Brunswick Bancorp Reports Quarter Ending September 30, 2015 Earnings

NEW BRUNSWICK, N.J.--()--
 

 

 
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2015 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 18,003,544
Federal funds sold -
Total cash and cash equivalents 18,003,544
Securities held to maturity 6,000,000
Securities available for sale 70,214
Loans receivable, net 111,040,152
Premises and equipment, net 996,456
Accrued interest receivable 273,923
Other real estate 8,317,716
Other assets 1,893,082
TOTAL ASSETS $ 146,595,087
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 38,841,807
Interest bearing 70,315,255
Total deposits 109,157,062
Accrued interest payable 184,297
Other liabilities 1,363,366
TOTAL LIABILITIES 110,704,725
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at September 30, 2015.
Common stock - no par value
10,000,000 shares authorized;
3,119,551 shares issued and outstanding at
September 30, 2015. 6,239,102
Additional paid-in capital 1,944,611
Treasury stock at cost, 189,505 shares
at September 30, 2015. (1,287,911)
Retained earnings 29,309,560
Deferred stock compensation (315,000)
TOTAL STOCKHOLDERS' EQUITY 35,890,362
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 146,595,087
 
 
 
 
 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
QUARTER END SEPTEMBER 30, 2015 (UNAUDITED)
 
INTEREST INCOME
Interest on loans $ 4,377,965
Interest on investments 52,560
Interest on balances with banks 63,383
TOTAL INTEREST INCOME 4,493,908
 
INTEREST EXPENSE
Interest on deposits 304,378
Interest on borrowed funds -
Total interest expense 304,378
NET INTEREST INCOME 4,189,530
Provision for loan losses -
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,189,530
 
OTHER INCOME
Service fees 654,388
Other income 344,522
TOTAL OTHER INCOME 998,910
 
Realized loss on securities -
 
OTHER EXPENSES
Salaries and employee benefits 2,275,101
Occupancy expenses 991,412
Equipment expenses 40,985
Other expenses 1,644,039
TOTAL OTHER EXPENSES 4,951,537
 
INCOME (LOSS) BEFORE INCOME TAX EXPENSE 236,903
Income tax expense (credit) 70,000
NET INCOME $ 166,903
NET INCOME PER SHARE OF COMMON STOCK:
Basic Earnings per share $ 0.06
 
Average shares outstanding-basic 2,927,823

Contacts

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

Contacts

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