Brunswick Bancorp Reports September 30, 2019 Results

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

BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2019 and 2018  (UNAUDITED) September 30,

 

 

 

 

 

 

2019

 

2018

ASSETS
Cash and due from banks

 $              15,615,595

 $                 16,980,504

Securities held to maturity, at amortized cost

                    5,274,084

                       6,454,390

Securities available for sale, at fair market value

                    6,181,905

                       6,376,754

Restricted bank stock, at cost

                        799,800

                          204,700

Loans receivable, net

               189,872,807

                  153,565,310

Premises and equipment, net

                    3,766,456

                       1,039,601

Accrued interest receivable

                        699,836

                          465,727

Other real estate

                    5,373,664

                       5,358,031

Other assets

                    4,645,674

                       1,747,463

TOTAL ASSETS

 $        232,229,820

 $          192,192,480

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
   Non-interest bearing

 $              48,012,279

 $                 38,740,461

   Interest bearing

               125,757,171

                  112,980,376

Total deposits

               173,769,450

                  151,720,837

Borrowed funds

                  14,000,000

                                      -  

Accrued interest payable

                        367,664

                          432,648

Advances from borrowers for taxes and insurance

                    1,361,250

                       1,092,326

Other liabilities

                    3,798,985

                          965,140

TOTAL LIABILITIES

               193,297,349

                  154,210,950

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

                    7,680,857

                       8,166,258

Other Comprehensive Loss

                        (26,742)

                        (254,989)

Retained earnings

                  32,898,566

                    31,412,140

Treasury stock at cost, 225,057 and 197,595 shares,
   at September 30, 2019 and 2018.

                  (1,620,210)

                    (1,341,879)

TOTAL STOCKHOLDERS' EQUITY

                  38,932,471

                    37,981,530

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 $            232,229,820

 $               192,192,480

 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2019 and 2018 (UNAUDITED) September 30,

 

 

 

 

 

 

2019

 

2018

INTEREST INCOME
Interest and fees on loans

 $                 7,444,158

 $                   6,023,430

Interest on investments

                        167,065

                          188,510

Interest on balances with banks

                        135,118

                          138,332

TOTAL INTEREST INCOME

                    7,746,341

                       6,350,272

 
INTEREST EXPENSE
Interest on deposits

                    1,664,056

                       1,042,618

Interest on borrowed funds

                          93,973

                               3,122

Total interest expense

                    1,758,029

                       1,045,740

 
   NET INTEREST INCOME

                    5,988,312

                       5,304,532

Provision for loan losses

                                     -

                                        -

 
   NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

                    5,988,312

                       5,304,532

 
OTHER INCOME
Service fees

                        631,482

                          701,465

Gain on sale of loans

                                     -

                          236,006

Gain on sale of OREO

                                     -

                          (15,841)

Gain on sale of assets

                        111,823

                             11,000

Other income

                        243,387

                          162,353

TOTAL OTHER INCOME

                        986,692

                       1,094,983

 
OTHER EXPENSES
Salaries and employee benefits

                    3,134,697

                       3,001,866

Occupancy expenses

                        980,891

                       1,077,900

Equipment expenses

                        128,125

                          125,304

Other expenses

                    1,549,064

                       1,377,806

TOTAL OTHER EXPENSES

                    5,792,776

                       5,582,876

 
INCOME BEFORE INCOME TAX EXPENSE

                    1,182,228

                          816,639

Income tax expense

                        326,515

                          201,284

NET INCOME

 $                    855,713

 $                       615,355

BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
QUARTER ENDED SEPTEMBER 30, 2019 and 2018 (UNAUDITED) September 30,

 

 

 

 

 

 

2019

 

2018

INTEREST INCOME
Interest and fees on loans

 $                 2,756,048

 $                   2,199,465

Interest on investments

                          51,810

                             57,565

Interest on balances with banks

                          23,153

                             48,984

TOTAL INTEREST INCOME

                    2,831,012

                       2,306,014

 
INTEREST EXPENSE
Interest on deposits

                        584,904

                          383,722

Interest on borrowed funds

                          67,686

                               3,122

Total interest expense

                        652,591

                          386,844

 
   NET INTEREST INCOME

                    2,178,421

                       1,919,171

Provision for loan losses

                                     -

                                        -

 
   NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

                    2,178,421

                       1,919,171

 
OTHER INCOME
Service fees

                        199,948

                          235,833

Gain on sale of loans

                                     -

                                        -

Gain on sale of OREO

                                     -

                          (58,750)

Gain on sale of assets

                        111,823

                             11,000

Other income

                        108,215

                             44,291

TOTAL OTHER INCOME

                        419,987

                          232,374

 
OTHER EXPENSES
Salaries and employee benefits

                    1,096,696

                          997,719

Occupancy expenses

                        302,568

                          372,943

Equipment expenses

                          44,708

                             40,395

Other expenses

                        544,953

                          517,078

TOTAL OTHER EXPENSES

                    1,988,925

                       1,928,134

 
INCOME BEFORE INCOME TAX EXPENSE

                        609,483

                          223,411

Income tax expense

                        165,016

                             63,810

NET INCOME

 $                    444,467

 $                       159,601

 

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