BRBW Brunswick Bancorp (PK)

Brunswick Bancorp (OTCBB:BRBW):

  FINANCIAL CONDITION AND RESULTS OF OPERATIONS   BRUNSWICK BANCORP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET JUNE 30, 2012 (UNAUDITED)   ASSETS               Cash and due from banks $ 44,347,199 Federal funds sold   -   Total cash and cash equivalents 44,347,199 Securities held to maturity 3,000,000 Securities available for sale 70,214 Loans receivable, net 95,342,948 Premises and equipment, net 1,209,382 Accrued interest receivable 439,293 Other real estate 7,469,839 Other assets   1,641,748   TOTAL ASSETS $ 153,520,623   LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Non-interest bearing $ 29,972,722 Interest bearing   86,230,489   Total deposits 116,203,211 Accrued interest payable 248,792 Other liabilities   296,730   TOTAL LIABILITIES   116,748,733   STOCKHOLDERS' EQUITY Preferred stock-no stated value 10,000,000 shares authorized and no shares issued and outstanding at June 30, 2012. Common stock - no par value 10,000,000 shares authorized; 3,119,551 shares issued and outstanding at June 30, 2012. 6,239,102 Additional paid-in capital 1,944,611 Treasury stock at cost, 190,598 shares at June 30, 2012. (1,346,466 ) Retained earnings 30,469,018 Deferred stock compensation   (534,375 ) TOTAL STOCKHOLDERS' EQUITY   36,771,890   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 153,520,623       BRUNSWICK BANCORP AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (LOSS) QUARTER END JUNE 30, 2012 (UNAUDITED)             INTEREST INCOME     Interest on loans $ 2,910,711 Interest on investments 10,544 Interest on balances with banks   53,130 TOTAL INTEREST INCOME   2,974,385   INTEREST EXPENSE Interest on deposits 286,987 Interest on borrowed funds   - Total interest expense   286,987 NET INTEREST INCOME 2,687,398 Provision for loan losses   17,283   NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   2,670,115   OTHER INCOME Service fees 296,857 Other income   249,154 TOTAL OTHER INCOME   546,011   Realized loss on securities -   OTHER EXPENSES Salaries and employee benefits 1,366,333 Occupancy expenses 607,388 Equipment expenses 83,061 Other expenses   1,041,431 TOTAL OTHER EXPENSES   3,098,213   INCOME (LOSS) BEFORE INCOME TAX EXPENSE 117,913 Income tax expense (credit)   9,238 NET INCOME $ 108,675 NET INCOME PER SHARE OF COMMON STOCK: Basic Earnings per share $ 0.04   Average shares outstanding-basic   2,926,232