Brunswick Bancorp Reports Quarter Ending December 31, 2013 Earnings
23 January 2014 - 1:46AM
Business Wire
Brunswick Bancorp (OTCBB:BRBW):
FINANCIAL CONDITION AND RESULTS OF OPERATIONS BRUNSWICK
BANCORP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET DECEMBER 31,
2013 (UNAUDITED) ASSETS Cash and due from banks $
64,424,395 Federal funds sold - Total cash and cash
equivalents 64,424,395 Securities held to maturity 6,000,000
Securities available for sale 70,214 Loans receivable, net
96,495,546 Premises and equipment, net 1,008,596 Accrued interest
receivable 271,448 Other real estate 8,557,238 Other assets
1,159,886 TOTAL ASSETS $ 177,987,323 LIABILITIES AND
STOCKHOLDERS' EQUITY Deposits Non-interest bearing $ 33,393,121
Interest bearing 108,710,869 Total deposits
142,103,990 Accrued interest payable 134,878 Other liabilities
494,451 TOTAL LIABILITIES 142,733,319
STOCKHOLDERS' EQUITY Preferred stock-no stated value 10,000,000
shares authorized and no shares issued and outstanding at December
31, 2013. Common stock - no par value 10,000,000 shares authorized;
3,119,551 shares issued and outstanding at December 31, 2013.
6,239,102 Additional paid-in capital 1,944,611 Treasury stock at
cost, 185,429 shares at December 31, 2013. (1,312,506 ) Retained
earnings 28,815,922 Deferred stock compensation (433,125 )
TOTAL STOCKHOLDERS' EQUITY 35,254,004 TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $ 177,987,323 BRUNSWICK
BANCORP AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (LOSS)
QUARTER END DECEMBER 31, 2013 (UNAUDITED) INTEREST INCOME
Interest on loans $ 5,646,601 Interest on investments 14,249
Interest on balances with banks 118,898 TOTAL INTEREST
INCOME 5,779,748 INTEREST EXPENSE Interest on
deposits 458,273 Interest on borrowed funds - Total interest
expense 458,273 NET INTEREST INCOME 5,321,475 Provision for
loan losses - NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES 5,321,475 OTHER INCOME Service fees
817,500 Other income 1,360,960 TOTAL OTHER INCOME
2,178,460 Realized loss on securities - OTHER
EXPENSES Salaries and employee benefits 2,838,944 Occupancy
expenses 1,292,692 Equipment expenses 148,512 Other expenses
2,421,896 TOTAL OTHER EXPENSES 6,702,044 INCOME
(LOSS) BEFORE INCOME TAX EXPENSE 797,891 Income tax expense
(credit) 124,500 NET INCOME $ 673,391 NET INCOME PER SHARE
OF COMMON STOCK: Basic Earnings per share $ 0.23 Average
shares outstanding-basic 2,931,629
Brunswick BancorpRoman T. Gumina, 732-247-5800Chairman CEO
Brunswick Bancorp (PK) (USOTC:BRBW)
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