Brunswick Bancorp Reports Quarter Ending September 30, 2013 Earnings
October 21 2013 - 4:25PM
Business Wire
Brunswick Bancorp (OTCBB:BRBW):
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
BRUNSWICK BANCORP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2013 (UNAUDITED) ASSETS Cash and due from
banks $ 43,977,480 Federal funds sold -
Total cash and cash equivalents
43,977,480 Securities held to maturity 6,003,750 Securities
available for sale 70,214 Loans receivable, net 95,131,939 Premises
and equipment, net 976,816 Accrued interest receivable 281,682
Other real estate 8,733,327 Other assets 1,130,895
TOTAL ASSETS $ 156,306,103 LIABILITIES AND STOCKHOLDERS'
EQUITY Deposits Non-interest bearing $ 33,868,434 Interest bearing
86,550,085 Total deposits 120,418,519 Accrued
interest payable 240,854 Other liabilities 637,267
TOTAL LIABILITIES 121,296,640 STOCKHOLDERS' EQUITY
Preferred stock-no stated value 10,000,000 shares authorized and no
shares issued and outstanding at September 30, 2013. Common stock -
no par value 10,000,000 shares authorized; 3,119,551 shares issued
and outstanding at September 30, 2013. 6,239,102 Additional paid-in
capital 1,944,611 Treasury stock at cost, 185,429 shares at
September 30, 2013. (1,324,742 ) Retained earnings 28,600,492
Deferred stock compensation (450,000 ) TOTAL STOCKHOLDERS'
EQUITY 35,009,463 TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 156,306,103 BRUNSWICK BANCORP
AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (LOSS) QUARTER
END SEPTEMBER 30, 2013 (UNAUDITED) INTEREST INCOME Interest
on loans
$
4,254,562 Interest on investments 10,387 Interest on balances with
banks 84,953 TOTAL INTEREST INCOME 4,349,902
INTEREST EXPENSE Interest on deposits 349,865 Interest on borrowed
funds - Total interest expense 349,865 NET INTEREST
INCOME 4,000,037 Provision for loan losses - NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,000,037
OTHER INCOME Service fees 611,003 Other income
1,234,975 TOTAL OTHER INCOME 1,845,978 Realized loss
on securities - OTHER EXPENSES Salaries and employee
benefits 2,281,836 Occupancy expenses 984,917 Equipment expenses
111,456 Other expenses 1,889,344 TOTAL OTHER EXPENSES
5,267,553 INCOME (LOSS) BEFORE INCOME TAX EXPENSE 578,462
Income tax expense (credit) 120,500 NET INCOME $ 457,962 NET
INCOME PER SHARE OF COMMON STOCK: Basic Earnings per share $ 0.16
Average shares outstanding-basic 2,933,079
Brunswick BancorpRoman T. Gumina, 732-247-5800Chairman CEO
Brunswick Bancorp (PK) (USOTC:BRBW)
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