NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Brunswick Bancorp (OTCBB:BRBW):
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||||
| CONSOLIDATED BALANCE SHEET | ||||||||||
| JUNE 30, 2018 (UNAUDITED) | ||||||||||
| ASSETS | ||||||||||
| Cash and due from banks | $ | 18,005,740 | ||||||||
| Federal funds sold | - | |||||||||
| Total cash and cash equivalents | 18,005,740 | |||||||||
| Securities held to maturity, at amortized cost | 6,890,450 | |||||||||
| Securities available for sale, at fair market value | 6,544,412 | |||||||||
| Loans receivable, net | 146,873,040 | |||||||||
| Premises and equipment, net | 1,077,357 | |||||||||
| Accrued interest receivable | 453,563 | |||||||||
| Other real estate | 5,416,781 | |||||||||
| Other assets | 1,951,310 | |||||||||
| TOTAL ASSETS | $ | 187,212,653 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Deposits | ||||||||||
| Non-interest bearing | $ | 39,855,192 | ||||||||
| Interest bearing | 108,464,936 | |||||||||
| Total deposits | 148,320,128 | |||||||||
| Accrued interest payable | 323,802 | |||||||||
| Other liabilities | 754,406 | |||||||||
| TOTAL LIABILITIES | 149,398,337 | |||||||||
| STOCKHOLDERS' EQUITY | ||||||||||
| Preferred stock-no stated value | ||||||||||
| 10,000,000 shares authorized and no shares | ||||||||||
| issued and outstanding at June 30, 2018. | ||||||||||
| Common stock - no par value | ||||||||||
| 10,000,000 shares authorized; | ||||||||||
| 3,223,951 shares issued at June 30, 2018 | 6,239,102 | |||||||||
| Additional paid-in capital | 2,578,751 | |||||||||
| Treasury stock at cost,199,815 shares, | ||||||||||
| at June 30, 2018. | (1,358,529 | ) | ||||||||
| Other Comprehensive Loss | (237,593 | ) | ||||||||
| Retained earnings | 31,252,444 | |||||||||
| Deferred stock compensation | (659,859 | ) | ||||||||
| TOTAL STOCKHOLDERS' EQUITY | 37,814,316 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 187,212,653 | ||||||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | |||||||||
| CONSOLIDATED STATEMENT OF INCOME | |||||||||
| SIX MONTHS ENDED JUNE 30, 2018 (UNAUDITED) | |||||||||
| INTEREST INCOME | |||||||||
| Interest and fees on loans | $ | 3,823,965 | |||||||
| Interest on investments | 130,944 | ||||||||
| Interest on balances with banks | 89,348 | ||||||||
| TOTAL INTEREST INCOME | 4,044,258 | ||||||||
| INTEREST EXPENSE | |||||||||
| Interest on deposits | 658,897 | ||||||||
| Interest on borrowed funds | - | ||||||||
| Total interest expense | 658,897 | ||||||||
| NET INTEREST INCOME | 3,385,361 | ||||||||
| Provision for loan losses | - | ||||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 3,385,361 | ||||||||
| OTHER INCOME | |||||||||
| Service fees | 574,949 | ||||||||
| Other income | 407,659 | ||||||||
| TOTAL OTHER INCOME | 982,608 | ||||||||
| OTHER EXPENSES | |||||||||
| Salaries and employee benefits | 2,004,148 | ||||||||
| Occupancy expenses | 704,957 | ||||||||
| Equipment expenses | 84,910 | ||||||||
| Other expenses | 980,728 | ||||||||
| TOTAL OTHER EXPENSES | 3,774,742 | ||||||||
| INCOME BEFORE INCOME TAX EXPENSE | 593,228 | ||||||||
| Income tax expense | 137,474 | ||||||||
| NET INCOME | $ | 455,754 | |||||||