Brunswick Bancorp Reports Quarter Ending March 31, 2018 Earnings

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

             
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 2018 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 19,867,818
Federal funds sold   -  

Total cash and cash equivalents

19,867,818
Securities held to maturity, at amortized cost 7,211,426
Securities available for sale, at fair market value 7,491,314
Loans receivable, net 141,663,621
Premises and equipment, net 1,065,289
Accrued interest receivable 462,016
Other real estate 5,416,781
Other assets   2,084,488  

TOTAL ASSETS

$ 185,262,753  
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 39,085,157
Interest bearing   107,751,294  

Total deposits

146,836,451
Accrued interest payable 269,728
Other liabilities   564,431  

TOTAL LIABILITIES

  147,670,610  
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at March 31, 2018.
Common stock - no par value
10,000,000 shares authorized;
3,223,951 shares issued at March 31, 2018 6,239,102
Additional paid-in capital 2,578,751
Treasury stock at cost,202,035 shares,
at March 31, 2018. (1,375,179 )
Other Comprehensive Loss (252,537 )
Retained earnings 31,095,672
Deferred stock compensation   (693,666 )

TOTAL STOCKHOLDERS' EQUITY

  37,592,143  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 185,262,753  
 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED MARCH 31, 2018 (UNAUDITED)
 
INTEREST INCOME
Interest and fees on loans $       1,873,468
Interest on investments 70,013
Interest on balances with banks         36,636
TOTAL INTEREST INCOME         1,980,117
 
INTEREST EXPENSE
Interest on deposits 305,540
Interest on borrowed funds         -
Total interest expense         305,540
 
NET INTEREST INCOME 1,674,577
Provision for loan losses         -
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES         1,674,577
 
OTHER INCOME
Service fees 262,963
Other income         343,073
TOTAL OTHER INCOME         606,036
 
OTHER EXPENSES
Salaries and employee benefits 985,176
Occupancy expenses 342,052
Equipment expenses 41,290
Other expenses         530,479
TOTAL OTHER EXPENSES         1,898,997
 
INCOME BEFORE INCOME TAX EXPENSE 381,615
Income tax expense         82,728
NET INCOME $       298,887
 

Contacts

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

Contacts

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