NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Headline of release should read: Brunswick Bancorp Reports Year Ending December 31, 2018 Earnings (instead of Brunswick Bancorp Reports Quarter Ending December 31, 2018 Earnings).
The corrected release reads:
BRUNSWICK BANCORP REPORTS YEAR ENDING DECEMBER 31, 2018 EARNINGS
Brunswick Bancorp (OTCBB:BRBW):
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BRUNSWICK BANCORP AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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(UNAUDITED) |
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| DECEMBER, 31 | ||||||||||
| 2018 | 2017 | |||||||||
| ASSETS | ||||||||||
| Cash and due from banks | $ | 18,426,787 | $ | 20,621,278 | ||||||
| Federal funds sold | - | - | ||||||||
| Total cash and cash equivalents | 18,426,787 | 20,621,278 | ||||||||
| Securities held to maturity, at amortized cost | 6,148,945 | 7,591,322 | ||||||||
| Securities available for sale, at fair market value | 6,388,530 | 7,756,887 | ||||||||
| Restricted bank stock, at cost | 204,700 | 201,000 | ||||||||
| Loans receivable, net | 164,670,367 | 140,150,386 | ||||||||
| Premises and equipment, net | 971,838 | 1,049,878 | ||||||||
| Accrued interest receivable | 491,781 | 433,687 | ||||||||
| Other real estate | 5,358,031 | 5,704,306 | ||||||||
| Other assets | 1,223,188 | 1,399,494 | ||||||||
| TOTAL ASSETS | $ | 203,884,167 | $ | 184,908,238 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Deposits | ||||||||||
| Non-interest bearing | $ | 40,172,171 | $ | 38,314,646 | ||||||
| Interest bearing | 123,215,298 | 107,671,525 | ||||||||
| Total deposits | 163,387,469 | 145,986,172 | ||||||||
| Accrued interest payable | 473,864 | 222,558 | ||||||||
| Advances from borrowers for taxes and insurance | 1,168,002 | 964,318 | ||||||||
| Other liabilities | 654,379 | 340,856 | ||||||||
| TOTAL LIABILITIES | 165,683,715 | 147,513,904 | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||||
| Preferred stock-no stated value | ||||||||||
| 10,000,000 shares authorized and no shares | ||||||||||
| issued and outstanding at December 31, 2018 and 2017. | ||||||||||
| Common stock - no par value | ||||||||||
| 10,000,000 shares authorized; | ||||||||||
| 3,039,003 and 3,223,951 shares issued at December 31, 2018 and 2017 | - | - | ||||||||
| Additional paid-in capital | 7,627,433 | 8,091,379 | ||||||||
| Treasury stock at cost, 195,597 and 199,255 shares, | ||||||||||
| at December 31, 2018 and 2017. | (1,326,894 | ) | (1,353,927 | ) | ||||||
| Other Comprehensive Loss | (142,939 | ) | (139,903 | ) | ||||||
| Retained earnings | 32,042,853 | 30,796,785 | ||||||||
| TOTAL STOCKHOLDERS' EQUITY | 38,200,452 | 37,394,334 | ||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 203,884,167 | $ | 184,908,238 | ||||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENT OF INCOME | ||||||||
| (UNAUDITED) | ||||||||
| DECEMBER, 31 | ||||||||
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2018 |
2017 |
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| INTEREST INCOME | ||||||||
| Interest and fees on loans | $ | 8,345,182 | $ | 7,604,324 | ||||
| Interest on investments | 248,397 | 280,191 | ||||||
| Interest on balances with banks | 205,876 | 237,022 | ||||||
| TOTAL INTEREST INCOME | 8,799,455 | 8,121,537 | ||||||
| INTEREST EXPENSE | ||||||||
| Interest on deposits | 1,508,763 | 1,112,798 | ||||||
| Interest on borrowed funds | 3,129 | 35 | ||||||
| Total interest expense | 1,511,892 | 1,112,833 | ||||||
| NET INTEREST INCOME | 7,287,563 | 7,008,705 | ||||||
| Provision for loan losses | - | 84,000 | ||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 7,287,563 | 6,924,705 | ||||||
| OTHER INCOME | ||||||||
| Service fees | 943,889 | 908,073 | ||||||
| Other income | 463,901 | 381,258 | ||||||
| TOTAL OTHER INCOME | 1,407,790 | 1,289,331 | ||||||
| OTHER EXPENSES | ||||||||
| Salaries and employee benefits | 3,525,622 | 3,782,864 | ||||||
| Occupancy expenses | 1,342,028 | 1,262,569 | ||||||
| Equipment expenses | 190,285 | 123,862 | ||||||
| Other expenses | 1,871,920 | 1,851,744 | ||||||
| TOTAL OTHER EXPENSES | 6,929,856 | 7,021,040 | ||||||
| INCOME BEFORE INCOME TAX EXPENSE | 1,765,498 | 1,192,996 | ||||||
| Income tax expense | 519,430 | 667,686 | ||||||
| NET INCOME | $ | 1,246,068 | $ | 525,310 | ||||