Brunswick Bancorp (OTCBB:BRBW):
| FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | |||||||||
| CONSOLIDATED BALANCE SHEET | |||||||||
| SEPTEMBER 30, 2014 (UNAUDITED) | |||||||||
| ASSETS | |||||||||
| Cash and due from banks | $ | 65,219,481 | |||||||
| Federal funds sold | - | ||||||||
| Total cash and cash equivalents | 65,219,481 | ||||||||
| Securities held to maturity | 6,000,000 | ||||||||
| Securities available for sale | 70,214 | ||||||||
| Loans receivable, net | 92,326,631 | ||||||||
| Premises and equipment, net | 999,591 | ||||||||
| Accrued interest receivable | 245,834 | ||||||||
| Other real estate | 8,412,164 | ||||||||
| Other assets | 1,769,733 | ||||||||
| TOTAL ASSETS | $ | 175,043,648 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 34,324,799 | |||||||
| Interest bearing | 104,090,273 | ||||||||
| Total deposits | 138,415,072 | ||||||||
| Accrued interest payable | 178,526 | ||||||||
| Other liabilities | 958,196 | ||||||||
| TOTAL LIABILITIES | 139,551,794 | ||||||||
| STOCKHOLDERS' EQUITY | |||||||||
| Preferred stock-no stated value | |||||||||
|
10,000,000 shares authorized and no shares issued and outstanding at September 30, 2014. | |||||||||
| Common stock - no par value | |||||||||
| 10,000,000 shares authorized; | |||||||||
| 3,119,551 shares issued and outstanding at | |||||||||
| September 30, 2014. | 6,239,102 | ||||||||
| Additional paid-in capital | 1,944,611 | ||||||||
| Treasury stock at cost, 199,399 shares | |||||||||
| at September 30, 2014. | (1,340,729 | ) | |||||||
| Retained earnings | 29,031,370 | ||||||||
| Deferred stock compensation | (382,500 | ) | |||||||
| TOTAL STOCKHOLDERS' EQUITY | 35,491,854 | ||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 175,043,648 | |||||||
| BRUNSWICK BANCORP AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED STATEMENT OF INCOME (LOSS) | |||||||||||
| QUARTER END SEPTEMBER 30, 2014 (UNAUDITED) | |||||||||||
| INTEREST INCOME | |||||||||||
| Interest on loans | $ | 4,330,511 | |||||||||
| Interest on investments | 13,400 | ||||||||||
| Interest on balances with banks | 98,796 | ||||||||||
| TOTAL INTEREST INCOME | 4,442,707 | ||||||||||
| INTEREST EXPENSE | |||||||||||
| Interest on deposits | 297,005 | ||||||||||
| Interest on borrowed funds | - | ||||||||||
| Total interest expense | 297,005 | ||||||||||
| NET INTEREST INCOME | 4,145,702 | ||||||||||
| Provision for loan losses | - | ||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 4,145,702 | ||||||||||
| OTHER INCOME | |||||||||||
| Service fees | 575,068 | ||||||||||
| Other income | 265,975 | ||||||||||
| TOTAL OTHER INCOME | 841,043 | ||||||||||
| Realized loss on securities | - | ||||||||||
| OTHER EXPENSES | |||||||||||
| Salaries and employee benefits | 2,206,043 | ||||||||||
| Occupancy expenses | 952,363 | ||||||||||
| Equipment expenses | 41,107 | ||||||||||
| Other expenses | 1,584,042 | ||||||||||
| TOTAL OTHER EXPENSES | 4,783,555 | ||||||||||
| INCOME (LOSS) BEFORE INCOME TAX EXPENSE | 203,190 | ||||||||||
| Income tax expense (credit) | 32,000 | ||||||||||
| NET INCOME | $ | 171,190 | |||||||||
| NET INCOME PER SHARE OF COMMON STOCK: | |||||||||||
| Basic Earnings per share | $ | 0.06 | |||||||||
| Average shares outstanding-basic | 2,920,791 | ||||||||||
Contacts:
Roman T. Gumina, 732-247-5800
Chairman CEO
