BRBW Brunswick Bancorp (PK)

Brunswick Bancorp (OTCBB:BRBW):

 

FINANCIAL CONDITION AND RESULTS OF OPERATIONS     BRUNSWICK BANCORP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET DECEMBER 31, 2014 (UNAUDITED)   ASSETS Cash and due from banks $ 60,295,757 Federal funds sold   -   Total cash and cash equivalents 60,295,757 Securities held to maturity 6,000,000 Securities available for sale 70,214 Loans receivable, net 96,912,298 Premises and equipment, net 988,043 Accrued interest receivable 238,073 Other real estate 8,302,206 Other assets   1,870,867   TOTAL ASSETS $ 174,677,458   LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Non-interest bearing $ 34,065,953 Interest bearing   103,959,975   Total deposits 138,025,928 Accrued interest payable 108,235 Other liabilities   801,078   TOTAL LIABILITIES   138,935,241   STOCKHOLDERS' EQUITY Preferred stock-no stated value 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2014. Common stock - no par value 10,000,000 shares authorized; 3,119,551 shares issued and outstanding at December 31, 2014. 6,239,102 Additional paid-in capital 1,944,611 Treasury stock at cost, 193,279 shares at December 31, 2014. (1,313,575 ) Retained earnings 29,237,704 Deferred stock compensation   (365,625 ) TOTAL STOCKHOLDERS' EQUITY   35,742,217   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 174,677,458     BRUNSWICK BANCORP AND SUBSIDIARIES   CONSOLIDATED STATEMENT OF INCOME (LOSS) QUARTER END DECEMBER 31, 2014 (UNAUDITED)   INTEREST INCOME Interest on loans $ 5,764,478 Interest on investments 20,586 Interest on balances with banks   135,946 TOTAL INTEREST INCOME   5,921,010   INTEREST EXPENSE Interest on deposits 395,849 Interest on borrowed funds   - Total interest expense   395,849 NET INTEREST INCOME 5,525,161 Provision for loan losses   -   NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   5,525,161   OTHER INCOME Service fees 770,767 Other income   550,902 TOTAL OTHER INCOME   1,321,669   Realized loss on securities -   OTHER EXPENSES Salaries and employee benefits 2,806,429 Occupancy expenses 1,262,124 Equipment expenses 57,323 Other expenses   2,309,430 TOTAL OTHER EXPENSES   6,435,306   INCOME (LOSS) BEFORE INCOME TAX EXPENSE 411,524 Income tax expense (credit)   34,000 NET INCOME $ 377,524 NET INCOME PER SHARE OF COMMON STOCK: Basic Earnings per share $ 0.13   Average shares outstanding-basic   2,921,751  

Brunswick BancorpRoman T. Gumina, 732-247-5800Chairman CEO