Brunswick Bancorp Reports Quarter Ending December 31, 2017 Earnings

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

 

 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2017 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 20,621,278
Federal funds sold   -  

Total cash and cash equivalents

20,621,278
Securities held to maturity, at amortized cost 7,591,322
Securities available for sale, at fair market value 7,756,887
Loans receivable, net 140,181,844
Premises and equipment, net 1,049,878
Accrued interest receivable 433,687
Other real estate 5,704,306
Other assets   1,660,782  

TOTAL ASSETS

$ 184,999,984  
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 39,278,964
Interest bearing   107,671,525  

Total deposits

146,950,489
Accrued interest payable 222,558
Other liabilities   411,303  

TOTAL LIABILITIES

  147,584,350  
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at December 31, 2017.
Common stock - no par value
10,000,000 shares authorized;
3,223,951 shares issued at December 31, 2017 6,239,102
Additional paid-in capital 2,578,751

Treasury stock at cost,199,255 shares, at December 31, 2017.

(1,353,927 )
Other Comprehensive Loss (139,903 )
Retained earnings 30,819,083
Deferred stock compensation   (727,473 )

TOTAL STOCKHOLDERS' EQUITY

  37,415,634  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 184,999,984  
 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2017 (UNAUDITED)
 
INTEREST INCOME
Interest and fees on loans $ 7,635,782
Interest on investments 280,191
Interest on balances with banks   237,022
TOTAL INTEREST INCOME   8,152,995
 
INTEREST EXPENSE
Interest on deposits 1,112,798
Interest on borrowed funds   35
Total interest expense   1,112,833
 
NET INTEREST INCOME 7,040,162
Provision for loan losses   84,000
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   6,956,162
 
OTHER INCOME
Service fees 1,148,073
Other income   381,258
TOTAL OTHER INCOME   1,529,331
 
OTHER EXPENSES
Salaries and employee benefits 3,782,864
Occupancy expenses 1,262,569
Equipment expenses 123,862
Other expenses   2,091,744
TOTAL OTHER EXPENSES   7,261,040
 
INCOME BEFORE INCOME TAX EXPENSE 1,224,454
Income tax expense   676,845
NET INCOME $ 547,608
 

Contacts

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

Contacts

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