAL OTHER INCOME   376,404
 
OTHER EXPENSES
Salaries and employee benefits 946,276
Occupancy expenses 305,877
Equipment expenses 23,384
Other expenses   497,216
TOTAL OTHER EXPENSES   1,772,754
 
INCOME BEFORE INCOME TAX EXPENSE 190,577
Income tax expense   61,827
NET INCOME $ 128,750
 

Contacts

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

Contacts

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