Brunswick Bancorp Reports Quarter Ending December 31, 2014 Earnings
30 January 2015 - 7:25AM
Business Wire
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
Brunswick Bancorp (PK) (USOTC:BRBW)
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