Brunswick Bancorp Reports Quarter Ending June 30, 2017 Earnings

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

     
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
JUNE 30, 2017 (UNAUDITED)
 
ASSETS
Cash and due from banks $ 37,041,501
Federal funds sold  

-   

 
Total cash and cash equivalents 37,041,501
Securities held to maturity, at amortized cost 9,911,058
Securities available for sale, at fair market value 6,256,533
Loans receivable, net 129,864,546
Premises and equipment, net 997,447
Accrued interest receivable 296,671
Other real estate 6,254,924
Other assets   1,687,541  
TOTAL ASSETS $ 192,310,221  
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest bearing $ 40,007,176
Interest bearing   114,350,945  
Total deposits 154,358,121
Accrued interest payable 228,403
Other liabilities   425,021  
TOTAL LIABILITIES   155,011,545  
STOCKHOLDERS' EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at June 30, 2017.
Common stock - no par value
10,000,000 shares authorized;
3,219,551 shares issued at June 30, 2017 6,239,102
Additional paid-in capital 1,944,611
Treasury stock at cost,180,565 shares,
at June 30, 2017. (1,249,668 )
Other Comprehensive Loss (55,006 )
Retained earnings 30,605,224
Deferred stock compensation   (185,587 )
TOTAL STOCKHOLDERS' EQUITY   37,298,676  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 192,310,221  
 
 
 
 
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
SIX MONTHS ENDED JUNE 30, 2017 (UNAUDITED)
 
INTEREST INCOME
Interest and fees on loans $ 3,634,306
Interest on investments 141,258
Interest on balances with banks   105,842  
TOTAL INTEREST INCOME   3,881,406  
 
INTEREST EXPENSE
Interest on deposits 519,315
Interest on borrowed funds   35  
Total interest expense   519,350  
 
NET INTEREST INCOME 3,362,056
Provision for loan losses   42,000  
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   3,320,056  
 
OTHER INCOME
Service fees 566,857
Other income   237,936  
TOTAL OTHER INCOME   804,793  
 
OTHER EXPENSES
Salaries and employee benefits 1,900,473
Occupancy expenses 609,243
Equipment expenses 51,767
Other expenses   1,006,653  
TOTAL OTHER EXPENSES   3,568,136  
 
INCOME BEFORE INCOME TAX EXPENSE 556,713
Income tax expense   198,208  
NET INCOME $ 358,505  
 

Contacts

Brunswick Bancorp
Roman T. Gumina, 732-247-5800
Chairman CEO

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