Brunswick Bancorp Reports Quarter Ending September 30, 2013 Earnings

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
 

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