Brunswick Bancorp (OTCBB:BRBW):
| FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEET | |||||||
| MARCH 31, 2014 (UNAUDITED) | |||||||
| ASSETS | |||||||
| Cash and due from banks | $ | 67,464,684 | |||||
| Federal funds sold | - | ||||||
| Total cash and cash equivalents | 67,464,684 | ||||||
| Securities held to maturity | 6,000,000 | ||||||
| Securities available for sale | 70,214 | ||||||
| Loans receivable, net | 93,833,373 | ||||||
| Premises and equipment, net | 971,051 | ||||||
| Accrued interest receivable | 266,130 | ||||||
| Other real estate | 8,173,228 | ||||||
| Other assets | 1,848,779 | ||||||
| TOTAL ASSETS | $ | 178,627,459 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Deposits | |||||||
| Non-interest bearing | $ | 34,858,458 | |||||
| Interest bearing | 107,501,133 | ||||||
| Total deposits | 142,359,591 | ||||||
| Accrued interest payable | 139,845 | ||||||
| Other liabilities | 710,581 | ||||||
| TOTAL LIABILITIES | 143,210,017 | ||||||
| STOCKHOLDERS' EQUITY | |||||||
| Preferred stock-no stated value | |||||||
| 10,000,000 shares authorized and no shares | |||||||
| issued and outstanding at March 31, 2014. | |||||||
| Common stock - no par value | |||||||
10,000,000 shares authorized; 3,119,551 shares | 6,239,102 | ||||||
| Additional paid-in capital | 1,944,611 | ||||||
Treasury stock at cost, 199,399 shares | (1,354,773 | ) | |||||
| Retained earnings | 29,004,752 | ||||||
| Deferred stock compensation | (416,250 | ) | |||||
| TOTAL STOCKHOLDERS' EQUITY | 35,417,442 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 178,627,459 | |||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | ||||||
| CONSOLIDATED STATEMENT OF INCOME (LOSS) | ||||||
| QUARTER END MARCH 31, 2014 (UNAUDITED) | ||||||
| INTEREST INCOME | ||||||
| Interest on loans | $ | 1,646,440 | ||||
| Interest on investments | 4,363 | |||||
| Interest on balances with banks | 28,446 | |||||
| TOTAL INTEREST INCOME | 1,679,249 | |||||
| INTEREST EXPENSE | ||||||
| Interest on deposits | 98,988 | |||||
| Interest on borrowed funds | - | |||||
| Total interest expense | 98,988 | |||||
| NET INTEREST INCOME | 1,580,261 | |||||
| Provision for loan losses | - | |||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,580,261 | |||||
| OTHER INCOME | ||||||
| Service fees | 174,421 | |||||
| Other income | 60,006 | |||||
| TOTAL OTHER INCOME | 234,427 | |||||
| Realized loss on securities | - | |||||
| OTHER EXPENSES | ||||||
| Salaries and employee benefits | 733,409 | |||||
| Occupancy expenses | 327,557 | |||||
| Equipment expenses | 14,806 | |||||
| Other expenses | 587,345 | |||||
| TOTAL OTHER EXPENSES | 1,663,117 | |||||
| INCOME (LOSS) BEFORE INCOME TAX EXPENSE | 151,571 | |||||
| Income tax expense (credit) | 7,000 | |||||
| NET INCOME | $ | 144,571 | ||||
| NET INCOME PER SHARE OF COMMON STOCK: | ||||||
| Basic Earnings per share | $ | 0.05 | ||||
| Average shares outstanding-basic | 2,920,259 | |||||
Contacts:
Roman T. Gumina, 732-247-5800
Chairman CEO
