Brunswick Bancorp Reports Year Ending December 31, 2011 Earnings
27 January 2012 - 5:37AM
Business Wire
Brunswick Bancorp (OTCBB:BRBW):
BRUNSWICK BANCORP AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEET DECEMBER 31, 2011 (UNAUDITED)
ASSETS Cash and due from banks $ 36,807,741 Federal funds sold -
Total cash and cash equivalents 36,807,741 Securities held to
maturity 2,000,000 Securities available for sale 70,214 Loans
receivable, net 104,544,807 Premises and equipment, net
1,300,117 Accrued interest receivable 421,227 Other real estate
2,355,537 Other assets 2,770,081 TOTAL ASSETS $ 150,269,724
LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Non-interest bearing
$ 28,991,505 Interest bearing 84,300,706 Total deposits 113,292,211
Accrued interest payable 148,189 Other liabilities 219,058 TOTAL
LIABILITIES 113,659,458 STOCKHOLDERS' EQUITY Preferred stock-no
stated value 10,000,000 shares authorized and no shares issued and
outstanding at December 31, 2011. Common stock - no par value
10,000,000 shares authorized;
3,119,551 shares issued and outstanding
at
December 31, 2011. 6,239,102 Additional paid-in capital 1,944,611
Treasury stock at cost, 194,930 shares
at December 31, 2011.
(1,365,665) Retained earnings 30,360,343 Deferred stock
compensation (568,125) TOTAL STOCKHOLDERS' EQUITY 36,610,266 TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $ 150,269,724
BRUNSWICK
BANCORP AND SUBSIDIARIES CONSOLIDATED STATEMENT OF
INCOME (LOSS) YEAR ENDED DECEMBER 31, 2011 (UNAUDITED)
INTEREST INCOME Interest on loans $ 6,871,113
Interest on investments 24,566 Interest on balances with banks
84,560 TOTAL INTEREST INCOME 6,980,239 INTEREST EXPENSE
Interest on deposits 533,337 Interest on borrowed funds - Total
interest expense 533,337 NET INTEREST INCOME 6,446,902 Provision
for loan losses 2,929,000 NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES 3,517,902 OTHER INCOME Service fees 586,340
Other income 202,516 TOTAL OTHER INCOME 788,856 Realized
loss on securities (106,111) OTHER EXPENSES Salaries and
employee benefits 2,816,806 Occupancy expenses 1,199,248 Equipment
expenses 187,721 Other expenses 2,384,998 TOTAL OTHER EXPENSES
6,588,773 INCOME (LOSS) BEFORE INCOME TAX EXPENSE
(2,388,126) Income tax expense (credit) (872,213) NET INCOME $
(1,515,913) NET INCOME PER SHARE OF COMMON STOCK: Basic Earnings
per share $ (0.52) Average shares outstanding-basic
2,911,341
Brunswick Bancorp (PK) (USOTC:BRBW)
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