Brunswick Bancorp Reports Quarter Ending June 30, 2019 Earnings

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

 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
JUNE 30, 2019 and 2018 (UNAUDITED)
June 30, 2019 June 30, 2018
ASSETS
Cash and due from banks

$

11,113,283

 

$

18,005,740

 

Securities held to maturity, at amortized cost

 

5,598,679

 

 

6,890,450

 

Securities available for sale, at fair market value

 

6,301,650

 

 

6,544,412

 

Restricted bank stock, at cost

 

589,800

 

 

204,700

 

Loans receivable, net

 

177,683,250

 

 

146,873,040

 

Premises and equipment, net

 

1,013,359

 

 

1,077,357

 

Accrued interest receivable

 

557,896

 

 

453,563

 

Other real estate

 

5,358,031

 

 

5,416,781

 

Other assets

 

7,707,420

 

 

1,746,610

 

TOTAL ASSETS

$

215,923,369

 

$

187,212,653

 

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing

$

34,758,272

 

$

38,639,193

 

Interest bearing

 

129,071,639

 

 

108,464,936

 

Total deposits

 

163,829,912

 

 

147,104,129

 

Borrowed funds

 

8,000,000

 

 

-

 

Accrued interest payable

 

322,647

 

 

323,802

 

Advances from borrowers for taxes and insurance

 

1,293,179

 

 

1,216,000

 

Other liabilities

 

3,915,150

 

 

754,406

 

TOTAL LIABILITIES

 

177,360,887

 

 

149,398,337

 

STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at June 30, 2019.
Common stock - no par value
10,000,000 shares authorized;
3,036,603 and 3,223,951 shares issued at
at June 30, 2019 and 2018.
Additional paid-in capital

 

7,663,049

 

 

8,157,994

 

Other Comprehensive Loss

 

(33,807

)

 

(237,593

)

Retained earnings

 

32,454,099

 

 

31,252,444

 

Treasury stock at cost, 214,599 and 199,815 shares,
at June 30, 2019 and 2018.

 

(1,520,859

)

 

(1,358,529

)

TOTAL STOCKHOLDERS' EQUITY

 

38,562,482

 

 

37,814,316

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

215,923,369

 

$

187,212,653

 

 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
SIX MONTHS ENDED JUNE 30, 2019 and 2018 (UNAUDITED)

June 30, 2019

June 30, 2018

INTEREST INCOME
Interest and fees on loans

$

4,688,109

$

3,823,965

Interest on investments

 

115,255

 

130,944

Interest on balances with banks

 

111,965

 

89,348

TOTAL INTEREST INCOME

 

4,915,330

 

4,044,258

 
INTEREST EXPENSE
Interest on deposits

 

1,079,152

 

658,897

Interest on borrowed funds

 

26,286

 

-

Total interest expense

 

1,105,439

 

658,897

 
NET INTEREST INCOME

 

3,809,891

 

3,385,361

Provision for loan losses

 

-

 

-

 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

 

3,809,891

 

3,385,361

 
OTHER INCOME
Service fees

 

552,195

 

574,949

Gain on sale of loans

 

-

 

236,006

Gain on sale of OREO

 

-

 

42,909

Other income

 

134,510

 

128,744

TOTAL OTHER INCOME

 

686,705

 

982,608

 
OTHER EXPENSES
Salaries and employee benefits

 

2,038,001

 

2,004,148

Occupancy expenses

 

678,322

 

704,957

Equipment expenses

 

83,417

 

84,910

Other expenses

 

1,124,111

 

980,728

TOTAL OTHER EXPENSES

 

3,923,852

 

3,774,742

 
INCOME BEFORE INCOME TAX EXPENSE

 

572,745

 

593,228

Income tax expense

 

161,499

 

137,474

NET INCOME

$

411,246

$

455,754

 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
THREE MONTHS ENDED JUNE 30, 2019 and 2018 (UNAUDITED)
June 30, 2019 June 30, 2018
INTEREST INCOME
Interest and fees on loans

$

2,395,313

$

1,950,497

Interest on investments

 

56,104

 

60,932

Interest on balances with banks

 

37,017

 

52,712

TOTAL INTEREST INCOME

 

2,488,433

 

2,064,141

 
INTEREST EXPENSE
Interest on deposits

 

552,864

 

353,357

Interest on borrowed funds

 

26,286

 

-

Total interest expense

 

579,151

 

353,357

 
NET INTEREST INCOME

 

1,909,283

 

1,710,784

Provision for loan losses

 

-

 

-

 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

 

1,909,283

 

1,710,784

 
OTHER INCOME
Service fees

 

300,427

 

311,987

Gain on sale of loans

 

-

 

-

Gain on sale of OREO

 

-

 

-

Other income

 

63,019

 

64,586

TOTAL OTHER INCOME

 

363,446

 

376,573

 
OTHER EXPENSES
Salaries and employee benefits

 

991,196

 

1,018,972

Occupancy expenses

 

340,925

 

362,904

Equipment expenses

 

46,945

 

43,620

Other expenses

 

614,416

 

450,249

TOTAL OTHER EXPENSES

 

1,993,483

 

1,875,745

 
INCOME BEFORE INCOME TAX EXPENSE

 

279,246

 

211,612

Income tax expense

 

82,576

 

54,746

NET INCOME

$

196,670

$

156,866

 

 

Contacts

Nicholas A. Frungillo, Jr. - President / COO
David Gazerwitz - VP / Treasurer
732-247-5800

Contacts

Nicholas A. Frungillo, Jr. - President / COO
David Gazerwitz - VP / Treasurer
732-247-5800